Global Mining Drill Bits Market Estimated to Surpass USD 1.83 Billion By 2028
The global mining drill bits market size is expected to reach USD 1.83 billion by 2028 according to a new study by Polaris Market Research.
The demand for mining drill bits is expected to increase during the forecast period owing to the growing demand for metals and minerals. The growth in the global mining industry and increasing demand for non-renewable resources such as coal and petroleum has resulted in market demand. Growing demand from emerging economies and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The different applications of the product include surface mining and underground mining. The surface mining segment dominated the global market in 2020. However, the demand for thess products for underground mining is expected to increase during the forecast period owing to increasing environmental concerns, reduced wastage, and easier grade control. The demand for these products for underground mining has increased to extract minerals and resources located at a significant distance beneath the ground.
The different materials used for these products include tungsten carbide, steel, diamond, and others. The diamond segment dominated the global market in 2020. Market players are introducing technologically advanced polycrystalline diamond cutters specifically developed for water, oil, gas, and geothermal good drilling. The use of diamond-based products offers benefits such as reduced material loss, decreased noise, minimal chipping, and faster drilling. The tungsten carbide segment is expected to grow at a significant rate during the forecast period.
The different types of these bits include DTH hammer bits, rotary bits, and others. DTH hammer bits are used for applications such as underground production drilling, bench drilling, and exploration & foundation drilling. These bits are available in different sizes to increase application in water well drilling and quarrying. These bits are used in hard rock applications requiring a greater rate of penetration and superior underwater characteristics.
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The bit size segment has been divided into below 5”, 5” – 8”, 8” – 11”, 11” – 14”, and above 14″. Market players are developing the product with different combinations of sizes and concentric and eccentric geometries for different applications and drilling conditions. Currently, in the global drill bits market, companies, manufacturers, and private organizations are collaborating to expand and cater to wider applications and develop advanced technologies.
Asia Pacific dominated the global market in 2020 and is expected to maintain its dominance over the forecast period. Rising industrial growth, increasing oil and gas exploration, and growth in consumption of natural resources support market growth in this region.
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The demand for the product is expected to increase significantly during the forecast period owing to the increasing demand for minerals and precious metals. Leading global players are expanding their presence in developing nations of this region to tap the growth opportunities offered by these countries.
Top Market Players
Some of the major market participants include Rockmore International, Caterpillar Inc., Robit Plc, Epiroc AB, Sandvik AB, Western Drilling Tools Inc, Brunner & Lay Inc., Xiamen Prodrill Equipment Co., Ltd., Mitsubishi Materials Corporation, MICON-Drilling GmbH, Boart Longyear, DATC Group, and Changsha Heijingang Industrial Co., Ltd.
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Polaris Market Research has segmented the mining drill bits market report on the basis of application, material, type, bit size, and region.
Mining Drill Bits Material Outlook (Revenue, USD Million, 2016 – 2028)
- Tungsten Carbide
Mining Drill Bits Type Outlook (Revenue, USD Million, 2016 – 2028)
- DTH Hammer Bits
- Rotary Bits
Mining Drill Bits Bit Size Outlook (Revenue, USD Million, 2016 – 2028)
- Below 5”
- 5” – 8”
- 8” – 11”
- 11” – 14”
- Above 14″
Mining Drill Bits Application Outlook (Revenue, USD Million, 2016 – 2028)
- Surface Mining
- Underground Mining
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