Mining chemicals contributes as an integral part of all mining activities carried out globally. The revenue generated by global mining chemicals market was $18,000.9 million in 2012 and is estimated to grow profoundly in the forecast period 2014-2020. Mining chemicals which are used as grinding aids accounted for the largest share of the mining chemicals market in terms of volume with over 30% of total volume in 2014. Currently, Asia-Pacific and Europe dominate the world mining chemicals market. It was recorded that Asia-Pacific and Europe were the major markets for mining chemicals with over 50% shares in total volume consumption.
One of the major mining application, water and wastewater treatments accounted for around 40% of the total mining chemicals volume consumed in 2014. Thus, the growth in global mining industry is expected to further spur the demand for mining chemicals in the next few years.
The demand for mining chemicals is mainly directed by reducing the ore grades globally and the growing severity of environment along with certain legitimate regulations on toxic discharge. Demand for minerals is influenced by economic development and consumption trends in any particular region. Hence, increase in economic activities has to be complimented with an equivalent rise in providing basic minerals. Requirement of complex mining chemicals stems from the need to maintain the cost associated with mining.
The report also states that the major challenges faced in this market. The global mining chemicals market is witnessing increasing applications in the explosives and drilling sector. However, the uncertain growth and low profitability of the mining industry could pose a challenge to the growth of this market.