- Mining drill bits are drilling tools which are used to drill or dig earth surface, rocks etc. They are used in mining, quarrying, geological exploration, well drilling, construction, tunneling, and blasting applications. Mining drill bits are used both for underground and surface mining.
- Mining drill bits are available in a variety of types, materials, and sizes. Manufacturing companies are undertaking heavy investment in product innovation and development to upgrade their existing product portfolio and bring new innovative products into the market. Furthermore, artificial intelligence (AI) and machine learning are also likely to support the growth of new and technology driven mining drill bits in the near future.
Growth of mining industry in various countries projected to drive the mining drill bits market
- Evolution of the mining industry across the globe is anticipated to augment the global market for mining drill bits during the forecast period. Rise in coal mining, and mining of precious metals is projected to expand the growth of the mining drill bits market in the near future. Increase in consumption of natural resources in China, India, and South Africa is estimated to be a driving factor for the drill bits market during the forecasted timeline.
Rise in awareness about environmental damage due to excess mining activities projected to hamper the growth of the market
- Rapid increase in awareness about environmental damage due to excessive mining activities in different parts of the world is projected to restrict the growth or demand for mining drill bits in the near future.
- Strict rules & regulations imposed by federal governments of various countries to restrict mining activities, especially illegal mining, is likely to hinder the mining drill bits market in both developed and developing countries during the forecast period.
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Asia Pacific holds major share of the global mining drill bits market
- Geographically, the global mining drill bits market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- Asia Pacific is considered the biggest market for mining drill bits. The market in Asia Pacific is anticipated to expand at a considerable rate in the near future, due to an increase in number of mining activities in countries such as China, India, and Australia.
- However, the markets in Middle East & Africa and South America are estimated to expand at a significant growth rate during the forecasted timeline. Rise in usage of advance mining and drilling equipment in GCC countries and South Africa is anticipated to be a driving factor for the market in these regions.
Key Players Operating in the Mining Drill Bits Market
Key players in the mining drill bits market are anticipated to face healthy competition in the near future. Major brands such as Sandvik AB, Caterpillar, MICON-Drilling GmbH, MITSUBISHI MATERIALS Corporation, and Epiroc Sweden AB are investing in research & development and innovation of new products to strengthen their footprints in the global mining drill bits market. Sandvik AB introduced one of the fastest drill bits in the market. The speed of this drilling bit is 10% more as compared to standard drill bits. Sandvik continues to break ground in the drilling industry by introducing innovative and advance drilling bits into the market. Producers in developing countries are focusing on reducing their total cost and increase the profitability of their businesses.