Overview and Scope
The mining drill bits refer to the drill bit that creates a borehole by rotating and cutting rock and the hollow center of the drill helps the bit and drill rod to allow the cylindrical core to be kept.
Sizing and Forecast
The mining drill bits market size has grown strongly in recent years. It will grow from $1.52 billion in 2023 to $1.63 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to industrial revolution and mining expansion, development of extractive industries, technological advancements in drill bit design, expansion in oil and gas exploration, geological discoveries and resource exploitation.
The mining drill bits market size is expected to see strong growth in the next few years. It will grow to $2.16 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to exploration of rare earth elements, geopolitical and economic factors, rise in infrastructure projects, focus on sustainable mining practices, adoption of automated drilling systems. Major trends in the forecast period include advancements in material technology, demand for automation and efficiency, expansion of exploration activities, technological innovations in bit design, rise in mineral extraction operations.
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Segmentation & Regional Insights
The mining drill bits market covered in this report is segmented –
1) By Type: Rotary Bits, DTH Hammer bits, Other Types
2) By Material: PDC Diamond, Tungsten Carbide, Steel, Other Materials
3) By Bit Size: Below 5”, 5”-8”, 8”-11”, 11”-14”, Above 14"
4) By Application: Surface Mining, Underground Mining
Asia-Pacific was the largest region in the mining drill bits market in 2023. The regions covered in the mining drill bits market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising coal requirement is expected to drive the growth of the mining drill bits market going forward. Drills serve a variety of mining purposes, from giving geologists access to various soil samples for research to making it easier to collect valuable minerals from locations that would otherwise be inaccessible. There are drilling techniques can be used for every mining objective, whether it be for exploration, production, land clearing, or geotechnical applications. For instance, as per the report by International Energy Agency (IEA), a Paris- based autonomous intergovernmental organization, in July 2022, reported that in addition to the 14% increase from last year, the European Union's coal consumption is predicted to increase by 7% in 2022. Due to the country's expanding economy, demand for coal in India has been high since the year 2022 began and is anticipated to increase by 7% overall. Therefore, rising coal requirements are driving the demand for the growth of the mining drill bits market.
Key Industry Players
Major companies operating in the mining drill bits market report are Caterpillar Inc., Schlumberger Limited, Komatsu Ltd., Baker Hughes Company, Halliburton Company, Atlas Copco AB, Mitsubishi Materials Corporation, Sandvik AB, National Oilwell Varco Inc., Epiroc AB, Boart Longyear Corporation, Changsha Heijingang Industrial Co Ltd., Varel International Energy Services Inc., Ulterra Drilling Technologies LLC, Robit plc, Brunner and Lay Inc., Bit Brokers International Inc., Rockmore International Inc., Drill King International Inc., Western Drilling Tools Inc., Bart Longyear Company Inc., Center Rock Inc., DATC Group, Drilformance, MICON Drilling GmbH, Numa S.A., ReedHycalog L.L.C., Universal Drilling Technique LLC, Xiamen Prodrill Equipment Co Ltd.
The mining drill bits market report table of contents includes:
1. Executive Summary
2. Mining Drill Bits Market Characteristics
3. Mining Drill Bits Market Trends And Strategies
4. Mining Drill Bits Market - Macro Economic Scenario
5. Global Mining Drill Bits Market Size and Growth
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32. Global Mining Drill Bits Market Competitive Benchmarking
33. Global Mining Drill Bits Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Mining Drill Bits Market
35. Mining Drill Bits Market Future Outlook and Potential Analysis
36. Appendix
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