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Mining Drill Bits Market to Reach USD 2.25 Billion by 2029; Sandvik AB Introduced New Range of Top-Hammer Drill Bits to Gain Revenue Benefit

November 15, 2022 | Energy & Power

The global mining drill bits market size was USD 1.63 billion in 2021. The market is expected to grow from USD 1.74 billion in 2022 to USD 2.25 billion by 2029, with a CAGR of 5.5% from 2022-2029.


This information is presented by Fortune Business Insights, in its report, titled, “Mining Drill Bits Market Size, Share & COVID-19 Impact Analysis, By Type (Rotary Bit, DTH Hammer Bit, Others), By Material (PDC Diamond, Tungsten Carbide, Steel, Others), By Size (Below 8’’, 8’’-11”, Above 11”), By Application (Surface Mining, Underground Mining), and Regional Forecast, 2022-2029.”


Mining Production and Exploration Delays Affected Market Development


All industries have been severely impacted by the COVID-19 epidemic. Due to severe regulations needed to stop the virus's spread, including national closures, trade has suffered significantly. Following the viral outbreak, the demand for mining drill bits changed. Due to the market's primary dependence on the mining sector, the increasing failure that the mining sector is currently experiencing has had an effect on investment in mining exploration and production activities. As a result, there is less demand for drilling operations and less need for mining equipment, particularly drill bits.


With the Warrior Product Line, Terelion Expands into the Down-the-Hole Drilling Market


The Down-the-Hole (DTH) market will be expanded by Terelion, a producer of rotary drill bits for the mining sector, with the launch of its newest product at MINExpo 2021 in Las Vegas.


Terelion now offers the Warrior product line of DTH hammers and bits in diameters ranging from 4-8 in (102-203 mm), in addition to the currently available selection of rotary bits.


The ability to drill quickly with little hole deviation in hard and fissured rock has made DTH a popular choice for drilling up to 10 production blast holes in quarries and surface mines. Additionally, in big surface mining operations where production drilling is done, it is utilized to drill pre-split and buffer holes.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/mining-drill-bit-market-104969


Increasing Requirement for Commodities to Enhance Demand for Mining Equipment


The need for raw materials has expanded due to the expanding industrial landscape, which is fueled by the population explosion, energy needs brought on by automation, and digitalization. The demand for commodities that are heavily dependent on mining, such as oil, gas, metals, agricultural fertilizers, and so on, has expanded as a result of rising urbanization and industrialization.


The construction sector is currently expanding significantly on a global scale, particularly in China, the U.S., and India.


Innovative Product Launch Announcement by Key Players to Bolster Mining Drill Bits Market Growth


The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.


Notable Industry Development



  • September 2021: Top-hammer drill bits have been added to Sandvik AB's Heavy Duty drill bit series for production mining and quarrying. The design aims to increase longevity, decrease cost per meter, and improve accuracy and safety.


List of Key Players Covered in the Report



  • Universal Drilling Technique, LLC (Ukraine)

  • MICON Drilling GmbH (Germany)

  • Caterpillar Inc. (U.S.)

  • Brunner and Lay Inc. (U.S.)

  • Changsha Heijingang Industrial Co. Ltd. (China)

  • Epiroc AB (Sweden)

  • Mitsubishi Materials Corporation (Japan)

  • Robit Plc (Finland)

  • Rockmore International (U.S.)

  • Sandvik AB (Sweden)

  • Western Drilling Tools (Canada)

  • Xiamen Prodrill Equipment Co., Ltd. (China)

  • Boart Longyear (U.S.)

  • DATC Group (France)

  • SHAREATE TOOLS LTD. (China)

  • Cenerg Global Tools Pvt. Ltd. (India)


Further Report Findings


Asia Pacific held the largest mining drill bits market share due to the region's large reserves of minerals and metals. Growth in coal-fired power generation and using raw materials in industries are surging the demand for mining drill bits across Asia Pacific.


Based on size, the market is divided into below 8“, 8”– 11”, and above 11”.


Generally, smaller drill bits are used for exploration drilling activities. Drill bits are even as small as 1mm.


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD Billion)



By Type




  • Rotary Bit

    • Fixed Cutter Bits

    • Roller Cone Bits



  • DTH Hammer Bit

  • Others



By Material




  • PDC Diamond

  • Tungsten Carbide

  • Steel

  • Others



By Size




  • Below 8 inches

  • 8 to 11 inches

  • Above 11 inches



By Application




  • Surface Mining

  • Underground Mining



By Geography




  • North America (By Type, By Material, By Size, By Application, By Country)





    • U.S. (By Size)

    • Canada (By Size)





  • Europe (By Type, By Material, By Size, By Application, By Country)





    • Russia (By Size)

    • Kazakhstan (By Size)

    • Norway (By Size)

    • Germany (By Size)

    • Poland (By Size)

    • Ukraine (By Size)

    • U.K. (By Size)

    • Rest of Europe (By Size)





  • Asia Pacific (By Type, By Material, By Size, By Application, By Country)





    • China (By Size)

    • Australia (By Size)

    • Southeast Asia (By Size)

    • Rest of Asia Pacific (By Size)





  • Latin America (By Type, By Material, By Size, By Application, By Country)





    • Brazil (By Size)

    • Mexico (By Size)

    • Colombia (By Size)

    • Venezuela (By Size)

    • Rest of Latin America (By Size)





  • Middle East & Africa (By Type, By Material, By Size, By Application, By Country)





    • GCC (By Size)

    • Iran (By Size)

    • South Africa (By Size)

    • Iraq (By Size)

    • Nigeria (By Size)

    • Rest of Middle East & Africa (By Size)




Global Mining Drill Bits Market
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  • 2018-2020
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