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Growth of Mining Chemicals Market Trends, Share, Industry Size, Opportunities and Forecast 2017-2024 – Research Nester
Mining Chemicals Market Overview
Mining chemicals are used to extract the minerals from the ores. Nowadays, extracted ores are usually of low quality and hard to process. Mining chemicals ease the process of extraction of mineral from ore. Also, these chemicals improve the process efficiency and extraction of ores. Moreover, mining chemicals enhances the productivity of the firm. It suppresses dust and improves the visibility and work environment. Mining companies are choosing mining chemicals rather than human labor as it results in reduced operational cost. Expansion of product portfolio through new product development and acquisitions is the major trend influencing the mining chemical market.
Market Size and Forecast
Global Mining Chemical Market is expected to reach USD 33.4 Billion by the end of 2024 from USD 21.3 Billion in 2016. Further, the market of mining chemicals is anticipated to flourish at a CAGR of 4.7% during the forecast period. This growth can be attributed to complex extraction process of the ores and availability of low quality of ore.
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In the regional platform, Asia Pacific accounted for the largest market share in 2016. Further, Asia Pacific is expected to continue its dominance over the forecast period and is projected to be the fastest growing market over the forecast period. Asia Pacific mining chemicals market is expected to grow at a CAGR of 5.9 % during the forecast period 2017-2024. Rapid development of mining industries in the region is expected to fuel the demand for mining chemicals in the Asia Pacific. China is the major contributor to the growth of mining chemicals market due to the presence of large number of mines in the country. Further, rising contribution of ores and minerals to the global mining industry by the China is expected to positively impact the growth of mining chemicals market of Asia Pacific.
Further, North America mining chemicals is expected to grow at a significant rate during the forecast period. U.S. is witnessing the augmented demand for mining chemicals in the North America region. Presence of raw materials such as rare earth metals in the country is anticipated to expand the market of mining chemicals. Mining chemicals market in the Latin America region is expected to intensify in the next few years on the account of rich mining ore reserves. Moreover, low penetration level of mining chemical in this region is expected to supplement the growth of mining chemicals market during the forecast period.
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On the basis the product, the mining chemicals market has been segmented into collectors, solvent extractors, grinding aids, dispersants, depressants, frothers and other mining chemicals. Grinding aid segment accounted for more than 42% market share in 2016.
By Region
Global mining chemicals market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, South Korea & Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
Middle East and North Africa (GCC, North Africa, South Africa & Rest of Middle East) Market Size and Y-O-Y Growth Analysis
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Growth Drivers & Challenges
Rising demand for specialty chemicals to extract the minerals from low quality ore is expected to be the key growth driver for global mining chemicals market. Additionally, increasing complexity with the extraction of ore such as deep surface mining is envisioned to bolster the growth of mining chemicals market across the globe.
Research & development of new mining chemicals is expected to impel the growth of global mining chemicals market over the next few years. High demand for advance mining chemicals to enhance operational efficiencies has been witnessed in recent years. Further, strict government regulations to curb the water pollution are also envisioned to bolster the growth of water and wastewater mining chemicals market.
However, environmental concerns and regulations are limiting the growth of the global mining chemicals market. Further, lack of investment and sluggish growth of mining industry across the globe is anticipated to restrain the development of global mining chemicals market. Moreover, low demand for mining chemicals from developed regions such as Europe due to unstable economy is negatively affecting the growth of the global mining chemicals market.
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