The mining industry is facing many challenges as the demand for minerals is increasing. The ore available is of low quality and complex to processes. The mineral deposits are getting remote and difficult to access from the core of the earth. Mining chemicals are a major part of the chain to maximize the recovery.
Increasing demand for metals in end-use industries like oil & gas, construction, and packaging is expected to impel mining of metals like copper, zinc, silver, and iron. Increasing demand for metals is expected to boost the demand for mining chemicals over the forecast period to maximize the extraction rate. Increasing investments in mining projects in the emerging economies with large mineral reserves such as the Asia Pacific and Latin America is estimated to propel the market growth over the forecast.
Stringent regulations for cyanide usage is estimated to restrain the growth of the mining chemicals market over the forecast period. To control the utilization of certain chemicals for mining applications, the Australian government introduced Environment Protection Water Quality Policy 2003 is expected to restrain the market growth. High chemical prices due to heavy transportation costs are expected to affect the market growth over the forecast
The product segment includes flocculants, frothers, grinding aids, collectors, and others. Flocculants product segment is expected to witness significant growth on account of increase in use in water and wastewater treatment. Government regulations regarding industrial waste and environmental protection are estimated to have a positive impact on the demand for flocculants market.
The application segment includes mineral processing, explosive & drilling, and water & wastewater treatment. Explosive & drilling application segment is expected to be the fastest growing segment. The requirement of deep surface mining to extract high-quality minerals and depletion of existing reserves is estimated to fuel the demand for mining chemicals over the forecast period.
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The regional segmentation includes North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific is estimated to witness rapid growth owing to high investment in economies including China, Indonesia, Australia, and Malaysia. Governments have been investing high in mineral and metal extraction which is likely expected to propel the demand for mining chemicals in the region over the forecast period. Due to strict environmental regulations, the European market is estimated to witness slow growth
Key players operating in the global mining chemicals market include BASF SE, AkzoNobel N.V, Ashland Inc., The Dow Chemical Company, Cytec Industries, Cheminova A/S, Orica, ExxonMobil, Chevron Phillips Chemical Company LP, and Huntsman International LLC.