Mining Drill Bit Market Statistics 2020: Showcases Promising Growth by 2026

Allied Market Research recently published a report, titled, "Mining Drill Bits Market by Type (Rotary Bits, DTH Hammers Bits, and Others), Material (Steel, Diamond, and Tungsten Carbide), Operation (Underground Drilling, and Surface Drilling), and Bit Size (Up to 150 mm, 151-200 mm, 201-250 mm, 251-300 mm, and Above 300 mm): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global mining drill bit industry was pegged at $1.15 billion in 2018 and is anticipated to reach $1.71 billion by 2026, growing at a CAGR of 5.1% from 2019 to 2026.

LAMEA to register fastest CAGR, followed by North America

The market across LAMEA is estimated the fastest CAGR of 6.6% during the forecast period, owing to increasing demand for mining drill bits as Peru and Brazil have huge reserve of minerals. Moreover, North America is expected to register a CAGR of 4.2% during the forecast period.

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Underground drilling to portray fastest CAGR by 2026

The underground drilling is estimated to register the fastest CAGR of 5.7% through 2026, owing to increase in number of metal mining projected in Africa. However, the surface drilling segment accounted the highest share in 2018, contributing more than three-fifths of the global mining drill bit market

Key Findings of the Mining Drill Bits Market :
o Based on type, the rotary drill bits segment dominated the market, in terms of revenue in 2018 and is projected to grow at a CAGR 6.4% during the forecast period.
o Based on material, the diamond segment dominated the mining drill bits market in 2018.
o Asia-Pacific is projected to register the highest growth rate in the coming years.

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Major market players
o Brunner and Lay
o Changsha Heijingang Industrial Co., Ltd
o Caterpillar Inc.
o Mitsubishi Materials Corporation
o Epiroc AB
o Rockmore International, Sandvik
o Robit Plc
o Xiamen Prodrill Equipment Co., Ltd.
o Western Drilling Tools Inc

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