The global mining drill bits market size was valued at USD 1.22 billion in 2020 and is expected to grow at a CAGR of 5.4% during the forecast period. Mining drill bits are apparatus consisting of hard material such as steel, tungsten carbide, or diamond for withstanding greater pressure. These bits are widely used for exploration and mineral extraction.
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The bits are used for drilling holes of varied sizes for underground as well as open-pit mining operations. The demand for mining drill bits has increased in the drilling of oil and gas, exploration of wells, and extraction of drinking and industrial water. The application of mining drill bits has expanded significantly in pipeline construction and drilling pits for blasting.
New product launches and acquisitions by leading players in the market coupled with technological innovation have increased the demand across the globe. In October 2018, Caterpillar introduced its new range of Tricone drill bits with the varied option of diameters.
These bits are designed to offer enhanced rock fragmentation, high wear resistance, and greater rates of penetration. The drill bits are available in six diameters ranging from 6.75 inches to 12.25 inches. The drill bits are developed to offer longer life through the integration of heat treatment technology and advanced air-cooled bearing design.
The global market is fueled by the economic growth in developing countries, rising industrialization, and growing demand for metals from the automotive and manufacturing sectors. Rising demand for natural resources, technological advancements, and significant investments in research and development further supports the market growth.
The growing use of mining to acquire coal and precious metals and the greater need for underground mining would further support the growth of the market. Global players are expanding into developing countries to tap the market potential of the mining industry, further boosting the market growth.
Diamond and tungsten carbide drill bits are increasingly being used in exploration mining owing to advantages such as high wear resistance, long-endurance, and high rates of penetration. With the increasing demand for natural gas and crude oil across the globe, the demand for mining drill bits has significantly increased.
The significant growth in the demand for minerals and the increasing use of resources such as coal and petroleum has increased the adoption of the product. Other factors driving the growth of this market include reducing ore grades, and technological advancements in mining machinery. Leading market players are launching the products at affordable costs to offer numerous growth opportunities in the market.
The market is primarily segmented on the basis of Material, Type, Bit Size, Application and Region.
By Bit Size
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The material segment has been divided into tungsten carbide, steel, diamond, and others. The diamond segment dominated the global market in 2019. Industrial-grade diamonds are increasingly being used for oil and geothermal well drilling. Increased efficiency, superior wear resistance, and high rates of penetration are some factors fueling the growth of this segment. Significant industrial growth in the emerging economies of China, Japan, India, and Australia, and rising demand for petroleum and coal resources are expected to supplement the growth of this segment.
On the basis of type, the market is segmented into DTH hammer bits, rotary bits, and others. Rotary drilling bits are increasingly being used for underground mining operations. Rotary ones comprise drag, roller, and diamond bits. Drag ones are used for cutting rocks with two, three, or four wings, whereas roller ones are used for crushing through wedge-shaped teeth. Growth in mining activities and integration of advanced technologies is expected to drive the growth of this segment.
The bit size segment has been divided into is below 5”, 5” - 8”, 8” - 11”, 11” - 14”, and above 14". The product of different sizes are used for maximizing cutting and crushing capabilities for different applications. New emerging markets, varied applications, and technological advancements encourage market players to design drill bits to cater to growing demand.
On the basis of application, the market is segmented into surface mining and underground mining. The surface mining segment dominated the global market in 2020. The products are increasingly being used for mountaintop removal, strip, dredging, open-pit, and highwall mining. The products are used for the removal of terrain surface for access to minerals underground. Growing demand for minerals, growth in industrialization, and technological advancements are some factors expected to fuel the growth of this segment.
Asia Pacific dominated the global market in 2020. Increasing oil and gas exploration, growing demand for mineral exploration and rising infrastructure development support the growth of the mining drill bits market in the region.
The industrial growth in countries such as China, India, and Japan, strengthening the automotive industry, and increasing demand for oil recovery drives the growth of this region. Growing investments in research and development activities, expansion of international players in this region, and technological advancements are some factors attributed to the growth of this regional segment.
The leading players in the mining drill bits market include Rockmore International, Caterpillar Inc., Robit Plc, Epiroc AB, Sandvik AB, Western Drilling Tools Inc, Brunner & Lay Inc., Xiamen Prodrill Equipment Co., Ltd., Mitsubishi Materials Corporation, MICON-Drilling GmbH, Boart Longyear, DATC Group, and Changsha Heijingang Industrial Co., Ltd.
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen their presence in the market. The companies are also introducing new innovative products in the market to cater to the growing consumer demands.