Mining Drill Bits Market to Exhibit 5.4% CAGR from 2023 to 2030; Growing Industrial Demand and Advancements in Drill Bit Technology to Propel Market

The global mining drill bits market size was valued at USD 1.68 billion in 2022. The market is projected to grow from USD 1.78 billion in 2023 to USD 2.57 billion by 2030, exhibiting a CAGR of 5.4% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Mining Drill Bits Market Size, Share & COVID-19 Impact Analysis, By Type (Rotary Bit, DTH Hammer Bit, Others), By Material (PDC Diamond, Tungsten Carbide, Steel, Others), By Size (Below 8’’, 8’’-11”, Above 11”), By Application (Surface Mining, Underground Mining), and Regional Forecast, 2023-2030”.

The rising needs in various industries such as construction, electronics, telecommunications, automotive, and manufacturing have significantly contributed to the increased demand for mined materials, consequently driving the market. With mining being a crucial economic activity globally, it fuels advancements in drill bit technologies necessary for efficient mining operations.Pandemic Disrupts Market due to Shutdown of Exploration Activities

The COVID-19 pandemic had a devastating impact on various sectors, including trade, which experienced substantial damage due to strict regulations. As a result, the demand for mining drill bits was altered. Given the mining industry's strong dependence on this market, the significant downturn in the mining sector has affected investments in exploration and production activities. Consequently, the demand for drilling activities has been directly impacted, resulting in a decreased requirement for mining equipment, including drill bits.Epiroc Introduces DTH Drill Bits with Enhanced Productivity and Operator Safety

Epiroc introduced a new line of DTH drill bits in January 2023, aimed at enhancing productivity and ensuring a safer work environment for operators. These drill bits offer up to 20% longer service life and come in three different shapes - Epiroc Trubbnos, spherical, and ballistic buttons - to effectively handle various drilling requirements and rock types.

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Rising Industrial Demand and Energy Prices Fuel Global Mining Activities

The rise in industrialization, driven by population growth and the need for energy in automation and digitalization, has resulted in a higher demand for raw materials. The World Bank's October 2021 Commodities Market Outlook report highlights a 16% increase in energy prices during the third quarter of 2021, along with significant growth in the demand for metals, precious metals, and natural gas. These factors are anticipated to stimulate mining activities and contribute to the mining drill bits market growth.

However, environmental concerns, such as acid mine drainage, cyanide and mercury leaks, and air and water quality permit violations, may impede market.

Market Leaders’ get Expanding Opportunities due to Technological Advancements The dominance of rotary drill bits in the market and the growth of this industry present lucrative opportunities for mining companies in the expanding market for commodities and energy. Market players are actively investing in the development of advanced drill bit designs to enhance performance characteristics, strength, and versatility, driving innovation in the market.Notable Industry Development

• September 2021 – Terelion enhanced its product line for DTH drill bits with sizes 4 to 8 inches. The new Warrior DTH drill bit product range is designed in complimentary to the company’s rotary drill bits product range.

List of Companies Profiled in the Report

• Universal Drilling Technique, LLC (Ukraine)


• MICON Drilling GmbH (Germany)


• Caterpillar Inc. (U.S.)


• Brunner and Lay Inc. (U.S.)


• Changsha Heijingang Industrial Co. Ltd. (China)


• Epiroc AB (Sweden)


• Mitsubishi Materials Corporation (Japan)


• Robit Plc (Finland)


• Rockmore International (U.S.)


• Sandvik AB (Sweden)


• Western Drilling Tools (Canada)


• Xiamen Prodrill Equipment Co., Ltd. (China)


• Boart Longyear (U.S.)


• Glinik Drilling Tools (Poland)

Further Report Findings

• Asia Pacific holds a significant mining drill bits market share, driven by China's substantial mineral production, which stood at 4,324,215,796 MT in 2019, the highest globally, as per World Mining Data 2021.


• The Middle East & Africa exhibits significant oil and gas extraction activities, particularly in the GCC countries such as Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait, and Oman, known as OPEC countries, making them the largest oil producers globally.

Table of Segmentation