Mining chemicals are chemicals that finds a broad range of applications in the mining industry. Explosives &drilling, wastewater treatment, and mineral processing are some of the major applications where mining chemicals are widely used. Mining chemicals are beneficial in improving the productivity and efficiency of the mining processes.
The global mining chemicals market is estimated to account for US$ 28,130.8 Mn in terms of value and 10,106.4 Kilo Tons in terms of volume by the end of 2019.
Rising demand for mining chemicals due to increasing complexity of ores and reducing ore grades are predominantly fueling the market growth of the mining chemicals. Growing strict regulations associated with the wastewater treatment coupled with the rising need for quality ores and minerals are again anticipated to augment the market growth of mining chemicals. All these factors are propelling the market growth of the mining chemicals.
Growing investment in the mining industry by the government of the Middle East region is expected to bring new market opportunities for the mining chemicals market. These regions are anticipated to hold large volumes of untapped mining sites. For this various mining company and government are investing in the mining industries for mineral extraction which is expected to create demand for mining chemicals. Rapid industrialization and urbanization in this region are further expected to propel the market growth of the mining chemicals.
A concern associated with the environmental impact of mining chemicals as these chemicals have various potential environmental hazards is expected to hinder the market growth. Due to their hazardous nature, the government has enforced various strict regulations in order to reduce their use. This factor is expected to hamper the market growth of mining chemicals.
Global mining chemicals market was valued at US$ 28,130.8 Mn market in 2019 and is forecast to reach a value of US$ 46,847.9 Mn by 2027 at a CAGR of 6.6% between 2020 and 2027.
Grinding aids segment dominated the global mining chemicals market in 2019, accounting for 27.4% share in terms of value, followed by collectors and flocculants respectivel
The growing trend of wearing jewelry as a fashion statement is fueling demand for precious metals such as gold, silver, and platinum. Mining chemicals are widely used to extract such precious metals. Growing demand for jewelry is increasing mining activities across the developing region, which is further escalating demand for mining chemicals. This factor is expected to foster the market growth of the mining chemicals over the forecast period.
The growing importance of frothers in mineral flotation application is projected to act as a catalyst in driving the market growth of the mining chemical. Shifting focus towards the recovery of high-quality minerals coupled with the growing extraction of rare earth metal for emerging applications is also expected to propel the market growth of the mining chemicals. Moreover, the overall development of the economies across developing regions such as China and India is also projected to foster the market growth of the mining chemicals.
Global Mining Chemicals Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has an immediate impact on the global economy as well as across all industries, including mining industry. Due to the lockdown implement by government of various countries mining sites are facing shortage of workers. The aforesaid reasons are expected to hinder the demand of the mining chemicals market over the forecast period.
Few Recent Developments
In September 2019, Specialty chemicals company Clariant has launched a new center of excellence in Johannesburg, South Africa, to provide tailored chemical filtration and separation solutions for growing African mining companies.