The increasing demand for mining chemical products to meet niche ore processing applications across various industries is expected to drive the rare earth materials market growth. Asia Pacific is the dominant region in terms of mineral ore processing activity, and thereby consumption of mining chemicals. China, Australia, and India are key countries in the region contributing substantially to volume consumption of mining chemicals. Mining chemical use can be expected to provide even stronger growth, since the industry is faced with lower-grade ores which require larger amounts of chemical products in their processing. Increasing requirements for environmental and health protection in the industry also require increasing use of chemicals and the more efficient use of them in scarce water resource situations. Global population has been steadily rising along with average spending capacity, and the mega trend is expected to continue in the near future.
The trend in turn has been translating into rapidly- rising demand for raw materials for producing consumer goods and developing construction and transportation infrastructure. The metallurgical, chemical, automotive, electronics, infrastructure, consumer goods, and various other sectors are increasingly demanding raw materials in the form of ferrous, nonferrous, and precious metals, along with industrial minerals and mineral fuels. Hence, this has been fueling the growth of the mining industry, which consumes mineral processing chemicals for mining processes. In recent times, there has been a dearth of high-grade mineral ore discoveries by mining companies across the globe, with simultaneously rising demand for minerals. For instance, there has been a massive demand for iron ore fueled by steel requirements across all regions, with increasingly lower grade ores being mined.
As a result, to tackle the challenge, mineral processing chemical producers have been strategizing to develop superior mining chemicals which would extract a higher percentage of minerals from low-grade ores. For instance, major companies have been developing chemicals that would extract more mineral content from low-grade mineral ores. Some companies have also been instrumental in developing anti-scalants that would meet the challenges of harsh ore processing conditions. Such factors are expected to drive the demand for high-end mineral processing products, thereby opening a new avenue for market growth.
Key issues addressed
- What are the product and end-use application trends in the mining chemicals market space?
- What are the major challenges that participants in the mining chemicals market face?
- What are the key factors that drive or restrict growth in this market?
- What are the major mining chemical product types?
- Who are the key market participants in the mining chemical market space?
- What are the regional trends in the market?