Pune India, June 22, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Mining Drill Bits market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the mining drill bits market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the type, material, operation, Size, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global mining drill bits market are Brunner and Lay, Caterpillar Inc., Changsha Heijingang Industrial Co., Ltd, Epiroc AB, Rockmore International, Sandvik, Western Drilling Tools Inc., Mitsubishi Materials Corporation, Robit Plc, and Xiamen Prodrill Equipment Co., Ltd. among others. To achieve a substantial market share in the worldwide Mining Drill Bits market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Epiroc AB is one of the most significant manufacturers and distributors present in the global mining drill bits market.
Mining drill bits are the drilling tools that are utilized to dig or drill the earth surface and rocks for mining operations. They are mainly designed to offer features such as high wear resistance, improved rock fragmentation, and greater rates of penetration. In addition to the mining, these equipment are seeing drilling applications across the sectors including, quarrying, well drilling, construction, geological exploration, tunneling, and blasting.
The demand for raw materials, metals, and minerals to support economic growth of the countries has boosted mining industry. The extraction of mineral resources has seen considerable increase in the past decade and is projected to witness higher growth in upcoming years. Furthermore, according to the UN Environment Program, the global population is anticipated to reach 8.5 billion by 2030 and 9.8 billion by 2050. This growth in population leads to the rise in demand to the mineral resource, fuelling the global mining industry. This contributes to the growth of mining drill bits market.
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Scope of Mining Drill Bits Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Type, material, operation, Size, and region|
|Regions Covered||North America, Europe, Asia-Pacific, South America and Middle-East and Africa|
|Major Players||Brunner and Lay, Caterpillar Inc., Changsha Heijingang Industrial Co., Ltd, Epiroc AB, Rockmore International, Sandvik, Western Drilling Tools Inc., Mitsubishi Materials Corporation, Robit Plc, Xiamen Prodrill Equipment Co., Ltd. among others|
DTH Bit segment is expected to be the fastest growing segment in 2021.
The type offering segment includes roller bit, fixed-head bit, rotary bit, DTH bit, others. DTH Bit segment is expected to witness highest growth rate during the forecast period. This type of drilling bits are used with Down-the-hole hammers to drill the holes through a various types of rocks. The market players are introducing range of DTH Bit products, creating lucrative growth opportunities. For instance, Changsha Tianhe Drilling, a manufacturer of percussive rock drilling tools launched the JS series DTH hammer.
Carbide segment is expected to be the fastest growing segment in 2021.
The material segment includes steel, diamond, carbide, others. Carbide segment is expected to witness highest growth rate during the forecast period. This growth is mainly driven by increasing preference to tungsten carbide material for mining tools. In addition, such materials are seeing wide applications in the high-pressure DTH hammer drilling industry, for petroleum drilling, mining of various rocks, quarrying, and tunnels. This factor has mainly contributed to the growth of the segment.
Underground mining segment is expected to be the fastest growing segment in 2021.
The operation segment includes underground drilling and surface drilling. The underground mining segment expected to witness highest growth rate during the forecast period. Upsurge in demand for hard rock minerals including copper, zinc, gold, and lithium, across the wide-range of industries has driven demand for mining drill bits for underground mining operations.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Mining Drill Bits include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region witnessed a major share. Growth of this region is mainly driven by upsurge in oil and gas exploration activities and rising infrastructure development support the growth of the mining drill bits market in the region. North America and Middle East region followed by Africa are expected to witness significant growth rate during the forecast period. In North America, Mexico is a large exporter of mining ores and minerals with total Mexican exports of ores and minerals totalled about $15.6 billion in 2020. This significance of Mexico in mining sector creates demand for mining drill bits in the country.
Germany mining drill bits market size was valued at USD 0.15 billion in 2021 and is expected to reach USD 0.24 billion by 2029, at a CAGR of 6.0% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. In addition, the country is a crucial mining country within Europe. The major mineral resources mined across the Germany are lignite, hard coal and, in minor quantities, crude oil and natural gas. Moreover, the country is seeing huge demand for raw materials such as lithium for electric cars and potash salts for fertilizers along with quartz & quartz sands, graphite, magnesium, and refractory clays. This factor is projected to increase mining activities in the country creating demand for mining drill bits.
China mining drill bits market size was valued at USD 0.33 billion in 2021 and is expected to reach USD 0.52 billion by 2029, at a CAGR of 5.9% from 2022 to 2029. China is the world’s largest light vehicle manufacturer and is the leading automotive producer, consumer and exporter. Hence, the country is seeing huge demand for metals in automotive sector, which fuels growth in mining activities across the country. On the other hand, huge mining sector in the country has led to the considerable growth of mining drill bits market. Also, the country substantially involved in foreign mining projects including 52 copper projects across the Europe and Africa. For instance, in May 2022, Zhejiang Huayou Cobalt, Shanghai-listed mining company announced to invest about $300 million into its Arcadia lithium mine near Harare, Zimbabwe. Such foreign mining projects of the China based mining companies are further contributing to the market growth.
India mining drill bits market size was valued at USD 0.12 billion in 2021 and is expected to reach USD 0.19 billion by 2029, at a CAGR of 6.2% from 2022 to 2029. India is one of the strongest growing economies in Asia. Growth of the market in this country is driven by factors such as upsurge in infrastructure development, growing automotive production, demand from cement and power industries, and demand for steel and iron across the commercial and residential building industry. On the other hand, in June 2020, the country has launched the auction for 41 coal mines for commercial mining. This commercialization of coal mining in the country is opportunistic for growth of the mining drill bits market.
Covid-19 had a major impact on almost all of the industries such as construction, mining, transport, manufacturing, oil and gas, automobile, etc. The demand for mining drill bits has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of mining drill bits were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for mining drill bits significantly decreased.
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