Global mining drill market projected to reach $1,711,800 thousand by 2026
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. Mining drill bits are utilized to drill or dig the earth surface for mining operation. These drill bits are also used to dig hole in stones or rock for mining. Mining drill bits include rotary drill bits, DTH hammers bits, and others. The different types of drill bits size include from less than 150 mm to more than 300 mm. In addition, these drills are primarily used to drill holes in the earth surface to place the explosive for blasting.
The players in the mining industries are investing heavily in expanding their capacity to meet the increase in demand for metals and ores, owing to the growth of the automotive sector. For instance, in 2018, Atlas Copco acquired two companies Renegade Drilling Supplies Proprietary Ltd and Hy-Performance Fluid Power Pvt. Ltd., an Australian service provider for mining and infrastructure to expand its product portfolio of drilling consumables for mining exploration. Moreover, due to rise in the consumption of natural resources by China’s huge population, the sales in China’s mining drill bits market are increasing progressively every year. These factors are expected to drive the growth of the market.
DTH drill bits perform efficiently with more precise borehole trajectory at depths more than 30 feet. Thus, the utilization of DTH hammers bits is expected to boost the growth of the market. Moreover, the replacement of drifters and other drill bits with DTH drill hammers is anticipated to fuel the mining drill bits market growth.
Furthermore, technological innovations seem to support the growth of the mining drill bits market in the coming years. Artificial intelligence (AI) and machine learning (ML) help mining companies to discover minerals for extraction, which is a critical process for mining operation. Similarly, AI can also facilitate high machine intelligence to generate precise blast holes, which is important for performing the blasting. IBM started the implementation of AI in mining and drilling machines. These factors are anticipated to provide lucrative opportunities for the growth of the mining drill bits market in the coming years.
The global mining drill bits market is segmented based on type, material, operation, bit size, and region. Based on type, the market is divided into rotary bits, DTH hammers, and others. The rotary bits segment is further bifurcated into fixed cutter bits and roller cone bits. Whereas, the others segment is classified into anchor bits, cross bits, and chisel bits. Based on material, the market is classified into steel, diamond, and tungsten carbide. The diamond drill bits segment is further divided into thermally stable diamond bits, PDC, and surface set diamond bits. By operation, it is bifurcated into underground drilling and surface drilling. Furthermore, by bit size, the market is divided into up to 150 mm, 151–200 mm, 201–250 mm, 251–300 mm, and above 300 mm.
The global mining drill bits market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the market throughout the forecast period.
The key market players profiled in the report include 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. For instance, in July 2018, Sandvik AB acquired a private company, Inrock, a leading supplier of rock drilling tools and services for Horizontal Directional Drilling (HDD) in North America. Through this move Sandvik AB aims to expand its rock tool business in North America. Similarly, in October 2018, Murray & Roberts Cementation signed agreement with Epiroc AB. According to the agreement, Epiroc AB offered face drilling rigs, rock drilling tools, spare parts, and on-site service support to Murray & Roberts Cementation to enhance its South African mining production.
Key Benefits for Mining Drill Bits Market :
- The report provides an extensive analysis of the current and emerging mining drill bits market trends and dynamics.
- In-depth mining drill bits market analysis is conducted by constructing market estimations for the key market segments between 2018 and 2026.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global mining drill bits market forecast analysis from 2018 to 2026 is included in the report.
- The key market players within mining drill bits market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the mining drill bits industry.