The Mining Drill Bits Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Mining Drill Bits Global Market Report 2024, 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.
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.
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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
Major companies operating in the mining drill bits market are focusing on developing innovative products such as single-seal rotary drill bits to better meet the needs of their existing consumers. A "single seal rotary drill bit" is a kind of drill bit commonly used in rotary drilling activities. A "seal" is a component used in drilling technology to prevent or limit the entry of undesired elements, such as drilling mud or junk, into the internal parts of the drill bit. For instance, in April 2023, Sandvik AB, a Sweden-based company that manufactures products used in mining, rock excavation, rock drilling, and rock processing, launched the Sandvik RR340 single-seal roller bearing rotary drill bit. The Sandvik RR340 is a high-end single seal roller bearing bit that now rounds out the company's rotary offering. Its unique single seal roller bearing technology and optional PowerCarbide inserts offer dependable and efficient drilling with a 45% longer service life than regular models. An abrasion-resistant radial seal is one of the technologies that contribute to the Sandvik RR340 single seal bit's extended life. When compared to traditional seals, their form provides longer bearing hours and improved dependability. Furthermore, the Sandvik RR340 has a low friction bearing, which reduces friction and heat generation, both of which can cause wear and limit efficiency.
The mining drill bits market report table of contents includes:
- Executive Summary
- Mining Drill Bits Market Characteristics
- Mining Drill Bits Market Trends And Strategies
- Mining Drill Bits Market - Macro Economic Scenario
- Global Mining Drill Bits Market Size and Growth
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- Global Mining Drill Bits Market Competitive Benchmarking
- Global Mining Drill Bits Market Competitive Dashboard
- Key Mergers And Acquisitions In Mining Drill Bits Market
- Mining Drill Bits Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Caterpillar Inc.
- Schlumberger Limited
- Komatsu Ltd.
- Baker Hughes Company
- Halliburton Company
- Atlas Copco AB
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New York, NY 24 May 2021: 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 report “Mining Drill Bits Market Share, Size, Trends, Industry Analysis Report, By Application (Surface Mining, Underground Mining); By Material (Tungsten Carbide, Steel, Diamond, Others); By Type (DTH Hammer Bits, Rotary Bits, Others); By Bit Size; By Regions; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.The demand for mining drill bits is expected to increase during the forecast period owing to the growing demand for metals and minerals.
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.
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.
Market players are introducing technologically advanced polycrystalline diamond cutters specifically developed for water, oil, gas, and geothermal well drilling.
The use of diamond-based products offer benefits such as reduced material loss, decreased noise, minimal chipping, and faster drilling.
