Pune, India, Feb. 23, 2022 (GLOBE NEWSWIRE) -- The global Mining Drill Bits Market size valued at USD 1.46 billion in 2020. The market is estimated to grow from USD 1.52 billion in 2021 to USD 2.22 billion in 2028, exhibiting a CAGR of 5.6% during the forecast period. Rapid development in the mining industry and rising commodity requirement is expected to foster industry development. Fortune Business Insights™ presents this information in its report titled “Mining Drill Bits Market, 2021-2028.”
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Mining drill bits are used in mining activities because of their efficiency and sustainability. The demand for the product is expected to rise because of its adoption from the manufacturing, automobile, telecommunication, electronics, and construction sectors. Further, the rapidly developing mining industry is expected to foster mining drill bits adoption. In addition, the rising commodity requirement is anticipated to bolster market growth.
Companies Profiled in the Mining Drill Bits Market 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)
- 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)
COVID-19 Impact
Restrictions on Mining and Exploration Activities to Impede Market Progress
This market is expected to be negatively impacted by the pandemic because of the restrictions imposed on mining and exploration activities. The alarming spike in COVID patients led to the adoption of strict lockdown procedures, thereby hindering the market's progress. The halt on transportation led to raw material shortages, thereby hindering the industry’s progress. However, the adoption of reduced capacities, advanced production machinery, part-time shifts, and advanced sanitization methods may hinder the market's development.
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Segmentation
By type, the market is segmented into rotary bits, DTH hammer bits, and others. As per material, it is classified into steel, tungsten carbide, PDC diamond, and others. Based on size, it is trifurcated into below 8 inches, 8 to 11 inches, and above 11 inches. Based on application, it is bifurcated into underground mining and surface mining. Geographically, it is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints
Adequate Government Support and Rising Natural Gas Requirement to Fuel Industry Growth
Natural gas’s improved safety and high transport efficiency are expected to boost its adoption. The rising demand for natural gas leads to the adoption of efficient drilling equipment. This factor is expected to fuel the demand for the product. Rising dependence upon natural gas leads to increasing investments by governments. For example, As per the World LNG Report published by International Gas Union in 2020, the worldwide LNG trade touched 356.1 MT in 2020, and imports surged to 9.5 MT in Asia. In addition, the rising demand for LNG across the globe is expected to drive the mining drill bits market growth.
However, the rising environmental conscience is expected to hinder market progress.
Regional Insights
Rising Adoption of Coal in Industries to Leverage Market Development in Asia Pacific
Asia Pacific is expected to dominate the mining drill bits market share because of the rising adoption of coal in industries. The market in Asia Pacific stood at USD 0.63 billion in 2020 and is expected to gain a huge market share in the upcoming years. Further, significant metal and mineral resources are expected to boost market development.
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In Europe, the presence of well-established mining industry is expected to bolster the mining drill bits industry growth. Furthermore, the presence of several mining industries is expected to foster market development.
In North America, the presence of a mineral mining market in the U.S. is expected to boost mining drill bits adoption. As per the report published by the BP Statistical Review of World Energy U.S. was responsible for producing nearly 16,476 thousand oil barrels in 2020.
Competitive Landscape
Companies Develop Novel Product Line-up to Boost Brand Image
Prominent companies operating in the market devise novel product launches to attract consumers and boost brand image. For example, Sandvik AB announced its novel slew of Heavy-Duty top-hammer drill bits to complete quarrying and production mining operations in September 2021. The product’s design enhances safety, life, and accuracy and reduces the cost per meter. This launch may enable the company to attract a huge consumer base and boost its brand image. Furthermore, companies adopt research and development, mergers, acquisitions, and expansion strategies to achieve a remarkable market position.
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Industry Developments
- September 2021: Terelion expanded its DTH drill bits product lineup with 4 to 8 inches size. The new product lineup is developed complementary to the rotary drill bit product lineup.
Table of Content:
- 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
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Mining Drill Bits Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Mining Drill Bits Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- 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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