The Global Mining Chemicals Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global Mining Chemicals Market was valued at US$ 24.5 billion in 2019 and is expected to reach US$ 47 billion at a CAGR of 6.1% during 2020 and 2030. Mining chemicals are used during mining process to extract minerals from their ores. Mining chemical industry is highly competitive in nature with logistics playing a crucial part in defining profit margins. Mining chemical are hazardous for environment and human workers and thus production and handling of mining chemical is strictly governed by stringent regulations. OSPAR convention, Industrial Chemicals Act., and Registration, Evaluation, Authorization, and restriction of Chemicals (REACH) governs the production, handling and use of mining chemicals as well as raw materials used for producing mining chemicals.
The demand for mining chemical has increased significantly during past decade with expansion of mining industry. Additionally, the lower quality of ores and complex ore bodies are difficult to process, thus consume more mining chemical per ore weight. This has fueled the growth of the global mining chemicals market during past couple of years and is expected to drive the growth in future too. Rising demand for metals such as gold, platinum, copper and other minerals has led to the growth of mining activities across the globe, thereby contributing towards the growth of mining chemicals market. Expansion of building & construction and water & waste water treatment industries is expected to drive the growth of the global mining chemicals industry in coming years. However, the growth is expected to be stunted in coming years due to disruption in mining activities globally amidst the COVID-19 pandemic.
The global mining chemicals market is segmented on the basis of product type, mineral type, applications, and geography. Based on product type, the global mining chemicals market is segmented into frothers, flocculants, collectors, solvent extractants, grinding acids, and others. The grinding acids segment contributed the dominating share to the global mining chemicals market in 2019 owing to strong demand for dry and wet grinding acids from grinding and milling process for ore extraction. The flocculants contributed a significant share to the global market in 2019 and is expected to witness prominent growth during the forecast period.