Global Mining Chemicals Market to Reach US$28.1 bn by 2019, Rapid Rise in Mining Industry Fuels Demand
A new report on the global mining chemicals market published by Transparency Market Research (TMR) estimates the market to rise from US$18 bn in 2012 to US$28.1 bn by 2019.The research study, titled “Mining Chemicals Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019,” projects the market to report a CAGR of 6.60% during the period from 2013 to 2019.
Mining chemicals are utilized in the mining and processing of minerals from their ores. Cyanide, nitric acid, sulfuric acid, ammonium nitrate, gasoline, and acetylene are some of the chemicals widely used in mining. The rapid rise in the mining industry has fueled the demand for these chemicals significantly in the past few years.
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According to the report, the increasing occurrence of complex and low quality ores has fuelled the demand for mining chemicals in the global market. The implementation of stringent government rules and policies for tailings management is also supporting growth of the worldwide mining chemicals market.
As per the research study, the global mining chemicals market is spread across Asia Pacific, North America, Europe, and the Rest of the World. In terms of consumption volume, Asia Pacific led the overall market in 2012 with a majority share and was closely followed by Europe. The strengthening economy has propelled mining activities in this region, resulting in the increased demand for mining chemicals in recent times.
Analysts expect the Asia Pacific mining chemicals market to register a significant rise during the forecast period too. The increasing focus of established mining chemicals producers on expanding their production capacity in this region owing to the availability of skilled workers at low wages, is likely to drive this market remarkably in the coming years.
The report has assessed the global mining chemicals market on two fronts: Product and application. Based on product, the market has been categorized into solvent extracts, grinding aids, collectors, frothers, flocculants, and other chemicals such as defoamers and modifiers. In 2012, the grinding aids segment dominated the market with a share of approximately 29%. The collectors segment held the second-largest share in the overall market that year.
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Based on application, the market has been segmented into explosives and drilling, water and wastewater treatment, mineral processing, and other applications such as analysis and explorations. The waste and wastewater treatment segment occupied the leading position in 2012 with a share of 40% in the global market, states the research report.
The major enterprises functioning in the global market for mining chemicals are NASACO Int., Beijing Hengju, SNF FloMin, Cheminova A/S, AkzoNobel Performance Additives, Air Products and Chemicals Inc., Nalco Co., Cytec Industries, Clariant AG, Chevron Phillips Chemical Co. LP, The Dow Chemical Co., BASF SE, and Ashland Inc, notes the market study.
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