New York City, NY, 19 November, 2019/ 24 Market Reports: The global chemicals mining market was estimated at USD 23.38 million in 2016 and is projected to register a CAGR of 6.6% during the forecast period of 2016 to 2024. Growing demand for minerals, rising emphasis on water & wastewater treatment, and increasing mining activities are the factors contributing to the growth of the market during the forecast period. The demand is also expected to grow due to surging demand for gold, copper, and platinum from various applications.
Cyanide, sulfuric acid, nitric acid, uranium, mercury, and lead are the raw materials used in the manufacturing of mining chemicals. These chemicals are toxic and harmful to human & the environment and thus it has been regulated under industrial chemicals act. Due to the low quality of ore bodies, the mining industry has been facing many challenges. It is estimated for the mining industry to grow at a significant rate with increasing demand for gold that has been driving the growth for the mining industry.
With a market share of over 46.0% in 2015, grinding aids dominated the global market and the trend is likely to continue during the forecast period. Increasing focus on the recovery of high-quality minerals is likely to be an important factor supplementing the growth of the segment. Grinding and milling of ores are essential in recovering valuable minerals.
The growth in the demand for minerals has been resulting in the growth of the mineral processing market. Processing is mainly dependent upon the area of mining. Open-pit & underground, crushing, transport, grinding & sizing, leaching & absorption, elution & electrowinning, water treatment, bullion production and tailing disposal are the various types of processes.
With a share of over 42.0% in the global market, Asia Pacific was the largest market for mining chemicals in 2015 and is expected to maintain its dominance during the forecast period owing to the growth in demand for chemicals in the emerging countries such as China and India.
China is one of the leading producers of coal, gold, and rare earth metals. With over 10,000 mines in the country, China produces a significant share of the world's overall supply of minerals. It is also the largest consumer of mining chemicals used for the extraction of minerals. These factors are expected to have a positive impact on the growth of the market.