The Mining Drill Bits Market is a highly specialized and competitive industry that provides essential tools for extracting valuable minerals and resources from the earth. Mining drill bits are used to bore holes into hard rock and other geological formations to extract mineral deposits. These bits come in various shapes and sizes and are typically made from high-strength steel, tungsten carbide, or other durable materials. The global mining drill bits market is expected to grow in the coming years due to the increasing demand for minerals and metals, particularly in developing countries.
The Global Mining Drill Bits Market size was valued at $1,145,000 thousand in 2018, and is projected to reach $1,711,800 thousand by 2026, growing at a CAGR of 5.1% from 2019 to 2026.
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Top Companies
Brunner and Lay, Caterpillar Inc., Changsha Heijingang Industrial Co., Ltd, Epiroc AB, Mitsubishi Materials Corporation., Robit Plc, Rockmore International, Sandvik, Western Drilling Tools Inc, and Xiamen Prodrill Equipment Co., Ltd.
Many players have adopted product launch as its key developmental strategy to improve its product portfolio. For instance, in February 2017, Robit Plc launched BulrocRobit Hyper 331, a new DTH hammer at CONEXPO 2017. The new hammer extends the group’s Down-The-Hole (DTH) hammer range from 1′ (25mm) to 33′ (838mm).
The DTH hammers bits segment is expected to witness significant growth during the forecast period. The key factors that drive the growth of the global mining drill bits market include rise in mining activities around the globe due to increase in demand for coal, metal, and minerals. In addition, expansion of existing mines in the developing countries such as China and India fuels the mining drill bits market growth.
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However, stringent government regulations related to mining industry are expected to restrain the growth of the market. Furthermore, artificial intelligence (AI) helps to dig holes efficiently and safely in the drilling operations. For instance, Canada-based company Goldspot Discoveries Corp. has launched AI technology equipped with drills. The drills can detect and verify the gold deposits and mineral under the ground. Similarly, technology innovator giant, IBM, has developed the AI system in mining drilling machines. The technological innovations in drilling process for mining such as IoT, infrared, sonic, and optical micro cameras are anticipated to provide lucrative opportunities for the market growth during the forecast period.
The surface drilling segment has secured the highest share of around 61.3% in the mining drill bits market in 2018. The underground drilling segment is expected to grow at the highest CAGR during the forecast period. In terms of material, the diamond sector is expected to contribute the highest market share in the coming years. Moreover, increase in emphasis on the mining sector is expected to provide lucrative growth opportunities for small players in the developing economies.
Furthermore, in 2018, Asia-Pacific registered the highest growth rate in the mining drill bits market due to expansion of coal and metal mining in the region. Based on bit size, the 250-300 mm mining drill bits segment is expected to experience rapid growth in the emerging economies during the forecast period, owing to deployments of mining drilling machines and drilling rigs in the mining industry. For instance, Atlas Copco, a parent company of Epiroc AB had invested $13.4 million for the expansion of the factory in Hyderabad, India, doubling its capacity. The plant manufacturers are drilling consumables for surface mining applications.
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