The global mining chemical market is segmented into product typesuch as collectors, solvent extractants, grinding aids, depressants and disperants, frothers and others (dust controllers, dust suppressants and coagulants). Among these segments, with 42% market share in 2016, grinding aids segment accounted for the largest segment in overall mining chemical market and is expected to seize a phenomenal CAGR by the end of 2024. Likely, increasing extraction activities of metal and minerals such as copper, gold and others is projected to foster the growth ofmining chemical market. In addition to this, complex extraction process of the ores is also believed to augment the demand for mining chemical market by the end of 2024.
Global mining chemical market is anticipated to post a noteworthy CAGR of 4.7% during the forecast period i.e. 2017-2024. Moreover, the global mining chemical market is projected to account sales of USD 33.4 Billion by the end of 2024. Additionally, the market is riding on the back of complex extraction process of the ores.
The explosives & drilling segment by application captured the biggest market of global mining chemical. Moreover, explosives & drilling segment is projected to grab a significant CAGR of 6.8% by the end of 2024. In terms of regional platform, Asia Pacific region accounted for the biggest share in the markets of mining chemical. Additionally, Asia Pacific Mining Chemicals Market is projected to capturea CAGR of 5.9% during the forecast period. Apart from this, Asia-Pacific region is believed to be the most lucrative market of mining chemical owing to emerging economies such as India and China. Asia-Pacific mining industry is expanding at a higher pace when compared to North America and Europe.
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Rising Demand for Specialty Chemicals
Increasing demand for specialty chemicals to extract the minerals form low quality ore is believed to be the major factor behind the rapid growth of mining chemical market. Moreover, growing complication related with the mining of metals and minerals, numerous companies such as Nalco, Axis House, and Kamira are introducing their specialty chemicals that have negligible environmental effects. This factor is envisioned to foster the growth of mining chemical market.
Rapid Urbanization
Rising development of infrastructure in developing and developed nations such as U.S., China, Japan, India and others is augmenting the demand for metal and minerals which is predicted to be the key factor behind the positive growth of mining chemical market. Furthermore, high demand for advance mining chemicals to enhance operational efficiencies would further increase the demand for safety mining chemicals.
On the contrary, environmental concerns and regulations are believed to hamper the growth of mining chemical market across the globe.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global mining chemical market which includes company profiling of The Dow Chemical Co., Ashland Inc., Chevron Phillips Chemical Company LP, BASF SE, ExxonMobil, Cytec Industries, Air Products and Chemicals, Inc., AkzoNobel N.V., Cheminova A/S, Huntsman International LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global mining chemical market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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