Exploration Core Drilling Tools Market for Mining Industry: Introduction
Transparency Market Research delivers key insights on the global exploration core drilling tools market for mining industry. In terms of revenue, the global exploration core drilling tools market for mining industry is estimated to expand at a CAGR of ~3% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global exploration core drilling tools market for mining industry.
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The global exploration core drilling tools market for mining industry has been positively impacted by the rise in the demand for metals and minerals across the globe. Thus, increase in the demand for metals and minerals is propelling the global exploration core drilling tools market for mining industry.
Exploration Core Drilling Tools Market for Mining Industry: Dynamics
The energy transition from fossil-based fuels to lower carbon alternatives is underway. This is a threat for the fossil fuel-based energy sector. However, it is leading to significant new opportunities, including demand for reliable and cost-effective energy storage and, with it, the demand for different types of minerals such as lithium, cobalt, and alternative battery materials.
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The transition toward electric powered vehicles is estimated to continue to accelerate in the near future. In the long term, projects such as these are estimated to require more batteries, fuel cells, and other technologies; and are projected to propel the demand for energy transition metals including lithium, cobalt, graphite, nickel, and aluminum. Electric vehicles are projected to require, at least, four times as much copper content as conventional automobiles.
The rise in the demand for semiconductors in a wide range of applications, including smartphones, cars, and industrial equipment, and also from emerging markets such as Artificial Intelligence (AI), quantum computing, and advanced wireless networks has fueled the demand for electronic gases, which majorly utilize fluorspar mineral as a raw material.
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Other industrial minerals such as limestone, clay, sand, gravel, diatomite, kaolin, bentonite, silica, barite, gypsum, potash, pumice, and talc are also likely to witness an increase in exploration investments during the forecast period. This is likely to propel the exploration core drilling tools market for mining industry during the forecast period.
Exploration Core Drilling Tools Market for Mining Industry: Prominent Regions
In terms of value, Latin America was a highly lucrative region of the global exploration core drilling tools market for mining industry in 2020. The region is expected to remain highly lucrative during the forecast period, due to a large number of mining activities and presence of various international mining companies. Widely extracted metals in Latin America are copper, iron ore, gold, and silver. Chile is the leading country in copper production; it accounts for around 25% of global production. Thus, increase in mining activities in Latin America is anticipated to propel the exploration core drilling tools market for mining industry.
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Hydraulic Systems in Chuck Drive Coring Rigs Enabling Diamond Core Drilling
Apart from drill rods and core barrels, companies in the exploration core drilling tools market for mining industry are increasing the availability of rigs. Boart Longyear - a global mineral exploration company is expanding its portfolio in rigs to increase the availability of diamond core drilling solutions for both shallow and deep holes. Surface rigs are being highly publicized in the category of top drive coring, chuck drive coring, and multipurpose rigs.
The companies in the exploration core drilling tools market for mining industry are innovating in top drive coring rigs, which ensure productivity and safety of employees. Loader and top drive coring rig combinations provide simple and fast rod tripping that is 100% hands-free. On the other hand, powerful hydraulic system and ergonomic controls in chuck drive coring rigs are enabling diamond core drilling even in harsh conditions.
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Middle East & Africa is also expected to be a key region of the global exploration core drilling tools market for mining industry during the forecast period. Investment in mining has been rising in the region since the past few years. It is likely to increase exponentially in the next couple of years. Middle East & Africa possesses abundant natural resources, including copper, bauxite, cobalt, industrial diamonds, manganese, phosphate rock, platinum, gold, silver, and lead. Thus, growth in investment in the mining industry is expected to drive the exploration core drilling tools market for mining industry in the region in the near future.
Exploration Core Drilling Tools Market for Mining Industry – Key Players
Key players operating in the global exploration core drilling tools market for mining industry are Husqvarna AB, Sandvik AB, Epiroc AB, Atlas Copco AB, TerraRoc, ROTHENBERGER Werkzeuge GmbH, MBI Global, AMKO MINING & DRILLING EQPTS. PVT. LTD, Saint-Gobain, HOLE PRODUCTS, Di-Corp, HAYDEN Diamond Bit Industries Ltd., HAYDEN Diamond Bit Industries Ltd., and Imdex.
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