BURLINGAME, Calif., Nov. 28, 2023 /PRNewswire/ -- According to Coherent Market Insights, global mining chemicals market is estimated to be valued at US$ 32.69 billion in 2022 and is expected to exhibit a CAGR of 5.7% during the forecast period (2023-2030). Increasing mining operations in countries such as Canada and Mexico, growing use of specialty chemicals in mining processes, along with increasing cement production around the world is anticipated to fuel growth of the global mining chemicals market over the forecast period.
Market Trends
Rise in adoption of distribution agreements among key players to extend the process of supply chain is a major trend in the global market. For instance, in May 2020, BASF entered into an exclusive arrangement with Quadra Chemicals Ltd. to exhibit the mining solution product portfolio of BASF in Alaska and Canada. With this partnership, the companies will be able to streamline efficient mining chemicals delivery to their clients.
With increasing number of manufacturers releasing flocculants chemicals to treat wastewater is driving the trend of wastewater recycling in the global mining chemicals market. The growing environmental concerns and rise in water pollutions are driving the need for wastewater treatment, which is further driving growth of the market.
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Key Market Takeaways:
Global mining chemicals market is expected to surpass US$ 50.84 Bn by 2030 and is anticipated to witness a CAGR of 5.7% during the forecast period 2023-2030, owing to increasing cement production driving the demand for grinding aids. These are majorly used in limestone manufacturing.
On the basis of Product Type, Grinding Aids segment is expected to hold a dominant position, owing to extensive use of grinding aids in limestone grinding for cement production.
On the basis of Application, Explosives and Drilling segment is expected to hold a dominant position, owing to rising demand for minerals and metal leads due to growing mineral mining activities around the world.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to increasing mineral processing operations in countries such as China and India among others, which is likely to encourage use of mining chemicals in the region.
Key players operating in the mining chemicals market include AkzoNobel Performance Additives, Ashland Inc., Air Products and Chemicals, Inc., BASF SE, Nalco Company, The Dow Chemical Company, Cytec Industries, Chevron Phillips Chemicals Company LP, and Clariant AG.
Mining Chemicals Market Key Developments:
In March 2023, Solvay announced strategic partnership with Tinto for the development of new mining chemical technology. Under this partnership, the companies will focus on developing novel frothers and collectors in order to enhance the process of recovering copper from ore.
In April 2022, BASF introduced Alclar, a new mining chemical, which is a type of collector designed for improving the copper recovery from its ore.
Read complete market research report, "Mining Chemicals Market, By Product Type, By Application, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Mining Chemicals Market Segmentation:
- By Product Type:
- Frothers
- Flocculants
- Collectors
- Solvent Extractant
- Grinding Aids
- Others
- By Application:
- Minerals Processing
- Explosives & Drilling
- Water and Waste Treatments
- Others
- By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Middle East
- Africa
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