Mining Chemicals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Key Highlights

• The key driving factors responsible for the growing demand for mining chemicals include increasing mining activities in Asia-Pacific and North America and the increasing demand for specialty chemicals in mining processes.
• However, stringent environmental regulations are the key restraints that may slow down the market's growth.
• Increasing investments and new mining projects in Africa will likely create market opportunities over the coming years.
• The Asia-Pacific region is expected to dominate the market and is anticipated to witness the highest CAGR during the forecast period.

Mining Chemicals Market Trends

Increasing Use of Mining Chemicals in Mineral Processing

• Mining chemicals aid the mining and mineral processing industries in attaining maximum efficiency through improved selectivity and higher recovery while providing environmental benefits.
• Many reagents, known as modifying agents, are used in the flotation of sulfide ores. It is especially true in the case of complex ores, where two or more valuable minerals have to be separated from each other.
• Sulfuric acid is a chemical used in copper mining. It is also a byproduct of many kinds of mining. It is mixed with water and heavy metals to form acid mine drainage.
• Canada's mining industry is the leading global potash producer, and it is ranked among the top five producers of aluminum, diamonds, gemstones, gold, indium, niobium, platinum group metals, titanium concentrate, and uranium.
• Aluminum and steel mining requires numerous chemicals for various purposes, such as refining, separation, grinding, and blasting. Among the compounds utilized are sodium hydroxide, ammonium nitrate, calcium hydroxide, soda ash, and lime. The use of these substances is regulated to guarantee worker and environmental safety.
• In 2022, the world produced 1.87 billion tonnes of crude steel, as the World Steel Association reported.
• According to the International Aluminum Institute, by the end of 2022, aluminum production had reached 68.41 million metric tonnes, up 1.96% from 2021 levels.
• In line with the growing mining and processing activities worldwide, the consumption of mining chemicals is also increasing.

Asia-Pacific to Dominate the Market during the Forecast Period

• Countries in Asia-Pacific have made considerable investments in the mining sector, with a particular emphasis on minerals such as lithium, cobalt, and nickel, widely utilized in battery technologies. As the world shifts towards more clean-tech economies, these countries are projected to dominate the market in the future, with batteries being one of the primary marketplaces.
• China is one of the world's top producers of minerals and metals. The country is a significant supplier of coal, iron ore, aluminum, lead, zinc, tin, and rare earth. China also produces substantial gold, silver, and other precious metals.
• According to the World Steel Association AISBL, China produced 1.01 billion tonnes of steel in 2022, accounting for 54% of global production. India includes the world's fifth-largest iron ore deposits.
• With an output of 9.5 MT in September 2021, India was the world's second-largest producer of crude steel. The government allotted INR 47 crore (USD 6.2 million) to the Ministry of Steel in the Union Budget 2022-23.
• CIL's board of directors approved 32 coal-mining projects for the fiscal year 2021, representing an incremental capital investment of roughly INR 47,300 crore (USD 5.53 billion).
• The increasing development of infrastructure and the ease of government laws and regulations in India and China are expected to drive demand for specialty chemicals in mining activities in this region.
• Mining chemical demand is predicted to climb further due to rapid industrialization and increased spending on infrastructure projects such as railways, roads, and highways.

Mining Chemicals Market Competitor Analysis

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• The market estimate (ME) sheet in Excel format
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