The mining chemicals market size was valued at USD 9,155.60 million in 2019 and is expected to expand at significant CAGR during forecast period 2021–2028. 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.
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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
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.
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.
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.
Compititive 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.
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