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Mining drill bits are one of the significant equipment in the mining operation. Drilling bits are boring tools that drill through and penetrate soft and hard rock materials. It is a cutting tool that is used to penetrate soft and hard rock materials. These bits are deployed to remove rock or debris material to create different sizes of holes. Such drill bits are available in a range of shapes and sizes with varying kinds of body material such as diamond and tungsten. Growth in mining activities across the globe is the primary factor driving the growth of the market. Furthermore, an increase in blast hole drilling for open pit mining also boosted the growth of the global mining drill bit market.
Based on the type, the market is segmented into rotary bits, fixed cutter bits, roller cone bits, DTH hammers bits, and others. The DTH hammers bits segment is expected to grow at a higher CAGR during the forecast period owing to the enhanced features of the technology, including robust design, enhance performance at low pressure, high reliability and robustness, ease in service, and high penetration rate.
Based on the material, the market is segmented into steel, diamond, and tungsten carbide. The diamond segment dominated the global market in 2019, owing to the high demand for diamond drill bits for mineral mining in the developing nations such as India and China. However, the tungsten carbide segment is projected to grow at a substantial CAGR during the forecast period, due to a rise in open-pit mining activities worldwide.
Based on the application, the market is segmented into underground drilling and surface drilling. The underground drilling segment is expected to grow at a higher CAGR during the forecast period. Growing demand for coal, metals, and minerals such as gold, base metals, diamonds, and copper leads to high demand from underground mining operations.
The key driver of this market is the growing demand for coal across the globe. Increasing power requirements globally is meeting with the help of coal-based power generation. As per the World Coal Association, around 38% of electricity generated across the globe in 2018 was through coal. Thus, increasing demand for power is projected to drive the growth of the global underground mining market. In 2017, the US coal production rose to 273 million short tons with underground mining, whereas the production was 252 million short tons in 2016.
However, on the other hand, stringent government regulations regarding mining operations, high initial investment, and a rise in raw material prices hamper market growth.
Key Market Driver -
Growing Demand for Coal Across the Globe
Key Market Restraint -
Stringent Government Regulations Regarding Mining Operations
Some of the major companies in the mining drill bits are Universal Drilling Technique, LLC, MICON Drilling GmbH, Caterpillar Inc, Brunner and Lay Inc, Changsha Heijingang Industria Co. Ltd, Epiroc AB, Mitsubishi Materials Corporation, Robit Plc, Rockmore International, Sandvik AB, and Western Drilling Tools Inc.
The global mining drill bits are studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific holds a major share of the global market due to the growing demand for power from emerging economies and flourishing industrialization. Construction and shipbuilding industries in the Asia Pacific are expanding rapidly due to a large number of projects underway. This is anticipated to fuel the demand for metals and minerals. An increase in the disposable income of consumers and a rise in the demand for durable goods such as household equipment with high mineral or metal content are expected to boost the mining drill bits market. The Latin America segment is expected to grow at a higher CAGR during the forecast period. The mining sector in the region has been thriving since the past few years. The growth of the market in the region is primarily due to the growing number of investments for its exploration. In 2017, around 305 companies collectively invested US$2.38 bn for mining in Latin America.
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