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For mining operations, mining drill bits are used to drill or excavate the earth's surface. These drill bits are also used in mining to dig holes in stones or rock. Rotary drill bits, DTH hammers bits, and various mining drill bits are available in the market. Attributed to the growth of the automobile industry, mining companies are investing extensively in expanding their capacity to fulfill the increased demand for metals and ores. As per a report by Fortune Business Insights™, the market for mining drill bits is set to reach 2.22 billion by 2028 at a CAGR of 5.6% during the forecast period. Furthermore, as China's massive population consumes more natural resources, sales of mining drill bits in China are steadily expanding year after year. These factors are projected to propel the industry forward.
The ongoing COVID-19 pandemic had a negative influence on the global oil and gas industry, resulting in decreased exploration and lower demand for drilling equipment. Despite the fact that governments consider oil & gas exploration to be a vital business that has been mainly exempted from lockdown restrictions, the pandemic has prompted oil & gas corporations to halt or slow physical operations. Continuing operations have been tough during the pandemic due to labor shortages and practical challenges caused by social distancing and other precautionary measures. Inspection, drilling, repair, maintenance, and replacement activities have also been hampered due to lack of raw materials and equipment.
Fortune Business Insights™ Presents the Top 10 Mining Drill Bits Manufacturers in the Global Market:
Epiroc AB is a Swedish manufacturer of mining and infrastructure equipment. It is headquartered in Stockholm, Sweden. To improve drilling performance and durability in underground and surface mining, Epiroc introduced two drill bit products in 2021, the Omega S rotary and the Epsilon2 tricone. Up to 100% greater drilling distances are possible with the Epsilon2.
Sandvik AB, based in Sweden, is a global engineering company that specializes in metal cutting, digital and additive manufacturing, mining and construction, stainless and special steel alloys, and industrial heating. In 2021, Sandvik acquired Tricon Drilling Solutions Pty. Ltd, a rock tool supplier to the mining industry based in Perth, Australia. Sandvik's Rock Tools business will operate Tricon as a distinct organization. Tricon offers rotary bits, DTH hammers and bits, as well as complete rotary and DTH drill strings.
Murray and Roberts Holdings Ltd., based in Johannesburg, is a South Africa-based engineering and mining firm. It announced two new contracts for its global mining platform in North America for 2021. The platform's Cementation Americas branch received contracts worth USD 84 million. The first contract is for an underground characterization development and infrastructure project worth USD 70 million in the U.S. for Rio Tinto's Kennecott Utah Copper.
Caterpillar Inc. is a U.S.-based company that develops, produces, manufactures, markets, and distributes machinery, engines, financial products, and insurance to clients through a global dealer network. Cat Tricone Drill Bits are designed for the most demanding rotary blasthole applications while staying cost-effective in a variety of drilling applications. The new bit line, which will be available in 2021, will come in six different diameters. The aggressive, long-lasting cutting structure delivers great penetration while the carbide forms and cutting face arrangements have been optimized for good wear resistance and enhanced rock breakup.
Atlas Copco is among the top mining drill bits manufacturers based in Sweden. The company was formed in 1873. It makes industrial tools and equipment. In January 2021, Atlas Copco introduced a new series of Rods and Bits for Cobra Combi and Pneumatic Rock Drills. The rods and bits are manufactured of C253 premium-quality steel, which is suited for wet and dry drilling.
Rockmore International Inc., founded in 1948, designs and manufactures rock drilling tools for mining, construction, water well drilling, and other uses. It released a new "retrac"-type bit in 2020. It assists in pushing rock debris out of the way during extraction, according to the company. Improved bit retrieval in face drilling operations is a priority for the company.
UFR has a growing list of mining solutions that incorporate cutting-edge technology such as ruggedly integrated UFR autonomy robots into trustworthy machines. UFR offers unique solutions to client's problems, which are safe, affordable, and ensure business continuity. In April 2020, during the Fundación Chile open innovation program Expande Demo Day, Universal Field Robots of Australia demonstrated its robotic drill bit replacement solution in response to a real operational challenge at Antofagasta Minerals' Los Pelambres mine. For diverse mine site operations, UFR offers robotic equipment that may be operated remotely with supported automation or completely autonomously.
Robit is a global organization that distributes drilling consumables to the mining, construction, geotechnical, and well drilling industries. The new Robit Superior RbitTM Button Bit Series, available from 2021, achieves faster penetration rates and lower cost-per-meter, according to the company. Robit's sustainable manufacturing approach produces the Rbit on fully automated production lines and finishes it with "eco-friendly" water-based paint.
ROSOND provides rapid, efficient, safe, and cost-effective drilling and grouting services to Africa's mining and exploration industries. In 2021, Rosond announced that it is investigating the possibility of developing a smaller, lighter, portable diamond drill rig that can be put conveniently on the reef horizon to address the challenge of avoiding potholes in platinum reef mining.
BRAC, programme management, infrastructure planning and design, environmental engineering and cleanup, and water resources engineering are all areas where Matrix Design Group excels. In 2021, Matrix Design Group, a producer of mining and industrial safety and efficiency solutions, established a new distribution partnership with Mirenco Inc. Matrix claims that its products and services save money by reducing downtime, increasing production, and avoiding costly repairs.
Growing Demand for Coal Mining
This market is expected to grow due to increase in coal mining and precious metal mining in the coming years. The increase in natural resource consumption in China, India, and South Africa is expected to be a driving force for the mining drill bits manufacturers. Attributed to the rising need for minerals and precious metals, the demand for mining drill bits is expected to rise significantly throughout the forecast period. Leading global companies are growing their presence in the developing countries to take advantage of the Asia Pacific’s growth potential.