The global mining chemicals market size is projected to reach at USD 38.01 billion by 2024, according to a new report by Grand View Research, Inc., progressing at a CAGR of 6.4% during the forecast period. Increasing mining activities in various regions are likely to drive the market over the forecast period.
Raw material supply is a crucial part of the mining industry. Raw materials used in the production of mining chemicals are hazardous and are, therefore, delivered in ISO standard containers only. This results in an increase in the raw material prices, which in turn is expected to affect final product price.
Increase in demand for minerals with high purity is poised to be one of the key factors augmenting the market. Degradation of the quality of ore has boosted the reliance on effective and efficient methods. Solvent extraction technology is one of the key technologies used for effective and efficient extraction.
Regulations regarding recycling of wastewater are anticipated to increase waste water treatment activities across the globe. These regulations are compelling industries to decrease the water waste discharge, which is expected to increase the utilization of mining chemicals over the forecast period. The U.S. government has framed regulations such as National Environmental Policy Act and Clean Water Act to restrict the discharge of toxic substances in water and promotion of water treatment systems.
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Further Key Findings from the Report Suggest:
- Frothers are estimated to register a CAGR of 6.0% from 2016 to 2024 owning to surging demand for better quality of minerals
- Flocculants are expected to post a CAGR of 6.5% during the forecast period. Water recycled through flocculants reduces the operating and equipment maintenance cost, which in turn is estimated to fuel demand for flocculants over the same period.
- The mineral processing application segment is projected to expand at a CAGR of 6.2% over the forecast period owning to increasing demand for minerals
- Asia Pacific is likely to exhibit a CAGR of 7.2% during the same period due to growing mining activities in China
- China dominated the Asia Pacific region with a share of 83.9% in the market in 2015. China is one of the largest producers of the coal, gold, and rare earth metals.
Grand View Research has segmented the global mining chemicals market report on the basis of product, application, and region:
Mining Chemicals Product Outlook (Revenue, USD Million, 2013 – 2024)
- Solvent Extractants
- Grinding Aids
Mining Chemicals Application Outlook (Revenue, USD Million, 2013 – 2024)
- Mineral processing
- Explosives & drilling
- Water & wastewater treatment
Mining Chemicals Regional Outlook (Revenue, USD Million, 2013 – 2024)
- North America
- Asia Pacific
- Central &
- Middle East & Africa
For more information: www.grandviewresearch.com