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Global Mining Chemicals Market is Estimated to be Valued at USD 33.4 Billion by the end of 2024 - Research Nester
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.
Global mining chemical market is anticipated to post a noteworthy CAGR of 4.7% during the forecast period i.e. 2017-2024. Moreover, the Global Mining Chemical Market is projected to account sales of USD 33.4 Billion by the end of 2024. Additionally, the market is riding on the back of complex extraction process of the ores.
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.
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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.
Rising Demand for Specialty Chemicals
Increasing demand for specialty chemicals to extract the minerals form low quality ore is believed to be the major factor behind the rapid growth of mining chemical market. Moreover, growing complication related with the mining of metals and minerals, numerous companies such as Nalco, Axis House, and Kamira are introducing their specialty chemicals that have negligible environmental effects. This factor is envisioned to foster the growth of mining chemical market.
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Rapid Urbanization
Rising development of infrastructure in developing and developed nations such as U.S., China, Japan, India and others is augmenting the demand for metal and minerals which is predicted to be the key factor behind the positive growth of mining chemical market. Furthermore, high demand for advance mining chemicals to enhance operational efficiencies would further increase the demand for safety mining chemicals. On the contrary, environmental concerns and regulations are believed to hamper the growth of mining chemical market across the globe.
The report titled “Mining chemical Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global mining chemical market in terms of market segmentation by product type, by application and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global mining chemical market which includes company profiling of The Dow Chemical Co., Ashland Inc., Chevron Phillips Chemical Company LP, BASF SE, ExxonMobil, Cytec Industries, Air Products and Chemicals, Inc., AkzoNobel N.V., Cheminova A/S, Huntsman International LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global mining chemical market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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