The global mining chemicals market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Mining chemicals are specialty chemical compositions used in the mining industry. Mining chemicals are formulated with one or more chemicals and are segmented based on their chemical function and application. The major use of mining chemicals is for extracting metals like gold, copper etc. from their ore. Commonly used mining chemicals include mineral acids, cyanides, mercury among others.
Based on chemical function mining chemicals can be:
- Extractants etc
As demand for metals is increasing from major applications such as industrial/commercial structures, infrastructure, heavy machines, auto industry, rail and aviation, consumer items and others, demand for mining chemicals is expected to grow. Demand for metals is actually increasing because of growing population and extra income in developing countries. Increasing for steel and aluminium from infrastructure, auto and heavy machinery industry has increased the demand for mining thereby increasing demand for mining chemicals.
Drivers and Restraints of Mining Chemicals Market
Growing investments in the mining industry in regions like Asia and the Americas are likely to offer tremendous possibilities for mining chemicals market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Mining chemicals are exposed to the probability of volatility in economic growth. As the global economy slows down the mining industry stagnates and thereby decreases the demand for mining chemicals. Also existing and future environmental and health regulations concerning the use of certain mining chemicals are likely to challenge the market growth.
Mining Chemicals Market by Region
Asia was the largest consumer of mining chemicals and this pattern is anticipated to be identical over the following years. Consumption in Asia is showing upward trend because of increase in economic activity. Growing demand for metal mining from industrial/commercial structures, infrastructure, heavy machines, auto industry, rail and aviation, consumer items and others will drive mining chemicals market in Asia. With major production capacities in Asia, the region is likely to grow in terms of global supply capability. Consumption of mining chemicals in the Americas is likely to grow at a significant rate due to demand from upcoming infrastructure projects in the USA. Demand from Europe was relatively stable and is likely to stay same in the next few years. MEA region has seen a significant rise in consumption and will continue to increase over the forecast period.
Top players in this market include 3M, AkzoNobel, ArrMaz Custom Chemicals Inc., BASF SE, Charles Tennant & Company Ltd, Clariant, CP Kelko, Cytec Solvay Group, Ecolab Inc., FMC Corp. (Cheminova), GE Corporation, Huntsman International LLC, Orica Limited, Sasol Ltd, SNF Flomin Inc., The Chemours Company among others.
The report covers exhaustive analysis on:
- Global Market Segments
- Global Market Size
- Supply & Demand
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
Regional analysis includes:
- Middle-East and Africa
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Strategies of key players and products available
- Potential and niche segments, regions showing promising growth