Mining drills act as a reliable means to carry mining operations. Mining drill bits cutting tools used to dig the hole of circular area are deployed to remove rock or debris material to create different size of holes. There are certain specialized mining drill bits that can drill holes with a non-circular cross-section. The Mining Drill Bits market report provides a overview of Mining Drill Bits industry that helps you to identify and define the opportunity and problems in the market.
Market projection
Global mining drill bits market 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. Drill bits are available in variety of shapes and sizes with different kinds of body material such as diamond and tungsten. They are attached to the drill rod of drilling machine to drill or cut through the earth or surface, typically by rotation motion. The drill rob grasps the upper most part of the bit called shank.
Growth drivers
Increase in demand for metal and mineral commodities is one of the major factors that boost the growth of the mining drill bits market. Furthermore, rise in demand for metal due to high demand from the automotive industry is also expected to fuel the market growth. In addition, one of the main factors that drive the growth of the drill bits market is increase in mining activities due to growth in demand for precious metals such as gold, silver, and diamonds. Different trends for gold and diamond as well as fashion jewelry has increased the demand for these precious metals.
Constraints
However, increase in purchasing cost of drill bits is a challenge faced by vendors, which is expected to restrain the market growth. Furthermore, growth in awareness regarding environmental damage sustained due to mining has led to imposition of many rules and regulations on the mining industry players by the governments. This in turn hinders the growth of the mining drill bits industry. Moreover, increase in technological innovations such as artificial intelligence (AI) and machine learning (ML) provides lucrative opportunities for the growth of the mining drill bits market in the coming years.
The global mining drill bits market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is expected to dominate the market throughout the forecast period. The mining drill bits are widely used in open-pit mines and quarries. In initial phase of open pit mining or surface mining blasting is required to create hole in the ground to facilitate the deep drilling process. In addition, it is required to dig the hole to place explosive in certain depth for blasting operation in mining. Hence, the demand for these drill bits is increasing at the mining sites.
