The ‘Global Mining Drill Bits Market Analysis, Size, Share, Growth, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global mining drill bits market, assessing the market on the basis of its segments like materials, types, sizes, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
Mining Drill Bits Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Over USD 1.52 Billion
• Forecast CAGR (2023-2028): 5.20%
• Forecast Market Size (2028): Around USD 2.07 Billion
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The mining drill bits market is being driven by the increasing mining activities to extract precious metals and the rising demand for underground mining. As international companies are expanding their presence in emerging economies to capitalise on the growing mining demand, the utilisation of mining drill bits is growing.
The need for raw materials is rising significantly due to rapid industrialisation and urbanisation, rapid population growth, and growing energy demand amid surging automation and digitalisation. Hence, the growing demand for mining-intensive commodities like oil, gas, and metals is expected to favour the mining drill bits market growth.
Mining Drill Bits Market Definition and Major Segments
Mining drill bits are equipment that are used during drilling or mining activities. They usually consist of three movable rollers that enable the drilling and penetration of soft and hard rock materials. The drill bits usually include hard materials such as steel, tungsten carbide, or diamond to withstand the high pressure experienced during the drilling process.
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Based on material, the market for mining drill bits can be categorised into:
• Tungsten Carbide
The major types of mining drill bits in the market are:
• DTH Hammer Bits
• Rotary Bits
The market for mining drill bits, by size, can be segmented into:
• Below 5”
• Above 14”
Based on application, the market is bifurcated into:
• Surface Mining
• Underground Mining
The major regional markets for mining drill bits include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Mining Drill Bits Market Trends
The mining drill bits market is being propelled by the growing demand for various mining products such as coal, petroleum, and other minerals. Governments of several countries, especially the Middle-Eastern and Southeast Asian countries, are introducing favourable initiatives to aid the mining sector as it is a significant source of income for many countries, which is likely to boost the use of mining drill bits.
The increasing utilisation of coal and petroleum and the growing fossil fuel mining activities are bolstering the demand for mining drill bits. Furthermore, technological advancements in mining equipment and depleting ore reserves are expected to positively influence the mining drill bits market in the forecast period.
Key Market Players
The major players in the global mining drill bits market report include Robit Plc, Mitsubishi Materials Corporation, MICON-Drilling GmbH, DATC Group, and Changsha Heijingang Industrial Co., Ltd, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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