Pune, India, June 08, 2023 (GLOBE NEWSWIRE) -- The global mining drill bits market size was valued at USD 1.63 billion in 2021 and is expected to grow from USD 1.74 billion in 2022 to USD 2.25 billion by 2029, with a CAGR of 5.5% from 2022-2029. This information is presented by Fortune Business Insights, in its report, titled, “Mining Drill Bits Market, 2022-2029.”
Key Industry Development
September 2021: The Pit Viper 270 and 290 series drill rigs' bits can be changed automatically due to a device created by Epiroc AB. By pressing a button, the automatic bit changer may switch between rotary and tricone bits. This is a safer, more effective, and quicker way to switch mining drill bits.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.5% |
| 2029 Value Projection | USD 2.25 Billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 1.74 Billion |
| Historical Data for | 20218-2020 |
| No. of Pages | 286 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Market Support Will Come from Adequate Government Support for Mining Activities |
| High Versatility of Rotary Bits to Boost Segment Growth |
Driving Factors
Market Support Will Come from Adequate Government Support for Mining Activities
The economic development of numerous national governments depends on mining activity. For several nations in the Asia Pacific and the Middle East, the mining industry is a key source of income. As part of new government initiatives, the Australian resources sector will be de-risked and encouraged to explore and discover minerals, particularly in underexplored areas. New discoveries in frontier regions will increase knowledge of Australia’s geology and resources and drive the drill bits market.
COVID-19 Impact
Market Growth was Impacted by Disruptions in Mining Production and Exploration
The COVID-19 pandemic has had a terrible impact on every industry. Due to the need for tight regulations, such as statewide closures to stop the virus's spread, trade has suffered significantly. The virus outbreak subsequently altered the demand for mining drill bits. As the mining industry is so important to the market, its increasing failure has had an effect on investment in mining exploration and production activities. As a result, there is less demand for mining equipment, particularly drill bits, and less drilling activity.
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Report Coverage
The report presents a holistic study of the global market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the mining drill bits market growth are shared in the report.
Segments
High Versatility of Rotary Bits to Boost Segment Growth
By type, the market is broadly categorized into rotary bit, DTH hammer bit, and others. Rotary bits are further classified into stationary cutting bits and roller cone bits.
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High Strength of PDC Diamond Bits to Bolster Segment Growth
By material type, the market is broadly categorized into tungsten carbide, PDC diamond, steel, and others. A PDC diamond bit can be used to cut a wide variety of materials due to its superior strength.
High Utilization will Lead to Domination of the 8 inches -11 inches Segment
Based on size, the market is divided into below 8“, 8”– 11”, and above 11”.
Generally, smaller drill bits are used for exploration drilling activities. Drill bits are even as small as 1mm.
High Surface Mining Activities to Augment Segment Growth
By application, the market is broadly categorized into underground mining and surface mining. Surface mining is typically used to extract sand, gravel, crushed stone, phosphates, coal, copper, iron, and aluminum.
The global market has been analyzed across major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Regional Insights
Asia Pacific to Lead Backed by Growth in Coal-fired Power Generation Technique
Due to the region's extensive mineral and metal reserves, Asia Pacific commanded the biggest mining drill bits market share. The need for mining drill bits in Asia Pacific is being driven by increase in the production of coal-fired power and the use of raw materials in industries.
The Middle East & Africa is a noteworthy region where oil and gas are extracted. The GCC nations, often known as OPEC nations, are the world's greatest oil producers and include Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman in the Middle East.
The region's economic growth depends heavily on the European mining sector. Large mineral, crude oil, gas, and other resource deposits can be found in the European continent.
Competitive Landscape
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
List of Key Players Covered in the Report
- Universal Drilling Technique, LLC (Ukraine)
- MICON Drilling GmbH (Germany)
- Caterpillar Inc. (U.S.)
- Brunner and Lay Inc. (U.S.)
- Changsha Heijingang Industrial Co. Ltd. (China)
- Epiroc AB (Sweden)
- Mitsubishi Materials Corporation (Japan)
- Robit Plc (Finland)
- Rockmore International (U.S.)
- Sandvik AB (Sweden)
- Western Drilling Tools (Canada)
- Xiamen Prodrill Equipment Co., Ltd. (China)
- Boart Longyear (U.S.)
- DATC Group (France)
- SHAREATE TOOLS LTD. (China)
- Cenerg Global Tools Pvt. Ltd. (India)
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Table Of Contents:
MINING DRILL BITS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2022-2029
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Mining Drill Bits Market
- Global Mining Drill Bits Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Rotary Bits
- Fixed Cutter Bits
- Roller Cone Bits
- DTH Hammer Bits
- Others
- Rotary Bits
- Market Analysis, Insights and Forecast – By Material
- PDC Diamond
- Tungsten Carbide
- Steel
- Others
- Market Analysis, Insights and Forecast – By Size
- Below 8”
- 8”- 11”
- Above 11”
- Market Analysis, Insights and Forecast – By Application
- Surface Mining
- Underground Mining
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Mining Drill Bits Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Rotary Bits
- Fixed Cutter Bits
- Roller Cone Bits
- DTH Hammer Bits
- Others
- Rotary Bits
- Market Analysis, Insights and Forecast – By Material
- PDC Diamond
- Tungsten Carbide
- Steel
- Others
- Market Analysis, Insights and Forecast – By Size
- Below 8”
- 8”- 11”
- Above 11”
- Market Analysis, Insights and Forecast – By Application
- Surface Mining
- Underground Mining
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis and Forecast – By Size
- Below 8”
- 8” – 11”
- Above 11”
- Canada Market Analysis and Forecast – By Size
- Below 8”
- 8” – 11”
- Above 11”
- U.S. Market Analysis and Forecast – By Size
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