Global mining chemicals market is estimated to exceed $30 billion by 2020 with major demand from explosives and drilling
Mining is considered to be one of the basic activities for human advancement. The supply of metal and mineral products has supported human endeavor over epochs and will remain to play its role in meeting society’s needs. Earlier, the mineral industry operated partially at the global level only, as they served the global commodity markets. However, globalization opened up new avenues to private investment in mining sector by many countries which were earlier quite deterring. Mining industry could have a substantial impact on the local economic development of the mining area as well as the neighboring countries in the next twenty five years.
Mining chemicals play a vital role in many of the applications like mineral processing, explosives & drilling, water & waste water treatment and more to ensure that the productivity and efficiency of mining process such as recovery and extraction of minerals and target materials from ore is enhanced. Owing to their significant applications in diverse end used industries, mining chemicals market is set to grow at a considerable pace in the coming years, with explosives & drilling being the prevalent market for mining chemicals globally. The impetus for the segment is provided primarily by the coal industry, which is at present the biggest user of explosives. For the period between2015 and 2020, mining chemicals market is estimated to grow at a compounded annual growth rate (CAGR) of 6.72% to reach $30.41 billion by 2020.
This market has been segmented by types of products, chemical used, application sectors and geography. The mining chemicals encompass a variety of products which include flotation collectors, flocculants, solvent extractants, frothers, scale inhibitors, crystal growth modifiers, defoamers and more. The various chemicals used in the process are cyanide, sulfuric acid, ammonium nitrate, fuel oil, acetylene and more. Some of the Key players of this market are BASF SE (Germany), The Dow Chemical Company (U.S.), Ashland Inc (U.S.) and Clariant AG (Europe).
Considerable demand and R&D investments for mineral resources from developing countries especially Asia Pacific and America are the main driving factors for this market
Owing to the demand for mineral resources from developing countries to fuel their rapidly growing economies, mining chemicals market is estimated to experience considerable growth down the years. It is very likely that the significance of mining chemicals in the value chain will grow in the coming years, because industry is aspiring to have efficient production even from the lower grade ores.
Asia Pacific (APAC) is the leading producer of mining chemicals and has the highest market share in the global mining chemicals production owing to the presence of large number of coal mines. In the APAC, China is the major country in terms of top mining chemical manufacturers and suppliers. It is followed by Americas, holding a considerable share of 22% in the global mining chemicals market.