Apr 22, 2021 (Market Insight Reports) -- Mining chemicals are widely used across mining industries for various process such as wastewater treatment, minerals processes, and drilling water. They are used to extract metal such as copper, platinum, and gold. Mining chemicals are broadly classified into collectors, frothers, grinding aids, flocculants, and solvent extractants.
The global mining chemicals market is estimated to account for US$ 28,130.8 Mn in terms of value and 10,106.4 Kilo Tons in terms of volume by the end of 2019.
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Growing production of cement is creating demand for grinding aids. Grinding aids are extensively used in the manufacturing of limestone . Growth in the construction industry across the developing region is fueling demand for cement. Grinding aids reduce the cost of the energy associated with the grinding process. Hence, the increase in cement production is projected to propel the market growth of the mining chemicals.
Increasing strict rules and regulations associated with the tailing management that deals with the waste generated from mining the industry is projected to fuel the market growth. The large volume of waste is generated when minerals are extracted from mines, for treating this waste tailing management has become an important activity in order to protect the environment and promote the sustainability of the environment.
Rising demand for gold around the globe is projected to offer lucrative opportunities over the forecast period. Growth in the mining and smelting industries across Nigeria and Indonesia are again expected to foster the market growth of the mining chemicals. Moreover, expansion of the chemical industry across developing regions is further anticipated to augment the market growth of the mining chemicals over the forecast period.
Increasing consumption of base metal such as iron, steel, aluminum, across various end-use industries is expected to serve major opportunities. Electronic, automotive, aerospace and construction industry are major consumer of the base metals as they are used in the manufacturing of various components and structures. The market of mining chemical is witnessing tremendous growth with the increasing consumption of these metals.
Market Trends/Key Takeaways
Rising distribution agreement among key manufacturers for expanding the supply chain process is one of the key trends in the market. For instance, in May 2019, BASF entered an exclusive agreement with Quadra Chemicals Ltd., to present its mining solutions portfolio of products in Canada and Alaska. The goal of this agreement is to streamline the supply of the mining chemicals efficiently to current and future customers.
Recycling of wastewater is a growing trend due to which key manufacturers are introducing flocculants chemicals for treating wastewater. Increasing water pollution coupled with the growing environmental concern is creating a need for wastewater treatment which is further augmenting the market growth of the mining chemicals over the forecast period.
On the basis of product type in 2019, the grinding aids segment has accounted the largest market share of 27.4% in terms of value, followed by collectors and flocculants segments respectively.
Global Mining Chemicals Market – Impact of Coronavirus (Covid-19) Pandemic
Coronavirus is expected to have a significant impact on the mining sector as due to the pandemic situation the mining activities across the globe have come down to a grinding halt. Moreover, due to the lack of demand from end-use sector mine developer operators and mineral operators are expected to face significant challenges. Thus, affecting the growth of mining chemical market.
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