At CAGR of 6.5%, Global Mining Chemical Market To Reach Around USD 4.82 Billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/28/2017 -- Zion Market Research has published a new report titled "Mining Chemicals (Frothers, Flocculants, Collectors, Solvent Extractants, Grinding Aids and Others) Market for Mineral Processing, Explosives & Drilling, Water & Wastewater Treatment and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020". According to the report, global mining chemicals market was valued at around USD 3.33 billion in 2014 and is expected to reach around USD 4.82 billion in 2020 and is anticipated to grow at a CAGR of slightly over 6.5% between 2015 and 2020. In terms of volume, global mining chemicals market stood at 1.6 million tons in 2014.
Mining chemicals play an important role in enhancing the productivity and efficiency of various processes such as the recovery and extraction of minerals and target materials from ore. Mining chemicals are basically used in various processes such as extraction, grinding, floating and others, in which chemicals help to improve efficiency and productivity. Key applications of mining chemicals include mineral processing, explosives and drilling water and wastewater treatment due to that demand in the market is increasing with healthy growth rate.
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The mining industry is witnessing quick diminution of proven reserves of various metals and minerals coupled with falling ore grades across various mines all over the world. This results in growing need to improve productivity and efficiency in extracting metals and minerals from the ore. Use of mining chemicals has become necessary to increase production to fulfill growing demand for metals in construction, oil & gas and packaging industries. This, in turn, resulted in growing demand for mining chemicals. However, environmental concerns associated with the use of mining chemicals such as explosives is expected to be a major concern for the industry participants.
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On the basis of product type, mining chemicals are segmented as grinding aids, flocculants, solvent extractants and flotation chemicals and others. Grinding aids was one of the largest product segments of mining chemicals market with slightly over 20% share in total volume consumption in 2014. However, flocculants are expected to witness fastest CAGR during the forecast period. Frothers and solvent extractant are other important product segments of mining chemicals market. Water & wastewater treatment was one of the leading application segments. It accounted for around 17% share in the mining chemical market in terms of volume in 2014 and is expected to exhibit fastest CAGR between 2015 and 2020. Mineral processing was the largest application segment in 2014. Drilling and explosives is another important application market for mining chemicals.
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Asia Pacific dominated the global mining chemicals market with over 40% share in total volume consumption in 2014. Increasing urbanization and growth in the economy results in growing infrastructure development activity in the region. Moreover, the mining sector is dominated by China and rest of Asia Pacific region. This, in turn, resulted in growing demand for metals and mining chemicals subsequently. Asia Pacific is followed by North America in terms of volume consumption. Europe, Latin America, and Middle East & Africa are also expected to grow at a moderate pace.
Some of the key players in global mining chemicals market include DOW Chemicals, BASF SE, SNF Flomin, Cytec Industries, Ashland Inc., Chevron Phillips Chemical Company LP, NASACO International, Air Products and Chemicals, Inc., Beijing Hengju, Cheminova A/S, AkzoNobel Performance Additives and others.
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