India, Pune, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global mining drill bits market size was valued at USD 1.68 billion in 2022 and is projected to grow from USD 1.78 billion in 2023 to USD 2.57 billion by 2030, exhibiting a CAGR of 5.4% during the forecast period.
Mining drill bits are utilized for the purpose of drilling or excavating holes in the ground, specifically in stone or other surfaces of the earth. These drill bits are available in various sizes, shapes, and materials, each designed to efficiently dig through different types of surfaces. The mining industry plays a crucial role in the revolution and advancement of various fields that rely on raw materials. Fortune Business Insights presents this information in their report titled "Global Mining Drill Bits Market, 2023–2030."
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Key Industry Development
May 2022 - Epiroc launched a new drill bit, which is protected by diamonds named as Powerbit X. The diamond-protected buttons in powerbit X results in a longer service life and higher productivity. Additionally, the bit can significantly lessen exposure to danger and lower CO2 emissions.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2022 to 2029 CAGR | 5.4% |
| 2030 Value Projection | USD 2.57 Billion |
| Base Year | 2021 |
| Market Size in 2023 | USD 1.78 Billion |
| Historical Data for | 20219-2021 |
| No. of Pages | 230 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Government Initiatives and Mineral Exploration Drive Economic Growth |
| Monofacial Heterojunction to Hold Largest Share to Dominate Market Growth |
COVID-19 Impact
Market Affected During Pandemic due to Halted Mining Activities
The global COVID-19 pandemic had an unprecedented and significant impact across various industries, including the mining sector. As a result, the demand for drilling activities has been greatly affected, leading to a decrease in the need for mining equipment, including drill bits. Our analysis indicates that the global market experienced a substantial decline of -18.6% in 2020 compared to the previous year.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/mining-drill-bit-market-104969
Segments:
Versatility and Efficiency Lead the Dominance of Rotary Bit
By type, the market is categorized into DTH hammer bit, rotary bit, and others. Rotary bit segment is further classified into stationary cutting bits and roller cone bits.
The rotary bit segment holds a prominent position in the market due to its wide range of applications and suitability for drilling in different rock formations. Tapered steel roller bits are commonly utilized for softer formations, while tungsten carbide inserts are preferred for drilling in harder rock formations.
High Demand for PDC Diamond Bits Driven by Superior Strength
By material, the market is segmented into PDC diamond, tungsten carbide, steel, and others. PDC diamond segment dominates the market due to exceptional strength, enabling them to cut through various materials effectively. These artificial diamond bits offer a cost-effective solution as they are relatively inexpensive.
High Utilization of the 8 inches to 11 inches Segment to Dominate Market
Based on size, the market is divided into below 8“, 8”– 11”, and above 11”. The 8”– 11” segment is the most widely used bit size for production drilling owing to various applications along with increase in exploration activities.
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Surface Mining Dominates as Mining Drill Bits Find Extensive Use in Extracting Various Minerals
By application, the market is classified into surface mining and underground mining.
The dominance of the surface mining segment is attributed to its extensive utilization in extracting a wide range of minerals. The ease of use associated with surface mining makes it a preferred method.
From the regional ground, the market is segmented North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report offers an extensive regional and country-based examination to provide enhanced comprehension for the user. Moreover, the research report furnishes valuable insights into the most recent market trends and comprehensive analysis of swiftly implemented technologies on a global scale. Additionally, it sheds light on notable catalysts and impediments, facilitating the reader in acquiring profound expertise about the industry.
Drivers and Restraints
Government Initiatives and Mineral Exploration Drive Economic Growth
As part of governmental efforts to promote economic development, national governments recognize the significance of mining activities. In line with new initiatives, the Australian government aims to mitigate risks and incentivize the exploration and discovery of minerals, particularly in underexplored regions. A report by the Mineral Council of Australia in 2021 revealed that the mining sector contributes to USD 270 billion in export revenue. Additionally, it provides USD 39 billion in government fees and taxes and supports approximately 1.1 million jobs.
However, mining poses environmental concerns, such as permanent alteration of natural landscapes, harm to wildlife and habitats, and the risk of air and groundwater pollution, may impede the mining drill bits market growth.
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Regional Insights
Asia Pacific Dominates Owing to Abundant Mineral Reserves and Growing Industrial Demand
Asia Pacific holds the largest market share, driven by its abundant reserves of minerals and metals, as well as the growing demand for drill bits in coal-fired power generation and various industrial applications.
The Middle East and Africa, known for its significant oil and gas extraction activities, exhibits a notable demand for drill bits due to its reliance on crude oil and gas production.
Competitive Landscape
Industry Players Driving Technological Advancements for Enhanced Performance
Multiple market players are dedicated to supplying drill bits and are actively involved in the development of advanced technologies to enhance performance, strength, and versatility of these tools. As the mining industry expands, the mining drill bits market share is anticipated to increase driven by a growing market for commodities and energy.
Major Players Profiled 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.)
- Glinik Drilling Tools (Poland)
Table of Content
MINING DRILL BITS: GLOBAL MARKET ANALYSIS, INSIGHTS AND FORECAST, 2023-2030
- 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, 2019-2030
- 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
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