Mining chemicals market is expected to value at USD 3,390.22 million in 2018 and is likely to reach USD 4,053.76 million by 2023, at an estimated CAGR of 3.64% during the forecast period (2018-2023). The demand for the mining chemicals is increasing due to increasing mining activities in Canada and Mexico. Moreover, Canada is a global leader in mining operations in the world with active production of more than 60 metals and minerals and Mexico has always been a focus for foreign mining companies and investors due to its vast resources of precious metals & minerals coupled with flexible legal requirements and skilled & cheap labor.
Mineral processing dominated the the mining chemicals market by application in 2017, whereas, waster treatment application is expected to register the highest CAGR through 2018-2023. Owing to recent awareness of growing environmental concerns in the past decades, international mining industry has laid down more stringent regulations relating to water and have opted for modern mining operations. For instance, a mining operation by a company causes severe environmental damage, and then there are chances that the company’s license gets cancelled. The mining chemicals are used in the wastewater treatment to ensure the quality of water leaving mine sites does not affect water user downstream and mining companies strategizes plans to minimize water contamination and to prevent release of polluted water to the surroundings. Here the mining chemicals play a role in the preventing processes.
The major driver for mining chemicals market is due to increasing demand of specialty chemicals in mining process and increasing mining activity in few regions. In addition to this, mining chemicals by function includes flotation chemicals. Extraction chemicals and grinding aids, which are being used for applications such as mineral processing and water & waste treatment across the globe.
In terms of consumption, Asia-Pacific accounted for the largest market size both in terms of value and volume. During the forecast period, Asia-Pacific is projected to grow at an estimated CAGR of 4.28% in terms of volume. In Asia-Pacific, the major demand for mining chemicals came from the increasing mining activity in the region in countries such as China, India etc. China holds majority of the Asia-Pacific mining chemical industry. Chinese mining industry has more than 10,000 mines, majority part is owned by state. Additionally, in India, the Mineral Development and mining sector is a significant contributor to the India’s GDP growth. Moreover, after Asia-Pacific, Middle-East & Africa is another fastest growing region owing to the increasing investment and new mining projects in Africa. MEA was the second fastest growign region after Asia-Pacific. Other regions considered in thsi report includes North America, South America, and Europe.
Source: Mordor Intelligence Analysis
NOTABLE DEVELOPMENTS IN THE MARKET
In Oct, 2017, Clariant, one of the leading manufacturers of specialty chemicals for the mining industry, announced their decision to expand their mining-specific product innovations and technical expertise to customers in Mexico. In Oct. 2016 Clariant mining solutions acquires specialty reagents business of SNF GloMin Inc. In Dec. 2015 Solvay acquires Cytec Why purchase this Report
Will the growing water & waste treatment industry help grow the market Know about: the latest technological advancements in the manufacturing of Mining chemicals Analyzing various perspectives of the market with the help of porter’s five forces analysis Which function of Mining chemical will dominate the market Which of the regions will witness fastest growth during the forecast period Identify the latest developments, market shares and strategies employed by the major market players, such as: 3M AkzoNobel Huntsman International LLC Cytec Solvay Group BASF
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