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Global Mining Drill Bits Market: By Type (Rotary Bits, DTH Hammers Bits, Top hammer Bits, Reverse circulation Bits, Coring Bits, and others), Material (Steel, Diamond, Tungsten Carbide), By Size (Up to 150mm, 151-200mm, 20-250mm, 251mm-300mm, Above 300mm), Application (Underground Drilling, Surface Drilling, Water well Drilling, Exploration Drilling, Geotechnical Drilling) and Region (North America, Europe, Asia-Pacific, South America, and the Middle East & Africa) - Forecast till 2030.
Mining Drill Bits Market Overview
The global Mining Drill Bits market is estimated to reach USD 2.45 billion by 2030, grow at a CAGR of 5.8% during the forecast period, 2022-2030. It was valued at USD 1.5 billion in 2022.
The global Mining Drill Bits market size was valued at USD 3123 million in 2020 and projected to grow at a CAGR of 8.8% during the forecast period, 2021-2027. The high demand for mining drill bits from the oil and gas industry and mining sectors for exploration and mineral extraction will increase growth. In the coming years, demand from developing countries is likely to grow because of economic growth in developing countries, rising industrialization, and rising underground mining. Moreover, in 2020, Asia Pacific dominated the mining drill bits market. The primary factors driving the product market growth are increasing oil & gas exploration and the growing mining sector due to increased demand for coal and precious metals in various industry verticals.
What are Mining Drill Bits?
Mining drill bits are drilling tools designed to hit or dig earth surfaces, stones, and hard rocks. These bits consist of hard material such as steel, diamond, or tungsten carbide to dig the earth’s surface for mining operations.
The standard mining drill bits available include rotary drills, DTH hammers, reverse circulation, coring, etc. Drill bits are widely used in mining, quarrying, geological exploration, well drilling, construction, tunneling, and blasting applications and can drill a cylindrical hole from less than 150mm to more than 300mm.
Growth Drivers
Increasing oil & gas exploration and growing demand for precious metals in various industry vertical
Due to increased onshore and offshore drilling operations, the growing demand for drill bits in the oil & gas industry is the primary factor for driving the product market growth during the forecast years. Due to increased demand for coal and precious metals in various industry verticals such as automobile and other manufacturing industries, the growing mining industry is expected to fuel market growth across the globe. The high demand for natural resources in populated countries of the Asia Pacific, such as India and China, has further created several opportunities in the mining drill bits market growth during the forecast years.
Developing country’s economic growth, rising industrialization, and growing construction activities will increase the market growth globally. These factors are expected to boost the growth of the mining drill bit market in the coming years. Furthermore, with the help of modern technologies and significant investment in Research & Development, the key players have introduced mining drill bits with Artificial Intelligence and Machine learning to help mining companies in mineral extraction.
Pre COVID-19 impact
Significant growth in the mining industry shall stimulate the Mining Drill Bits market growth across the globe. Additionally, increasing oil and gas exploration and growing mining for mineral extraction had created several opportunities for product demand in the pre-covid era. The increased investment by the key players in mining industries to meet the demand for metals and ores for automobile and manufacturing industries has played a crucial role in the product market growth.
Covid-19 impact
Although the impact on the Mining Drill Bits business was severe in 2020, many producers report decreased activities in the other regions across the globe. The reasons for less action vary in the different countries due to various areas like Lockdown in many countries, less funding, Material Availability, Labor Availability as many workers returned to their homeland, Process of granting permits to tender slowed down or postponed.
Moreover, the outbreak of COVID-19 and its subsequent entry into the Asia Pacific has led to operations in many sectors in the region. Additionally, the automobile and manufacturing sectors are estimated to witness the most significant declines in growth and outputs due to the Lockdown called by the government for a brief period. Furthermore, Companies have seen lower demand for coals and other precious metals in the automobile and manufacturing industries.
However, the industries are recovering due to the easing of the norms by the government with preventive measures such as social distancing and relief funds.
Post Covid-19 impact
Although there will be significant growth in the oil & gas exploration and mineral extraction activities due to increased government spending in the mining industry, the industries are recovering due to the easing of the norms by the government—preventive measures such as social distancing and relief funds.
Type Segmental Analysis
Based on the type, the Global Mining Drill Bits Market is segregated into Rotary Bits, DTH Hammers Bits, Top hammer Bits, Reverse circulation Bits, Coring Bits, and others. Rotary drilling bits are expected to have the largest share in the market during the forecast period. This growth is manageable to the increased demand for rotary drilling bits in underground mining operations. Rotary bits commonly consist of drag, roller, and diamond bits and can be used under different requirements. Drag bits are used to cut rocks with two, three, or four wings, and roller bits are used for crushing wedge-shaped teeth. Furthermore, the growing mining industry will help increase the demand for rotary drilling bits across the globe.
Material Segmental Analysis
The Global Mining Drill Bits Market is classified into Steel, Diamond, and Tungsten Carbide based on material. The diamond segment is expected to have the largest share in the market during the forecast years. This growth is attributable to its high efficiency, higher wear resistance, and high penetration rate. The growing demand for diamond-based drill bits in oil and geothermal drilling are the prime factors increasing the market demand across the globe. The rapid industrial growth in developing countries of the APAC region such as India, China, Japan, and Australia due to increased demand for coal and other precious minerals in the region is expected to fuel the market growth during the forecast period.
Application Segmental Analysis
Based on size Global Mining Drill Bits Market is divided into up to 150mm, 151mm-200mm, 201mm-250mm, 251mm-350mm, and above 350mm.
Application Segmental Analysis
Based on the Application, Global Mining Drill Bits Market is divided into Underground Drilling, Surface Drilling, Water well Drilling, Exploration Drilling, Geotechnical Drilling, and others.
The surface drilling segment is expected to have the largest market share in 2022, owing to increased open-pit and high wall mining. Furthermore, the rapid increase in mining for the extraction of coals and minerals are the factors driving the market growth during the forecast period.
Region Segmental Analysis
Based on Region, Global Mining Drill Bits Market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The Asia Pacific region is expected to have a significant market growth rate during the forecast period due to increased oil and gas exploration and growing demand for mineral extraction in the area. Furthermore, rapid industrialization and growing infrastructure development are other factors driving the market growth in the region.
Competitors Analysis
The global Mining Drill Bits market is volatile, with many international and regional players in the market. ROCKMORE INTERNATIONAL, Caterpillar Inc., Robit Plc, Sandvik, Western Drilling Tools, Mitsubishi Corporation, BRUNNER & LAY, DATC Group, Epiroc AB, Xiamen Prodrill Equipment Co. Ltd. are the key players in the Global Mining Drill Bits market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- Global Mining Drill Bits technology manufacturing firm
- Research organizations and consulting companies
- Organizations, associations, and alliances related to microarray analysis
- Regulatory bodies
- Suppliers
- Retailers
Recent Development
March 2021: From USD 27 billion (around) in 2020, Saudi Aramco planned to increase its capital expenditure in the upstream sector to around USD 35 billion in 2021.
Scope of the Report
| Report Attribute | Details |
|---|---|
| Market Size Value in 2020 | USD 3123 million dollars s |
| Growth Rate | CAGR of 8.8% during the forecast period, 2021-2027 |
| Historical data | 2017-2019 |
| Forecast period | 2021 – 2027 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | ROCKMORE INTERNATIONAL, Caterpillar Inc., Robit Plc, Sandvik, Western Drilling Tools, Mitsubishi Corporation, BRUNNER & LAY, DATC Group, Epiroc AB, Xiamen Prodrill Equipment Co. Ltd. |
Market Modelling
By Type
- Rotary Bits
- DTH Hammers Bits
- Top hammer Bits
- Reverse circulation Bits
- Coring Bits
- And others
By Material
- Steel
- Diamond
- Tungsten Carbide
By Size
- Up to 150mm
- 151mm-200mm
- 201mm-250mm
- 251mm-300mm
- Above 300mm
By Appcication
- Underground Drilling
- Surface Drilling
- Water well Drilling
- Exploration Drilling
- Geotechnical Drilling
- And others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Secondary Research
- Primary Research
- Data Triangulation
- Historical Data
- Identification of Segment
- Market Size Calculating
- Research Objective
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Innovation
- Competitors & Product Analysis
- Regulatory Framework for Mining Drill Bits
- Company market share analysis, 2020
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Impact of COVID-19 GLOBAL Mining Drill Bits Market
- Economic Impact Study on Global Mining Drill Bits Market
- Economic Factor Analysis
- Global Mining Drill Bits Market Overview
- Global Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Market Share & Forecast, 2016-2027
- By Type
- Rotary Bits
- DTH Hammers Bits
- Top Hammer Bits
- Reverse Circulation Bits
- Coring Bits
- Others
- By Material
- Steel
- Diamond
- Tungsten Carbide
- By Bit Size
- Up to 150mm
- 151-200mm
- 201-250mm
- 251-300mm
- Above 300mm
- By Application
- Underground Drilling
- Surface Drilling
- Water well Drilling
- Exploration Drilling
- Geotechnical Drilling
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Type
- Demand
- Global Market Size & Forecast, 2016-2027
- North America Mining Drill Bits Market Overview
- North America Mining Drill Bits Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- North America Mining Drill Bits Market Share & Forecast, 2016-2027
- By Type
- Rotary Bits
- DTH Hammers Bits
- Top Hammer Bits
- Reverse Circulation Bits
- Coring Bits
- Others
- By Material
- Steel
- Diamond
- Tungsten Carbide
- By Bit Size
- Up to 150mm
- 151-200mm
- 201-250mm
- 251-300mm
- Above 300mm
- By Application
- Underground Drilling
- Surface Drilling
- Water well Drilling
- Exploration Drilling
- Geotechnical Drilling
- By Country
- US
- Canada
- Mexico
- By Type
- Demand
- North America Mining Drill Bits Market Size & Forecast, 2016-2027
- Europe Mining Drill Bits Market Overview
- Europe Mining Drill Bits Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Europe Mining Drill Bits Market Share & Forecast, 2016-2027
- By Type
- Rotary Bits
- DTH Hammers Bits
- Top Hammer Bits
- Reverse Circulation Bits
- Coring Bits
- Others
- By Material
- Steel
- Diamond
- Tungsten Carbide
- By Bit Size
- Up to 150mm
- 151-200mm
- 201-250mm
- 251-300mm
- Above 300mm
- By Application
- Underground Drilling
- Surface Drilling
- Water well Drilling
- Exploration Drilling
- Geotechnical Drilling
- By Country
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- By Type
- Demand
- Europe Mining Drill Bits Market Size & Forecast, 2016-2027
- Asia Pacific Mining Drill Bits Market Overview
- Asia Pacific Mining Drill Bits Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Asia Pacific Mining Drill Bits Market Share & Forecast, 2016-2027
- By Type
- Rotary Bits
- DTH Hammers Bits
- Top Hammer Bits
- Reverse Circulation Bits
- Coring Bits
- Others
- By Material
- Steel
- Diamond
- Tungsten Carbide
- By Bit Size
- Up to 150mm
- 151-200mm
- 201-250mm
- 251-300mm
- Above 300mm
- By Application
- Underground Drilling
- Surface Drilling
- Water well Drilling
- Exploration Drilling
- Geotechnical Drilling
- By Country
- China
- India
- Japan
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
- By Type
- Demand
- Asia Pacific Mining Drill Bits Market Size & Forecast, 2016-2027
- South America Mining Drill Bits Market Overview
- South America Mining Drill Bits Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- South America Mining Drill Bits Market Share & Forecast, 2016-2027
- By Type
- Rotary Bits
- DTH Hammers Bits
- Top Hammer Bits
- Reverse Circulation Bits
- Coring Bits
- Others
- By Material
- Steel
- Diamond
- Tungsten Carbide
- By Bit Size
- Up to 150mm
- 151-200mm
- 201-250mm
- 251-300mm
- Above 300mm
- By Application
- Underground Drilling
- Surface Drilling
- Water well Drilling
- Exploration Drilling
- Geotechnical Drilling
- By Country
- Brazil
- Argentina
- Rest of South America
- By Type
- Demand
- South America Mining Drill Bits Market Size & Forecast, 2016-2027
- Middle East & Africa Mining Drill Bits Market Overview
- Middle East & Africa Mining Drill Bits Market Size & Forecast, 2016-2027
- Demand
- By Value (USD Million)
- Middle East & Africa Mining Drill Bits Market Share & Forecast, 2016-2027
- By Type
- Rotary Bits
- DTH Hammers Bits
- Top Hammers Bits
- Reverse Circulation Bits
- Coring Bits
- Others
- By Material
- Steel
- Diamond
- Tungsten Carbide
- By Size
- Up to 150mm
- 151-200mm
- 201-250mm
- 251-300mm
- Above 300mm
- By Application
- Underground Drilling
- Surface Drilling
- Water well Drilling
- Exploration Drilling
- Geotechnical Drilling
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of Middle East & Africa
- By Type
- Demand
- Middle East & Africa Mining Drill Bits Market Size & Forecast, 2016-2027
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Rockmore International
- Caterpillar Inc.,
- Robit Plc
- Sandvik
- Western Drilling Tools
- Mitsubishi Corporation
- Brunner & Lay
- DATC Group
- Epiroc AB
- Xiamen Prodrill Equipment Co. Ltd.
Frequently Asked Questions (FAQ):
The global Mining Drill Bits market is estimated to reach USD 2.45 billion by 2030, grow at a CAGR of 5.8% during the forecast period, 2022-2030. It was valued at USD 1.5 billion in 2022.
The Asia Pacific dominated the Mining Drill Bits market with a share of 40.6% in 2020. It can be attributed to the increasing demand for soil reinforcement in the foundation work of residential buildings in the emerging economies of China and India.
Industry experts believe that COVID-19 could affect the end-use industries globally. The manufacturers have faced halted production due to lockdown restrictions due to the non-availability of workforces, supply chain disruptions, country-wide lockdowns, temporary closures of facilities, and limited availability of raw materials, which has affected the production and sales of various manufacturers.
Key factors driving the Mining Drill Bits market growth include the rapid development in the construction industry in the rising economies of Asia Pacific and Central & South America is anticipated to drive the market growth.
Yes, in the European Union, agencies such as the European Environment Agency(EEA), the European Council for an Energy-Efficient Economy, the Council of European Energy Regulators (CEER), updating policies, and others are involved in mandating adopting regulations, and implementation efforts of these regulations in the respective sectors.
Below is the list of advantages and disadvantages:
Advantages –
Mining Drill Bits sheets consume less space and can fit anywhere in a landfill.
Mining Drill Bits materials are homogenous because they are manufactured in a workshop with quality control.
It improves the soil properties as compared to conventional materials.
Disadvantages –
Handling, storage, and installation must be taken with quality control and quality assurance.
Clogging Rotary Bits, garnets, geo pipes, and geo-composites is challenging for some soil abnormal conditions.
