-- According to a new report published by Allied Market Research, titled, "Mining Drill Bits Market by Type, Material, Operation, and Bit Size: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global mining drill bits market size was valued at $1,145,000 thousand in 2018, and is projected to reach $1,711,800 thousand by 2026, growing at a CAGR of 5.1% from 2019 to 2026.
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Mining drill bits are utilized to drill or dig the earth surface for mining operation. These drill bits are also used to dig hole in stones or rock for mining. Mining drill bits include rotary drill bits, DTH hammers bits, and others. The different types of drill bits size include from less than 150 mm to more than 300 mm. In addition, these drills are primarily used to drill holes in the earth surface to place the explosive for blasting.
In 2018, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 48.7% share of the global market, followed by LAMEA. Based on type, the rotary drill bits segment accounted for around 79.1% in overall global mining drill bits market share in 2018. The DTH hammers bits segment is expected to witness significant growth during the forecast period. The key factors that drive the growth of the global mining drill bits market include rise in mining activities around the globe due to increase in demand for coal, metal, and minerals. In addition, expansion of existing mines in the developing countries such as China and India fuels the mining drill bits market growth.
Key Market Players
Brunner and Lay, Caterpillar Inc., Changsha Heijingang Industrial Co., Ltd, Epiroc AB, Mitsubishi Materials Corporation., Robit Plc, Rockmore International, Sandvik, Western Drilling Tools Inc, and Xiamen Prodrill Equipment Co., Ltd.
Key Market Segments
By Type
Rotary Bits
Fixed Cutter Bits
Roller Cone Bits
DTH Hammers Bits
Others
By Material
Steel
Diamond
Thermally Stable Diamond Bits
PCD
Surface Set Diamond Bits
Tungsten Carbide
By Operation
Underground Drilling
Surface Drilling
By Bit Size
Up to 150 mm
151–200 mm
201–250 mm
251–300 mm
Above 300 mm
By Region
North America
Europe
Asia-Pacific
LAMEA
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Name: David Correa
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Organization: Allied Market Research
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Website: https://www.alliedmarketresearch.com
Release ID: 89035188
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