ExplorationCore Drilling Tools Market for Mining Industry: Introduction
TransparencyMarket Research delivers key insights on the global exploration coredrilling tools market for mining industry. In terms of revenue,the global exploration core drilling tools market for mining industry isestimated to expand at a CAGR of ~3% during theforecast period, owing to numerous factors regarding which TMR offers thoroughinsights and forecasts in its report on the global exploration core drillingtools market for mining industry.
The globalexploration core drilling tools market for mining industry has been positivelyimpacted 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 globalexploration core drilling tools market for mining industry.
Exploration Core Drilling ToolsMarket for Mining Industry: Dynamics
The energytransition from fossil-based fuels to lower carbon alternatives is underway.This is a threat for the fossil fuel-based energy sector. However, it isleading to significant new opportunities, including demand for reliable andcost-effective energy storage and, with it, the demand for different types ofminerals such as lithium, cobalt, and alternative battery materials.
Thetransition toward electric powered vehicles is estimated to continue toaccelerate in the near future. In the long term, projects such as these areestimated to require more batteries, fuel cells, and other technologies; andare projected to propel the demand for energy transition metals includinglithium, cobalt, graphite, nickel, and aluminum. Electric vehicles are projectedto require, at least, four times as much copper content as conventionalautomobiles.
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The rise inthe demand for semiconductors in a wide range of applications, includingsmartphones, cars, and industrial equipment, and also from emerging marketssuch as Artificial Intelligence (AI), quantum computing, and advanced wirelessnetworks has fueled the demand for electronic gases, which majorly utilizefluorspar mineral as a raw material.
Otherindustrial minerals such as limestone, clay, sand, gravel, diatomite, kaolin,bentonite, silica, barite, gypsum, potash, pumice, and talc are also likely towitness an increase in exploration investments during the forecast period. Thisis likely to propel the exploration core drilling tools market for miningindustry during the forecast period.
Exploration Core Drilling ToolsMarket for Mining Industry: Prominent Regions
In terms ofvalue, Latin America was a highly lucrative region of the global explorationcore 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 variousinternational mining companies. Widely extracted metals in Latin America arecopper, iron ore, gold, and silver. Chile is the leading country in copperproduction; it accounts for around 25% of globalproduction. Thus, increase in mining activities in Latin America is anticipatedto propel the exploration core drilling tools market for mining industry.
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AsiaPacific is also a lucrative region of the global exploration core drillingtools market for mining industry. China, Australia, and India are the prominentcountries in the region in terms of mineral exploration and production. Majorminerals in Asia Pacific are coal, iron, manganese, tin, tungsten, antimony,copper, lead, zinc, aluminum, gold, silver, mica, and precious stone. Mineralswith the highest spending in the region are coal, gold, copper, and iron ore.This is likely to augment the exploration core drilling tools market for miningindustry during the forecast period.
In terms ofvalue, North America was a key region of the global exploration core drillingtools market for mining industry in 2020. The region isexpected to remain highly lucrative in the global exploration core drillingtools market for mining industry during the forecast period. This can beascribed to the large number of mining activities and presence of manyinternational mining companies in the region. The increase in investment inexploration is anticipated to boost the exploration core drilling tools marketfor mining industry in North America during the forecast period.
Middle East& Africa is also expected to be a key region of the global exploration coredrilling tools market for mining industry during the forecast period.Investment in mining has been rising in the region since the past few years. Itis 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 todrive the exploration core drilling tools market for mining industry in theregion in the near future.
Exploration Core Drilling ToolsMarket for Mining Industry – Key Players
Key playersoperating in the global exploration core drilling tools market for miningindustry 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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