"Actionable Insights to Fuel Your Growth"

Mining Drill Bit Market Size, Share & Industry Analysis, By Type (Rotary Bits, Fixed Cutter Bits, Roller Cone Bits, DTH Hammers Bits, Others), By Material (Steel, Diamond, Tungsten Carbide), By Application (Underground Drilling, Surface Drilling) And Regional Forecast 2021-2028

Region : Global | Report ID: FBI104969 | Status : Ongoing

 

KEY MARKET INSIGHTS

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


Key Players Covered:


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.


Regional Analysis:


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.


To gain extensive insights into the market, Request for Customization


Segmentation


























 ATTRIBUTES    


 DETAILS    

 


By Type




  • Rotary Bits

  • Fixed Cutter Bits

  • Roller Cone Bits

  • DTH Hammers Bits

  • Others



 


By Material




  • Steel

  • Diamond

  • Tungsten Carbide



 


By Application




  • Underground Drilling

  • Surface Drilling



 


By Geography




  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Spain, Russia, and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)



Key Industry Developments



  • In January 2018, Atlas Copco, a leading provider of sustainable productivity solutions, has completed the acquisition of the assets of Renegade Drilling Supplies Proprietary Ltd., a South African manufacturer and distributor of drilling consumables for mining exploration. Renegade Drilling manufactures and distributes mining exploration drilling consumables, such as drill rods, in-the-hole tools, and diamond drill bits.

  • In January 2019, Epiroc, a Sweden-based productivity partner for the mining, infrastructure, and natural resources industries, completed the acquisition of Fordia, a Canadian manufacturer of exploration drilling


Mining Drill Bit Market Size, Share and Global Industry Trend Forecast till 2026
  • Ongoing
  • 2020
  • 2017-2019

    CHOOSE LICENSE TYPE

  • $4850
    $6850
    $8850

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Energy & Power Clients

Itochu
The Japan Research
Nikon
Ntt
Abb

Client Testimonials

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X