Pune India, June 22, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Mining Drill Bits market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the mining drill bits market is present across various countries in the above-mentioned regions.
Get Sample Copy of This Report @ https://greyviews.com/reports/mining-drill-bits-market/65/request-sample
The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the type, material, operation, Size, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global mining drill bits market are Brunner and Lay, Caterpillar Inc., Changsha Heijingang Industrial Co., Ltd, Epiroc AB, Rockmore International, Sandvik, Western Drilling Tools Inc., Mitsubishi Materials Corporation, Robit Plc, and Xiamen Prodrill Equipment Co., Ltd. among others. To achieve a substantial market share in the worldwide Mining Drill Bits market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Epiroc AB is one of the most significant manufacturers and distributors present in the global mining drill bits market.
Mining drill bits are the drilling tools that are utilized to dig or drill the earth surface and rocks for mining operations. They are mainly designed to offer features such as high wear resistance, improved rock fragmentation, and greater rates of penetration. In addition to the mining, these equipment are seeing drilling applications across the sectors including, quarrying, well drilling, construction, geological exploration, tunneling, and blasting.
The demand for raw materials, metals, and minerals to support economic growth of the countries has boosted mining industry. The extraction of mineral resources has seen considerable increase in the past decade and is projected to witness higher growth in upcoming years. Furthermore, according to the UN Environment Program, the global population is anticipated to reach 8.5 billion by 2030 and 9.8 billion by 2050. This growth in population leads to the rise in demand to the mineral resource, fuelling the global mining industry. This contributes to the growth of mining drill bits market.
Enquiry Before Buying This Report @ https://greyviews.com/inquiry/65
Scope of Mining Drill Bits Market Report
|Market Share Unit||USD Billion|
|Segments Covered||Type, material, operation, Size, and region|
|Regions Covered||North America, Europe, Asia-Pacific, South America and Middle-East and Africa|
|Major Players||Brunner and Lay, Caterpillar Inc., Changsha Heijingang Industrial Co., Ltd, Epiroc AB, Rockmore International, Sandvik, Western Drilling Tools Inc., Mitsubishi Materials Corporation, Robit Plc, Xiamen Prodrill Equipment Co., Ltd. among others|
DTH Bit segment is expected to be the fastest growing segment in 2021.
The type offering segment includes roller bit, fixed-head bit, rotary bit, DTH bit, others. DTH Bit segment is expected to witness highest growth rate during the forecast period. This type of drilling bits are used with Down-the-hole hammers to drill the holes through a various types of rocks. The market players are introducing range of DTH Bit products, creating lucrative growth opportunities. For instance, Changsha Tianhe Drilling, a manufacturer of percussive rock drilling tools launched the JS series DTH hammer.
Carbide segment is expected to be the fastest growing segment in 2021.
The material segment includes steel, diamond, carbide, others. Carbide segment is expected to witness highest growth rate during the forecast period. This growth is mainly driven by increasing preference to tungsten carbide material for mining tools. In addition, such materials are seeing wide applications in the high-pressure DTH hammer drilling industry, for petroleum drilling, mining of various rocks, quarrying, and tunnels. This factor has mainly contributed to the growth of the segment.
Underground mining segment is expected to be the fastest growing segment in 2021.
The operation segment includes underground drilling and surface drilling. The underground mining segment expected to witness highest growth rate during the forecast period. Upsurge in demand for hard rock minerals including copper, zinc, gold, and lithium, across the wide-range of industries has driven demand for mining drill bits for underground mining operations.
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Mining Drill Bits include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region witnessed a major share. Growth of this region is mainly driven by upsurge in oil and gas exploration activities and rising infrastructure development support the growth of the mining drill bits market in the region. North America and Middle East region followed by Africa are expected to witness significant growth rate during the forecast period. In North America, Mexico is a large exporter of mining ores and minerals with total Mexican exports of ores and minerals totalled about $15.6 billion in 2020. This significance of Mexico in mining sector creates demand for mining drill bits in the country.
Germany mining drill bits market size was valued at USD 0.15 billion in 2021 and is expected to reach USD 0.24 billion by 2029, at a CAGR of 6.0% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. In addition, the country is a crucial mining country within Europe. The major mineral resources mined across the Germany are lignite, hard coal and, in minor quantities, crude oil and natural gas. Moreover, the country is seeing huge demand for raw materials such as lithium for electric cars and potash salts for fertilizers along with quartz & quartz sands, graphite, magnesium, and refractory clays. This factor is projected to increase mining activities in the country creating demand for mining drill bits.
China mining drill bits market size was valued at USD 0.33 billion in 2021 and is expected to reach USD 0.52 billion by 2029, at a CAGR of 5.9% from 2022 to 2029. China is the world's largest light vehicle manufacturer and is the leading automotive producer, consumer and exporter. Hence, the country is seeing huge demand for metals in automotive sector, which fuels growth in mining activities across the country. On the other hand, huge mining sector in the country has led to the considerable growth of mining drill bits market. Also, the country substantially involved in foreign mining projects including 52 copper projects across the Europe and Africa. For instance, in May 2022, Zhejiang Huayou Cobalt, Shanghai-listed mining company announced to invest about $300 million into its Arcadia lithium mine near Harare, Zimbabwe. Such foreign mining projects of the China based mining companies are further contributing to the market growth.
India mining drill bits market size was valued at USD 0.12 billion in 2021 and is expected to reach USD 0.19 billion by 2029, at a CAGR of 6.2% from 2022 to 2029. India is one of the strongest growing economies in Asia. Growth of the market in this country is driven by factors such as upsurge in infrastructure development, growing automotive production, demand from cement and power industries, and demand for steel and iron across the commercial and residential building industry. On the other hand, in June 2020, the country has launched the auction for 41 coal mines for commercial mining. This commercialization of coal mining in the country is opportunistic for growth of the mining drill bits market.
Covid-19 had a major impact on almost all of the industries such as construction, mining, transport, manufacturing, oil and gas, automobile, etc. The demand for mining drill bits has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of mining drill bits were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for mining drill bits significantly decreased.
Buy Now Full Report @ https://greyviews.com/checkout/65/single_user_license
Phone: (+44) 162-237-1047
Browse Related Reports:
Global Mining Drill Bits Market Size by Type (Roller Bit, Fixed-Head Bit, Rotary Bit, DTH Bit, Others); Material (Steel, Diamond, Carbide, Others); Operation (Underground Drilling, Surface Drilling), and Size ( Below 8 Inches, 8 Inches – 11 Inches, Above 11 Inches), Regions, Segmentation, and forecast till 2029.
Global Mooring Buoy Market Size by Product Type (Plastic Buoy and Steel Buoy), End User (Oil & Gas, Marine and Defence, Aquaculture, and Others), Regions, Segmentation, and forecast till 2029.
Global Solid Oxide Fuel Cell Market Size by Type (Planar and Tubular), Application (Portable, Stationary, and Transport), End user (Commercial & Industrial, Data Centers, Military & Defense, and Residential), Regions, Segmentation, and forecast till 2029.
Global Shore Power Market Size by Installation Type (Shoreside and Shipside), Connection (New installation and Retrofit), Component (Transformers, Switchgear Devices, Frequency Converters, Cables and Accessories, and Others), Power Rating (Up to 30 MVA, 30-60 MVA, and Above 60 MVA), Regions, Segmentation, and forecast till 2029.
Global Gas Turbine Market Size by Technology (Open Cycle and Combined Cycle), Rating Capacity (≤200 MW and >200 MW), Design Type (Heavy Duty and Aeroderivative), Application (Power Generation, Oil & Gas, Marine, Process Plants, Aerospace, and Others), Regions, Segmentation and Projection till 2028.
Global Marine Engines Market Size by Power Range (Up to 1000 hp, 1001 – 5000 hp, 5001 – 10000 hp, 10001 – 20000 hp, and Above 20000 hp), Engine (Propulsion and Auxiliary), Vessel (Commercial, Offshore, and Others), Type (Two-stroke and Four-stroke), Fuel (Heavy, Intermediate, Marine Diesel, Gas Oil, and Others), Regions, Segmentation, and Projection till 2028.
Global Lithium Mining Market Size by Type (Chloride, Lithium Hydroxide, Carbonate, and Concentrate), Application (Batteries, Glass, Grease, Air Conditioning Equipment, and Others), Regions, Segmentation, and Projection till 2028.
Global Power Rental Systems Market Size by End-user (Government & Utilities, Oil & Gas, Construction, Industrial, Event Management, and Others), Application (Peak Shaving, Continuous Power, and Standby Power), Regions, Segmentation and Projection till 2028
Global Energy Harvesting System Market Size by Component (Transducers, Power Management IC (PMIC), and Storage Unit), Technology (Light Energy Harvesting, Vibration Energy Harvesting, Radio Frequency (RF) Energy Harvesting, Thermal Energy Harvesting, and Others), Application (Consumer Electronics, Building, and Home Automation, Transportation, Healthcare, and Others), Regions, Segmentation, and Projection till 2028.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.