Wilmington, Delaware, United States, April 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The auger drill bits market was valued at US$ 1.0 billion in 2022 and the global market is expected to reach US$ 1.5 billion by 2031. According to predictions, the global market will grow at a CAGR of 4.8% between 2023 and 2031. Consumers have increased their demand for thermoplastic composite materials that are easier to process, less expensive, and possess better mechanical properties in the market
Business communities around the world are embracing innovation. Due to their resistance to corrosion and ability to withstand extreme conditions, Auger Drill Bits are getting more popular in the market. Designing lighter parts with Auger Drill Bits can be achieved owing to their excellent properties, including formability, corrosion resistance, and strength.
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As airline passengers have increased steadily over the past decade, the commercial aerospace industry has seen rapid growth in the market. With aircraft manufacturers looking for ways to speed up production in order to address order backlogs, Auger Drill Bits may offer a solution.
Combining a drill with air and augers provide a new drilling method in coal seams that are prone to outbursts. Based on the testing on site, this technology has the potential to improve drill efficiency and depth. As compared to traditional auger drilling and single-air drilling, this method provides a much greater level of drilling efficiency.
Key Findings of Market Report
- The demand for deep drilling will continue to rise with the increasing use of telescopic vertical auger drills, resulting in high demand for auger drill bits.
- Innovative drilling bit technologies and opportunities in emerging South American and Southeast Asian markets will provide drill bit producers with a strong position in the market.
- As crude oil production and natural gas demand increase, petrol and gasoline operations are expected to steadily gain popularity.
- With truck mounted technologies becoming more prevalent, the market for auger drill bits will grow.
- The growing popularity of auger drill bits in construction and mining is expected to influence the market.
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Global Auger Drill Bits: Growth Drivers
- A significant increase in the demand for auger drill bits is being seen in the construction and woodworking industries. It is anticipated that the demand for these products will continue to rise in the future.
- With the advancement of technology, auger drill bits have become more durable and of higher quality. There has also been a rapid increase in the production of bits that are specifically designed for specific applications.
- Vertical auger drills with telescopic shafts are most commonly used for relief drilling and for sound insulation and wind protection. A new generation of materials has also been developed for manufacturing auger drill bits, improving their long-term resilience, durability, and performance.
- Expanding infrastructure development projects worldwide have also boosted demand for these tools, making the industry more prosperous as a number of global projects are currently in progress.
- Modern manufacturing technologies make it possible to customize auger drill bits for specific customers. As the demand for auger drill bits rises, the process of manufacturing them is automated, which generally results in a higher level of efficiency and greater cost-effectiveness, resulting in a more efficient production process.
Global Auger Drill Bits: Regional Landscape
- Construction activities are boosting demand for auger drill bits in North America.
- Oil and gas industries in North America are expected to drive growth for auger drill bits.
- The rise in mining activities in India has contributed to market growth in recent years.
- Indian government funding and investment are expected to increase demand for auger drill bits.
- The increased extraction of coal seam gas in China has led to an increase in the demand for auger drill bits.
Global Auger Drill Bits Market: Key Players
Market positions are being consolidated by large players through acquisitions, mergers, and alliances. Recent developments in the market indicate that it has entered a competitive period.
- In January 2023, Lone Star Drills introduced a tracked drill with a hammer that is automatically powered for enhanced accuracy when drilling geotechnical foundations and soil samples. Based on the popular LST1G+HDA drill, LSGT+HDA ranks among Lone Star Drills' top models. Hydraulic leveling control allows operators to position the drill in difficult-to-reach locations and delicate areas with the addition of tracks and remote control.
- In April 2023, Paul Williams, CEO of AuKing Mining Ltd, guided Proactive's Elisha Newell during the Manyoni Uranium Project's 4,400-metre drill campaign. The auger, aircore, and diamond drill rigs will be deployed within two to three months to test largely unexplored uranium zones. The existing Manyoni resource could be "significantly increased" when AuKing sets the shaft in motion.
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Global Auger Drill Bits Market: Segmentation
By Type
- Vertical Auger Drill
- Horizontal Auger Drill
- Telescopic Auger Drill
By Operation
- Electric
- Hydraulic
- Petrol
- Gasoline
By Mounting
- Truck Mounted
- Handheld or Portable
By End-user
- Mining
- Agriculture
- Construction
- Industrial
- Others
By Distribution Channel
- Direct
- Indirect
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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