Increasing application segments is a key factor for driving global mining chemicals market.
– Rise in demand for platinum, gold, and copper from different application segments is projected to expedite the demand for mining activities. This will naturally work in favor of the overall development of the mining chemicals market.
– The rising commercial applications of mining chemicals is a big factor in pushing the all-round growth of the global market.
In its latest research report, Transparency Market Research talks about the wide range of factors that are contributing to the overall development of the global mining chemicals market. The research report discusses in detail other important aspects related to the market such as key segments, regional growth and outlook, restraining factors, and competitive landscape. According to the research report, the global mining chemicals market will exhibit a CAGR of over 4% for the given forecast period ranging from 2019 to 2027.
The valuation of the market stood at US$25 Bn in 2018, and with the given rate of growth, the valuation is expected to reach US$36 Bn by the end of the forecast period.
Key Findings from the Research Report
- The global mining chemicals market is broadly classified in terms of product type, application, and region.
- Based on the type of product, the global market is segmented into grinding aids, solvent extractants, collectors, flocculants, frothers, and others. Of these, the segment of grinding aids has traditionally been the dominant segment and accounted for a majority share in the global market in 2018. The segment is estimated to grow at over 4% CAGR during the given period of forecast. Increasing focus on recovering higher quality minerals is projected be the key factor that will drive the development of the segment. Moreover, grinding aids are heavily used in production of cement through limestone grinding. Growth in construction activities where cement is a vital component is also a key driving factor for the development of the segment.
- In terms of application, the global mining chemicals market is segmented into water and wastewater treatment, explosives and drilling, mineral processing, and others. In 2018, the segment of waste and wastewater treatment led the global market. The segment accounted for over 40% of the overall market share. Issuance of strict guidelines by the government regarding environmental conservation and industrial recycling are some of the key driving factors for the growth of the particular segment.
- However, in coming years, the global mining chemicals market is expected to witness a considerable growth of the mining processing segment. Increasing demand for minerals will be the key driving factor for emergence of the mineral processing segment.
Global Mining Chemicals Market – Key Driving Factors
There are several factors that are contributing for the overall development of the global mining chemicals market. Some of the important driving factors are mentioned below:
- One of the biggest growth factor for the development of the global mining chemicals market is the rising applications of mining. In recent years, the demand for minerals has growth substantially. This has resulted in increasing activities of mining across the globe, which in turn has been favorable for the growth of the global market.
- In addition to this, in recent years, there has been a substantial demand for metals such as platinum, gold, and copper. This too has helped in driving the growth of the mining chemicals market.
- Another important factor for the development of the global market has been the rising application segments of these products. These chemicals are being used for commercial applications such as explosives and drilling, wastewater treatment, and mineral processing among others. This increasing applications are expected to have a positive impact on the overall development of the global market.
Global Mining Chemicals Market – Key Restraining Factors
- During the extraction and processing of minerals, several harmful and toxic chemicals are released in the environment. Huge volumes of tailings are produced during these processes. Trailing management has become a big burden for the leading companies in the global mining chemicals market and thus also a formidable challenge for growth.
- Another important restraining factor for the development of the global market is the increasing costs of transportation and logistics.
Global Mining Chemicals Market – Geographical Outlook
- In terms of regional segmentation, the global chemical mining market is being dominated by Asia Pacific. The segment accounted for around 40% of the overall market share in 2018. It is projected that the region will continue to dominate over the course of the given period of forecast.
- The growth of the regional segment is being primarily attributed to the increased demand from China for mineral such as rare earth metals, coal, and gold. Other nations such as India and Australia are also contributing significantly for the overall development of the regional market.
Global Mining Chemicals Market – Key Players
Some of the prominent companies operating in the global mining chemicals market are BASF SE, The Dow Chemical Company, Chevron Phillips Chemical Company LP, and Ashland Inc. among others.
Mining Chemicals Market: Product Type
- Solvent Extractants
- Grinding Aids
Mining Chemicals Market: Application
- Mineral Processing
- Explosives and Drilling
- Water and Wastewater Treatment