The "Mining Chemicals Market - Segmented by Function, Application, and Geography - Growth, Trends, and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global mining chemical market is expected to reach the value of USD 4,097.87 million by 2023, at an estimated CAGR of 3.80% over the forecast period of 2018-2023.
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.
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 been rising in Canada and Mexico, which is further expected to simultaneously increase the demand for mining chemicals in the coming years.
Floatation Chemical - The Leading Function Segment
Among the function-based segments, the flotation chemical segment holds the largest share, contributing more than 45% by revenue in 2017. Chemicals used for processing ores into minerals are termed as mining flotation reagents. They are broadly classified into collectors, frothers, dispersants, depressants, and flocculants. The collectors segment held the majority of market share in 2017. Xanthates are the most-preferred type of collectors for mineral processing. Technological advancements in mineral processing and the growing demand for pure forms of minerals have reshaped the dynamics of the global mining flotation reagents market.
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. 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 major players include - Clariant AG, Chevron Phillips Chemicals Pvt. Ltd., Cytec Solvay Group, AECI, and BASF SE, among others