Market Overview The mining chemicals market is expected to register a CAGR of 3. 80% during the forecast period (2019-2024). The market is likely to witness moderate growth during the forecast period, owing to a steady rise in the metal prices, increasing mining exploration spending, and new mining projects in various countries, like Canada, the United States, Australia, India, Russia, and South Africa.
New York, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Mining Chemicals Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05865712/?utm_source=GNW
- Increasing demand for specialty chemicals in mining processes is expected to drive the demand for the market, during the forecast period.
- Stringent environmental regulations are likely to hinder the market growth.
- Increasing investments and new mining projects in Africa are projected to act as an opportunity for the market, in the future.
Key Market Trends
Increasing Mining Activities in Canada and Mexico
- Mining chemicals play a major role in the processing of mineral ores. The consumption of base metals (like iron, steel, aluminum, etc.) and precious metals (such as silver, gold, and platinum) has increased steadily, owing to their various applications in many industries.
- With the increase in the consumption of these metals, mining activities for these metals have surged globally, especially in Canada and Mexico. In the metal mining processes, mining chemicals are required at the stage of processing the respective ores.
- The investments in the mining industry have been rising in Canada and Mexico, which is further expected to simultaneously increase the demand for mining chemicals in the coming years.
- Such factors are expected to increase mining activities in these countries, which may further augment the usage of mining chemicals through the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific dominates the demand for mining chemicals market and is also expected to register the highest growth during the forecast period.
- In the region, China serves as the largest market for mining chemicals. China is the largest producer of various minerals, along with coal and gold.
- Additionally, it is the largest consumer of such mining products. Besides this, Chinese manufacturers export large volumes of mining chemicals to neighboring countries.
- ASEAN countries has lesser potential for the mining ores production. However, the production has been increasing at a steady rate over the recent past.
- Australia is one of the largest coal producer. A huge amount of focculants are used in the mining of coal.
- Owing to such factors and being one of the major markets for mining chemicals, the country is expected to witness substantial growth in the demand for mining chemicals during the forecast period.
The mining chemicals market is fragmented. Key players in the mining chemicals market include BASF SE, Cytec Solvay Group, Chevron Phillips Chemicals Pvt. Ltd, Clariant AG, and AECI.
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