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Mining Drills And Breakers Market - Forecast(2023 - 2028)
Mining Drills and Breakers Market Overview
Mining drills and breakers market size is forecast to reach US$18.5 billion by 2027, after growing at a CAGR of 4.1% during 2022-2027. Mining drills and breakers are utilized to drill the surface of the earth for mining operations like drilling holes and crushing or breaking rocks in the ground. Rotary drills, blast-hole drills, percussive drills, crawler drills, hydraulic crawler drills, and others are all types of mining drills and breakers. Mobile and stationary hydraulic breakers, as well as other rock breakers, are among the several types of breakers. Drills are typically used to drill holes in the ground surface into which explosives may be placed for blasting. Mining drills refer to the equipment that is used to demolish and break stones or rocks for mining. The jackleg mining/drill is one of the pieces of machinery that allowed miners to increase productivity by an unheard-of amount during the industrial revolution. The rapid growth of metal mining and the increased safety concerns in the mining industry are the driving factors of the market. For instance, in 2021 Piedmont Limited invested US$14.5 million in Sayona’s lithium project in Quebec with a supply agreement for 50% of mine’s lithium spodumene production. APAC holds the dominance in the market particularly due to emerging economies like China and India.
Covid-19 Impact
The coronavirus disease 2019 (COVID-19) pandemic has plunged
the world into an economic crisis vastly different from any in recent memory.
The dual health and economic crisis were experienced in 2020, which will
require more than monetary policy in the long term. Due to the imposition of
lockdowns across different countries, companies are facing severe cash flow
issues. Halting or slowing down of manufacturing of, mining drills and breakers,
as well as disruptions in the supply chain logistics globally owing to the
outbreak of COVID-19, have resulted in reduced demand for mining drills and
breakers. Besides, OECD data shows that global GDP decreased by 4.2% in 2020,
while it is expected to increase by the same amount in 2021. By late 2021, the
global economy is expected to return to pre-coronavirus levels, but this will
be an uneven process across different countries.
Report Coverage
The report “Mining Drills and
Breakers Market Report– Forecast (2022-2027)”, by IndustryARC, covers an
in-depth analysis of the following segments of the Mining Drills and Breakers Industry.
By Machinery Type: Mining drills (Rotary
Drills, Blast-Hole Drills, and Percussive Drills, Crawler drills) and Breakers (Rock
breakers, Hydraulic breakers, and Others).
By Application: Metal Mining, Mineral Mining,
Coal Mining, and Others.
By
Geography: North America (USA, Canada and Mexico), Europe
(UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium, and Rest of
Europe), APAC (China, Japan, India, South Korea, Australia, and New Zealand,
Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil,
Argentina, Colombia, Chile, Rest of South America), and Rest of the world (Middle East and Africa)
Key Takeaways
- The Asia Pacific region dominates the mining drills and breakers market owing to a rapid increase
in metal mining and mineral mining
- Usage of mining drills and breakers provides an economical
way of extracting metal ores, thus acting as a major driver for the market
growth of mining drills and breakers in the mining industry.
- The effect on the environment is one of the major challenges
that hamper market growth.
Figure: Asia Pacific Mining Drills and Breakers Market Revenue, 2021-2027 (US$ Billion)
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Mining Drills and Breakers Market Segment Analysis - By Machinery Type
The mining drills segments accounted for approximately 75% of the market share in 2021 and are estimated to grow at a 6.2% CAGR during the forecast period. The increase in demand for underground mining equipment owing to proactive changes in energy efficiency regulations by various governments across the globe is contributing to industry growth. Mining solutions based on the ongoing requirements for energy efficiency, improved safety, and reduced environmental impact are expected to positively affect industry growth. The growth of infrastructure along with an increase in mining activities is contributing to the segment growth. Besides, the adoption of synchronized breakers offers a significant advantage to manufacturers and consumers as the breakers provide several alternatives to quarry owners for selecting breakers aligned to a specific application. According to Federal Highway Administration Research and Technology, it is estimated that mining processes of mineral ores generate approximately 1.6 billion metric tons of mineral processing waste each year in the U.S. The new norms include recycling and proper treatment before disposal. Thus, anticipating the overall market growth of mining drills and breakers.
Mining Drills and Breakers Market Segment Analysis - By Application
The mineral mining
segment accounted for approximately 22% of the
market share in 2021 and is estimated to grow at a 5.4%
CAGR during the forecast period. The chemical industry has identified
mineral mining as one of the global megatrends it is focusing on because a
growing world population and increasing wealth may result in an increasing need
for raw materials to build infrastructure and produce consumer goods. It is
expected that mining chemical use will grow even faster since the industry
deals with lower-grade ores that require a greater amount of chemical
processing. Chemicals are used to control dust, and the use of water is more
efficient in many cases due to environmental and health regulations. Steel and
alumina production and conversion costs in India are relatively low. Export
opportunities and fast-developing Asian markets are enabled by the city's
strategic location. As per the Indian Brand Equity Foundation, a total of 1,229
mines in India are reported as of FY21, of which 545 report metallic minerals
and 684 non-metallic minerals.
Mining Drills and Breakers Market Segment Analysis - By Geography
Asia-Pacific had accounted for the largest share of 39% in 2021 and is estimated to grow with a CAGR of 6.1% for the mining drills and breakers market during the forecast period 2022-2027, followed by North America and Europe. APAC holds the dominance in the market particularly due to emerging economies like China and India. Many international companies have recently increased their presence in these regions. Over the years, China has produced 11% of the world's mines, making it the top exporter. The presence of key players such as Hitachi Construction Machinery Co., Ltd., and Komatsu Ltd. is providing a major contribution towards the growth of the mining drills and breakers market. Increasing growth towards the coal mining sector along with rising investments in research and development is fueling the growth of the mining drills and breakers market in this region. Besides, according to India Brand Equity Foundation, India has become the 3rd largest steel producer by producing 83.01 million tonnes and was ranked 4th globally in iron ore production by producing 192 million tonnes in 2019.
Mining Drills and Breakers Market Drivers
Rapid growth and demand of Metal Mining
Metal mining is growing rapidly in the mining drills and breakers market owing to an increase in demand for services such as metallurgy and process design, analytical services, and so on. In addition, the growth of residential and non-residential construction in Southeast Asia and other developing countries is projected to drive the demand for aluminum and copper products and is set to drive the market. Moreover, U.S. metal mine production in 2019 was estimated to be US$28.1 billion with almost US$500 million higher than in 2018 and anticipated to grow in the forecast period. The principal contributors to the total value of metal mine production in 2019 were gold (32%), copper (28%), iron ore (19%), and zinc (7%). According to World Steel Association, India’s steel mining is estimated at 97.5 million tonnes in 2019. With the increase in demand for metals in various countries, it is expected to propel market growth during the forecast period.
Increased Productivity and Rising Work Safety Concerns
With rapid technological advancements in mining industries, mining drills and breakers are causing major demands in the market. With the help of mining drills and breakers, extraction of metals from rocks has become easier, thus improving and simplifying the mining process. Adoption of mining drills and breakers in mining helps in increasing work productivity due to reducing the particulate size of extracted materials more efficiently than earlier. Thus, positively impacting the growth of the mining drills and breakers market during the forecast period. On the other hand, the rising rate of accidents in the mining sector has marked a major dependency on advanced mining equipment. Mining drills and breakers have helped the industry to reduce the rate of accidents as well as work-related risks. Mining involves extraction as well as high-rated processes which cause serious dangers to the life of working people. The gradual sinking of land as well as cracking and many such threats during mining often cause injuries, death risks to the working people. Deployment of such equipment has reduced the manpower demand as they can be operated easily and more efficiently with limited labor. While performing mining operations, the operator gets an early notification about the dangers ahead, which helps in reducing fatal accidents to a high extent. Adoption of such equipment has helped the workers to work efficiently without worrying about the risks and threats. Rapid improvements in technology have also added features to enhance work-related safety, thus acting as a major driver in the mining drills and breakers market.
Mining Drills and Breakers Market Challenges
Environmental effect on the mining industry
One of the major challenges which hamper the growth of
the mining industry is the effect on the environment. As mining comprises of
erosion of the environment, formation of sinkholes, loss of biodiversity, and
factors such as contamination of soil, groundwater, and surface water by
chemicals from mining processes. Moreover, the mining industry also leads to
the host to coal dust, noise, and UV exposure which has adverse effects on
miners such as musculoskeletal disorders and thermal stress. These key factors
hinder the mining industry which further affects the growth of the mining drills
and breakers market. Also, the depletion of earth resources due to extensive
mining activities has led to pose a fragile impact on the environment leading
to greenhouse emissions and other harmful gases in the environment which has
formed a social concern. All this has led to a slowdown of mining activities,
particularly in Europe.
Mining Drills and Breakers Industry Outlook
Technology
launches, acquisitions, and R&D activities are key strategies adopted by
players in the Mining Drills and Breakers Market. Mining Drills and Breakers
Market top 10 companies include:
- Atlas Copco AB
- Metso Corporation
- Sandvik AB
- Komatsu Ltd.
- Caterpillar Inc.
- Boart Longyear Ltd.
- Cabo Drilling Corp.
- Energold Drilling Corp.
- Geodrill Limited
- Hitachi Construction Machinery Co. Ltd.
Recent Developments
- In January 2022, Manufacturer and servicer Epiroc, in partnership with ASI Mining LLC, has introduced Mobius for Drills, a new platform to convert data into useful, actionable information. Mobius for Drills will lead mines toward automation and connectivity.
- In November 2021, Brokk launched a pedestal boom breaker boom system. Sweden-based remote-controlled demolition company Brokk has introduced the Brokk Pedestal Boom, which is a compact, stationary breaker boom system for the mining and aggregates industry.
- In November 2019, Sandvik Mining and Rock Technology, a business area within the Sandvik Group, launched 2711 class narrow size drills. The drills are specially designed to meet the requirements of mining companies, and drilling and blasting contractors looking for safe and productive mobile rigs.