Mining Drill Bits Market 2020 - Present Market Value Along with Future Market Value Expectation

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. The drill bits equipment are used for drilling earth surface and breaking rocks in the mining industry. Types of drill bits include rotary, DTH hammers bits, anchor bits, cross bits, and chisel bits.

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Diamond segment dominated the market

The diamond segment held the largest share in 2018, contributing around 88% of the global mining drill bit market, owing to increase in demand for diamond drill bits for mineral mining in the developing nations such as India and China. However, the tungsten carbide segment is projected to manifest the fastest CAGR of 6.0% during the forecast period, owing to rise in open pit mining activities across the world.

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. However, the global mining drill bit market across the Asia-Pacific region held the largest share in 2018, contributing nearly half of the revenue.

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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.

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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