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Global Mining Drill Bits Market Size, Share, Trends, Growth, Forecast: By Material: Tungsten Carbide, Steel, Diamond, Others; By Type: DTH Hammer Bits, Rotary Bits, Others; By Size: Below 5”, 5”-8”, 8”-11”, 11”-14”, Above 14”; By Application: Surface Mining, Underground Mining; Regional Analysis; Competitive Landscape; 2024-2032
Global Mining Drill Bits Market Outlook
The global mining drill bits market size reached a value of more than USD 1.52 billion in 2023. The market is expected to grow at a CAGR of 5.20% between 2024 and 2032, reaching a value of USD 2.07 billion by 2032.
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Key Trends in the Market
The drilling equipment used to dig or drill on the surface of soil and rocks for mining activities are known as mining drill bits. They are primarily designed to offer strong wear resistance, enhanced rock fragmentation, and higher rates of penetration. In addition to mining, this equipment is being used for drilling across a variety of industries, such as construction, geological exploration, quarrying, well drilling, tunnelling, and blasting.
- The demand for metals from the manufacturing and automotive industries along with the economic expansion of developing nations are contributing to the growth of the global mining drill bits market. Increased investment in research and development and rising demand for natural resources are also contributing to the market's expansion.
- The market would continue to develop as a result of the rising demand for underground mining in addition to the expanding use of mining to procure precious metals. To capitalise on the potential of the mining industry, international businesses are moving into developing nations, fuelling the market for mining drill bits.
- The use of mining drill bits has increased due to the rising consumption of resources like coal and petroleum. Other factors influencing the growth of this mining drill bits market include declining ore grades and improvements in mining equipment technology.
- Mining drill bits can be found in a variety of sizes, shapes, and body materials, including diamond and tungsten. The variety of mining drill bits are increasing their demand and applications.
Opportunities and Challenges in the Market
Mining drill bits manufacturers are investing in product research and innovation in order to enhance their current product line and release new and innovative mining drill bits. Additionally, machine learning (MI) and artificial intelligence (AI) are likely to enable the development of new, technologically advanced mining drill bits in the near future. The increase in the mining of precious metals and coal is expected to provide new opportunities to the mining drill bits market. However, the market for mining drill bits may face challenges by the rise in awareness about environmental damage brought on by excessive mining activities in various parts of the world.
Global Mining Drill Bits Market Analysis
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Based on material, the market can be segmented into tungsten carbide, steel, and diamond, among others. The market based on type is divided into DTH hammer bits, and rotary bits, among others. On the basis of size, the market is segmented into below 5”, 5”-8”, 8”-11”, 11”-14”, and above 14”. Based on application, the mining drill bits market is bifurcated into surface mining and underground mining. The regional markets for mining drill bits can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global mining drill bits market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.
- Robit Plc
- Mitsubishi Materials Corporation
- MICON-Drilling GmbH
- DATC Group
- Changsha Heijingang Industrial Co., Ltd
- Others
Market Share by Material
The diamond material segment of the mining drill bits market is anticipated to witness significant growth during the forecast period. Drilling for oil and geothermal wells increasingly makes use of industrial-grade diamonds. Some of the key elements driving this segment's expansion are enhanced efficiency, higher wear resistance, and increased penetration rates. Due to the strength of diamond as a material, utilising diamond-based materials in mining drill bits has several advantages including less material loss, less noise, little chipping, and quicker drilling. Additionally, industry participants are releasing cutting-edge polycrystalline diamond cutters created especially for drilling water, oil, gas, and geothermal wells.
Market Share by Application
During the projected period, the surface mining segment is expected to occupy a healthy share of the global market. Surface mining is frequently used for mountaintop removal, and strip, dredging, open-pit, and highwall mining. In order to gain access to underground mineral deposits, the surface of the land is also removed. Technological developments, increased industrialisation, and rising mineral demand are some of the major factors anticipated to drive the growth of the segment.
However, due to growing environmental concerns, decreased waste, and easier grade control, underground mining is predicted to see an increase in demand during the projected period, thereby supporting the mining drill bits market. The need for mining drill bits has increased due to the need to collect minerals and resources from locations that are far below the surface.
Market Share by Region
The Asia Pacific region is anticipated to witness a steady growth in the market for mining drill bits in the coming years. This growth can be attributed to rising demand for mineral exploration, increasing oil and gas exploration, and expanding infrastructural construction. The market expansion is further fuelled by the economic development of nations like China, India, and Japan, the growth of the automobile sector, and the rising demand for oil recovery. Additionally, the expansion of multinational companies in this region, rising research and development investments, and technical improvements are some of the factors contributing to the regional growth of the mining drill bits market.
However, it is anticipated that within the coming years, the market for mining drill bits in the Middle East and Africa region will grow significantly. The market in this region is projected to be driven by the rise in the utilisation of advanced mining and drilling equipment in GCC nations.
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Competitive Landscape
Robit Plc, established in 1985 with headquarters in Finland, specialises in the development, production and marketing of button bits used in rock drilling, as well as casing systems used in ground drilling. It provides services to clients worldwide and sells drilling supplies for use in well drilling, construction, geotechnical drilling, and surface and underground mining. The company's offerings include the product and application groups of Top Hammer, Down the Hole, and Geotechnical.
MICON-Drilling GmbH is a globally operating service provider with a focus on the sale and leasing of drilling equipment. The privately held business specialises in the design, manufacture, testing, and repair of drill bits, drill string components, advanced directional drilling systems, and other equipment. Its primary area of concentration is technical support for drilling applications in the mining, geothermal, mining, and oil and gas sectors. MICON-Drilling GmbH is a member of the Germany-based MICON-Group.
Changsha Heijingang Industrial Co., Ltd., established in 1999 is a well-known privately owned company with headquarters in Hunan, China. The company specialises in developing and producing rock drilling instruments and pneumatic tools. Its product categories include DTH drilling tools, mining cemented carbide, top hammer drilling tools, RC drilling tools, rotary drilling tools, casing systems, and drill rigs.
Other market players include Mitsubishi Materials Corporation and DATC Group, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Material |
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| Breakup by Type |
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| Breakup by Size |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Mining Drill Bits Market Analysis
8.1 Key Industry Highlights
8.2 Global Mining Drill Bits Historical Market (2018-2023)
8.3 Global Mining Drill Bits Market Forecast (2024-2032)
8.4 Global Mining Drill Bits Market by Material
8.4.1 Tungsten Carbide
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2023)
8.4.1.3 Forecast Trend (2024-2032)
8.4.2 Steel
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2023)
8.4.2.3 Forecast Trend (2024-2032)
8.4.3 Diamond
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2023)
8.4.3.3 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Mining Drill Bits Market by Type
8.5.1 DTH Hammer Bits
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2023)
8.5.1.3 Forecast Trend (2024-2032)
8.5.2 Rotary Bits
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2023)
8.5.2.3 Forecast Trend (2024-2032)
8.5.3 Others
8.6 Global Mining Drill Bits Market by Size
8.6.1 Below 5”
8.6.1.1 Market Share
8.6.1.2 Historical Trend (2018-2023)
8.6.1.3 Forecast Trend (2024-2032)
8.6.2 5”-8”
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2023)
8.6.2.3 Forecast Trend (2024-2032)
8.6.3 8”-11”
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2023)
8.6.3.3 Forecast Trend (2024-2032)
8.6.4 11”-14”
8.6.4.1 Market Share
8.6.4.2 Historical Trend (2018-2023)
8.6.4.3 Forecast Trend (2024-2032)
8.6.5 Above 14”
8.6.5.1 Market Share
8.6.5.2 Historical Trend (2018-2023)
8.6.5.3 Forecast Trend (2024-2032)
8.7 Global Mining Drill Bits Market by Application
8.7.1 Surface Mining
8.7.1.1 Market Share
8.7.1.2 Historical Trend (2018-2023)
8.7.1.3 Forecast Trend (2024-2032)
8.7.2 Underground Mining
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2023)
8.7.2.3 Forecast Trend (2024-2032)
8.8 Global Mining Drill Bits Market by Region
8.8.1 North America
8.8.1.1 Market Share
8.8.1.2 Historical Trend (2018-2023)
8.8.1.3 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2023)
8.8.2.3 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2023)
8.8.3.3 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2023)
8.8.4.3 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2023)
8.8.5.3 Forecast Trend (2024-2032)
9 North America Mining Drill Bits Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2023)
9.1.3 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2023)
9.2.3 Forecast Trend (2024-2032)
10 Europe Mining Drill Bits Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2023)
10.1.3 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2023)
10.2.3 Forecast Trend (2024-2032)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2023)
10.3.3 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2023)
10.4.3 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Mining Drill Bits Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2023)
11.1.3 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2023)
11.2.3 Forecast Trend (2024-2032)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2023)
11.3.3 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2023)
11.4.3 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2023)
11.5.3 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Mining Drill Bits Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2023)
12.1.3 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2023)
12.2.3 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2023)
12.3.3 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Mining Drill Bits Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2023)
13.1.3 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2023)
13.2.3 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2023)
13.3.3 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2023)
13.4.3 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Robit Plc
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Mitsubishi Materials Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 MICON-Drilling GmbH
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 DATC Group
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Changsha Heijingang Industrial Co., Ltd
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Mining Drill Bits Market: Key Industry Highlights, 2018 and 2032
2. Global Mining Drill Bits Historical Market: Breakup by Material (USD Million), 2018-2023
3. Global Mining Drill Bits Market Forecast: Breakup by Material (USD Million), 2024-2032
4. Global Mining Drill Bits Historical Market: Breakup by Type (USD Million), 2018-2023
5. Global Mining Drill Bits Market Forecast: Breakup by Type (USD Million), 2024-2032
6. Global Mining Drill Bits Historical Market: Breakup by Size (USD Million), 2018-2023
7. Global Mining Drill Bits Market Forecast: Breakup by Size (USD Million), 2024-2032
8. Global Mining Drill Bits Historical Market: Breakup by Application (USD Million), 2018-2023
9. Global Mining Drill Bits Market Forecast: Breakup by Application (USD Million), 2024-2032
10. Global Mining Drill Bits Historical Market: Breakup by Region (USD Million), 2018-2023
11. Global Mining Drill Bits Market Forecast: Breakup by Region (USD Million), 2024-2032
12. North America Mining Drill Bits Historical Market: Breakup by Country (USD Million), 2018-2023
13. North America Mining Drill Bits Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Europe Mining Drill Bits Historical Market: Breakup by Country (USD Million), 2018-2023
15. Europe Mining Drill Bits Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Asia Pacific Mining Drill Bits Historical Market: Breakup by Country (USD Million), 2018-2023
17. Asia Pacific Mining Drill Bits Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Latin America Mining Drill Bits Historical Market: Breakup by Country (USD Million), 2018-2023
19. Latin America Mining Drill Bits Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Middle East and Africa Mining Drill Bits Historical Market: Breakup by Country (USD Million), 2018-2023
21. Middle East and Africa Mining Drill Bits Market Forecast: Breakup by Country (USD Million), 2024-2032
22. Global Mining Drill Bits Market Structure
Key Questions Answered in the Report
In 2023, the global market for mining drill bits attained a value of nearly USD 1.52 billion.
The market is projected to grow at a CAGR of 5.20% between 2024 and 2032.
The mining drill bits market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2.07 billion by 2032.
The major drivers of the market include the growing use of mining to acquire coal and precious metals, technological advancements in mining machinery, the evolution of the mining industry, and increasing infrastructure development.
Growing demand for metals from the automotive and manufacturing sectors and the rising demand for natural resources are the key industry trends propelling the growth of the market.
The major regions in the market for mining drill bits are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major players in the market are Robit Plc, Mitsubishi Materials Corporation, MICON-Drilling GmbH, DATC Group, and Changsha Heijingang Industrial Co., Ltd, among others.
Underground coal mines can go as far as 2,500 feet or 750 metres, while other types can go even further, for example, uranium mining can descend as far as 6,500 feet or two kilometres.
The primary materials used for mining drill bits include tungsten carbide, steel, and diamond, among others.
The various sizes of mining drill bits in the market include below 5”, 5”-8”, 8”-11”, 11”-14”, and above 14”.
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