Global Mining Chemicals Market is expected to reach USD 38.01 billion by 2024. Mining chemicals play the main role in advancing the efficacy and productivity of mining processes like the extraction and recovery of minerals and target materials from ore. Mining industry all over the is opposing the dare of low productivity because of diminishing reserves of high quality ore grades, that has caused in manipulating credits that lie deeper in the earth’s crust. This procedure is obvious by composite extraction processes that require using unconventional mining chemicals for providing support in processing and extracting ores of low quality.
The Mining Chemicals Market is estimated to grow at a significant CAGR of 6.4% over the future period as the scope and its applications are rising enormously across the globe. Growth in infrastructural development and industrialization, rising demand for mining chemicals, strict government policy on wastewater pollution, and high demand for quality minerals are documented as major factors of Mining Chemicals Market that are estimated to enhance the growth in the years to come. However, transportation and logistics costs of flotation chemicals and strict government policy are the factors that may restrain overall market in the coming years. Mining Chemicals Industry is segmented based on product type, mineral type, application, and region.
Grinding aids, frothers, solvent extractants, flocculants, and collectors are the product types that could be explored in Mining Chemicals in the forecast period. Grinding aid sector accounted for the largest market share of Mining Chemicals and is estimated to lead the overall market in coming years. This may be because it is mainly used in cement production as limestone grinding. The United States, China, and India are the major customers of grinding aids, as it reduces energy costs related to the grinding process. There are various types of minerals that could be explored in Mining Chemicals that include rare earth metals, base metals, precious metals, and non-metallic minerals.
The market may be categorized based on applications like water & wastewater treatment, mineral processing, explosives & drilling, and others that could be explored in the foremost period. The explosives & drilling sector estimated to lead the market with largest market share in future. Also, the sector is estimated to grow at highest CAGR in the upcoming years. This may be because of high demand from coal industries. However, water & wastewater treatment sector is estimated to grow at fastest pace in the coming years.
Globally, Asia Pacific accounted for the largest market share of Mining Chemicals and is estimated to lead the overall market in the upcoming period. The reason behind the overall market growth could be growing drilling, explosives sectors, mineral processing, and high demand from developing countries like India and China. China is known as a key producer for rare earth materials, coal, and gold. Instead, Europe and North America are also estimated to have a positive influence on the future growth. North America is the second largest region with significant market share.
The key players of Mining Chemicals Market are SNF Floerger, AkzoNobel N.V., ArrMaz Products, L.P., BASF SE, Orica Limited, Clariant AG, Huntsman International LLC, Cytec Industries Inc., The Dow Chemical Company, and Kemira OYJ. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
Mining Chemicals Product Outlook (Revenue, USD Million, 2013 - 2024)
• Solvent Extractants
• Grinding Aids
Mining Chemicals Application Outlook (Revenue, USD Million, 2013 - 2024)
• Mineral processing
• Explosives & drilling
• Water & wastewater treatment
Mining Chemicals Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
Research Support Specialist, USA