Portland, OR, Feb. 20, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global mining drill bit industry was pegged at $1.15 billion in 2018 and is estimated to reach $1.71 billion by 2026, growing at a CAGR of 5.1% from 2019 to 2026. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.
An increase in mining activities, a rise in demand for underground mining drill equipment, and a surge in blast hole drilling for open pit mining have supplemented the growth of the global mining drill bit market. Whereas, stringent government regulations for mining operations and a rise in raw material prices impede market growth. On the other hand, rapid technological advancement through artificial intelligence and the internet of things is projected to provide lucrative opportunities in the near future.
The global mining drill bits market is segmented into type, material, operation, bit size, and region. Based on material, the market is divided into steel, diamond, and tungsten carbide. The diamond segment held the largest share in 2018, contributing around 88% of the global mining drill bit market. However, the tungsten carbide segment is projected to manifest the fastest CAGR of 6.0% during the forecast period.
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Based on operation, the market is bifurcated into underground drilling and surface drilling. The underground drilling is expected to register the fastest CAGR of 5.7% through 2026. However, the surface drilling segment accounted for the highest share in 2018, contributing more than three-fifths of the global mining drill bit market.
The global mining drill bits market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share in 2018, contributing nearly half of the revenue. However, the market across LAMEA is estimated as the fastest CAGR of 6.6% during the forecast period.
Key market players analyzed in the research include Changsha Heijingang Industrial Co., Ltd, Caterpillar Inc., Brunner and Lay, Mitsubishi Materials Corporation, Rockmore International, Sandvik, Xiamen Prodrill Equipment Co., Ltd., Robit Plc, Western Drilling Tools Inc, and Epiroc AB.
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