Mining Chemicals Market Outlook 2031
The mining chemicals market size was valued at USD 10.71 Billion in 2022 and is expected to reach USD 19.36 Billion by 2031 expand at significant CAGR 6.8% during the forecast period, 2023–2031. Growth of the market is attributed to rapid economic expansion, strict rules and regulation for wastewater treatment, increased metal prices, and rapid urbanization.
The mining chemicals include raw materials such as sulfuric acid, cyanide, nitric acid, mercury, lead, and uranium. These chemicals are harmful and toxic to the environment and human For example, the majority of players extract gold from its ore by using cyanide.
The Covid-19 pandemic affected the demand and supply of mining chemicals market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period
Mining Chemicals Market Trends, Drivers, Restraints, and Opportunities
- Rapid economic expansion in mining sector is projected to boost the market in the coming years.
- Increase in minerals and metal mining capacity are fueling the market.
- Acid waste from mine has major impact on aquatic life and water resources are projected to restrict the market expansion in the coming years.
- Major impact on air due to mining activities is anticipated to hamper the market growth during forecast period.
- R&D investment and technological advancement in mining chemicals is projected to create lucrative opportunities for the market players.
Scope of The Mining Chemicals Market Report
The report on the mining chemicals market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Mining Chemicals Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023-2031
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Segmentation
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Functions [Grinding Aids, Flotation Chemicals (Flocculants, Collectors, Frothers, Dispersants, and Depressants), and Extraction Chemicals (Extractants and Diluents)], and Applications (Wastewater Treatment and Mineral Processing)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East and Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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Clariant AG, Solvay, Chevron Phillips Chemicals Pvt. Ltd, BASF SE, AECI, Nalco Company, Cytec Industries, The Dow Chemicals Company, and Air Products, and Chemicals, Inc.
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Mining Chemicals Market Segment Insights
The BFSI segment accounts for key share of the market and expected to grow at a rapid pace
Based on functions, the mining chemicals market is segregated into grinding aids, flotation chemicals, and extraction chemicals. The flotation chemicals segment is sub-segmented into flocculants, collectors, frothers, dispersants, and depressants. The extraction chemicals segment is sub-segmented into extractants and diluents. The grinding aids segment accounts for a key share of the market.
The growth of the market is attributed to new mining project and rapid economic expansion. However, the extraction chemicals segment is anticipated to expand at a rapid pace during the forecast period due to increase in metal price, increase in demand for specialty chemicals, and increase in mineral and metal mining capacity.
The mineral processing segment is anticipated to expand at a rapid pace
Based on applications, the mining chemicals market is fragmented into wastewater treatment and mineral processing. Mineral processing is an art of treating mineral products and crude ores in order to segregate the important minerals from the gangue, or waste rock. It is the first step that most ores go through after mining in order to give a more substance for the procedures.
Wastewater treatment used to extract contaminants from sewage or wastewater and convert into useful water that can be returned to water cycle. The wastewater consists of domestic, agricultural, and industrial. The main objective of wastewater treatment is to permit industrial and human effluent to be disposed without affecting environment and human health.
Wastewater treatment is difficult for mining applications. Water is used in mineral processing operation to recover metals from ore, water is essential to the mining industry. However, using water in mining operation causes mineral contamination.
The market in Asia Pacific is projected to dominate the market
On the basis of regions, the mining chemicals market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East and Africa. The market in Asia Pacific is projected to dominate the market due to major drivers such as rapid industrialization, increase in population, and rapid urbanization.
The market in North America experiences rise in need for mining chemicals due to factors such as strict rules for wastewater treatment, rapid economic expansion, and increased demand for specialty chemicals.
Segments
The mining chemicals market has been segmented on the basis of
Functions
- Grinding Aids
- Flotation Chemicals
- Flocculants
- Collectors
- Frothers
- Dispersants
- Depressants
- Extraction Chemicals
Applications
- Wastewater Treatment
- Mineral Processing
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East and Africa
Key Players
- Clariant AG
- Solvay
- Chevron Phillips Chemicals Pvt. Ltd
- BASF SE
- AECI
- Nalco Company
- Cytec Industries
- The Dow Chemicals Company
- Air Products and Chemicals, Inc.
Competitive Landscape
Key players competing in the mining chemicals market includes Clariant AG, Solvay, Chevron Phillips Chemicals Pvt. Ltd, BASF SE, AECI, Nalco Company, Cytec Industries, The Dow Chemicals Company, and Air Products and Chemicals, Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and raise their production line of the business in the coming year.