Electronics, medical equipment, paints, and coatings, among other end-user industries, have increased mineral demand. According to a 2020 World Bank article, the demand for clean energy technologies will cause a 500% increase in the production of minerals such as graphite, bauxite, cobalt, and lithium. The primary end user is the coal industry because it produces electricity with high dependability. Records show that 19.3% of the electricity produced in 2020 came from coal. The factors driving the market's growth over the anticipated period are the increasing global mining activities and the rising demand for minerals.
According to Data Bridge Market Research, the Global Mining Chemicals Market is valued at USD 10.20 billion in 2021 and is expected to reach USD 17.27 billion by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029.
"Increasing mining activities in emerging economies surge market demand"
The increasing mining activities in emerging economies, especially in Asia-Pacific and Africa, are driving the demand for mining chemicals. The rapid industrialization and urbanization in these regions require efficient extraction processes, improved recovery rates, and reduced environmental impacts. Mining chemicals play a crucial role in achieving these objectives by enhancing mineral processing, optimizing extraction techniques, and minimizing the ecological footprint of mining operations. The growing focus on sustainable and efficient mining practices further fuels the demand for mining chemicals in emerging economies.
What restraints the growth of the global mining chemicals market?
"Fluctuating commodity prices can impede the market growth”
Fluctuating commodity prices present a significant restraint for the mining chemicals market. The profitability of mining companies is directly linked to commodity prices, and during periods of low prices, companies may tighten their budgets and reduce their investment in mining chemicals. The uncertainty and volatility in commodity prices can impact the willingness of mining companies to spend on chemical solutions, leading to a decrease in market demand for mining chemicals.
Segmentation: Global Mining Chemicals Market
The mining chemicals market is segmented on the basis of type, application, mineral type, and product type.
- On the basis of ore type, the mining chemicals market is segmented into powder gold, iron, copper, phosphate, and others.
- On the basis of application, the mining chemicals market is segmented into mineral processing, explosives and drilling, water treatment, and others.
- On the basis of mineral type, the mining chemicals market is segmented into base metals, non-metallic minerals, precious metals, and rare earth metals.
- On the basis of product type, the mining chemicals market is segmented into grinding aids, flocculants, collectors, frothers, and solvent extractants.
Regional Insights: North America dominates the global mining chemicals market
North America dominates the global mining chemicals market in terms of market share and revenue, and this dominance is expected to continue during the forecast period 2022-2029. The region's strong market position is primarily attributed to the increasing utilization of mining chemicals and the growth of mining activities within North America. The need for efficient extraction processes, environmental compliance, and the exploration of complex ore deposits drives the demand for mining chemicals in the region.
Asia-Pacific is expected to experience significant growth in the mining chemicals market during the forecast period of 2022-2029 due to rapid economic development within the region. The growth of industries such as construction, manufacturing, and infrastructure in countries such as China and India drives the demand for metals and minerals, consequently increasing the need for mining chemicals. The expansion of mining activities and investments in the Asia-Pacific region contribute to its lucrative growth potential in the mining chemicals market.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-mining-chemicals-market
The Prominent Key Players Operating in the Global Mining Chemicals Market Include:
- AkzoNobel N.V. (Netherlands)
- PPG Industries Inc., (U.S.)
- The Sherwin-Williams Company (U.S.)
- RPM International Inc., (U.S.)
- NIPSEA GROUP (Japan)
- Arkema (France)
- Cardolite Corporation (U.S.)
- BASF SE (Germany)
- Evonik Industries AG (Germany)
- Reichhold LLC 2, (U.S.)
- DSM (Netherlands)
- Qualipoly Chemical Corp. (Taiwan)
- Arakawa Chemical Industries,Ltd. (Japan)
- Alberdingk Boley (U.S.)
- Eternal Materials Co.,Ltd. (Taiwan)
- Wacker Chemie AG (Japan)
- DIC CORPORATION (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global mining chemicals market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Mining Chemicals Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
