Mining Chemicals Market Growth & Trends
The global mining chemicals market size is estimated to reach USD 15.57 billion by 2028, registering a CAGR of 5.8% over the forecast period, according to a new report by Grand View Research, Inc. Factors, such as rising demand for minerals and increasing mining and water treatment activities, are likely to drive the demand for the product over the forecast period.
The demand for mining activities across the globe is rising owing to increasing infrastructural developments and automotive production and growing demand for minerals. The mining market includes the sales of metals and minerals and other valuable materials, such as coal, stone, sand, and gravel, which are extracted from the earth’s crust.
The manufacturers in the market are focusing on adopting different strategies, such as expansions, joint ventures, acquisitions, new product launches, agreements, and partnerships, to obtain a high market share. Key stakeholders in the industry are inclined towards the development and innovation of novel products and consequently are planning significant investments for R&D activities.
Manufacturers have personal R&D centers dedicated to development purposes and are inclined towards forming alliances with various research organizations and institutes to achieve optimized results. Industry participants maintain strong relationships with international as well as local suppliers and distributors to maintain a consistent sales flow of products throughout the year.
Mining Chemicals Market Report Highlights
- In 2020, iron emerged as the fastest-growing ore type segment with a CAGR of more than 6%. The growing demand for iron ore in different industries including wastewater and petroleum is expected to fuel the segment growth
- The solvent extractants segment is a prominent product segment, in terms of growth rate, as solvent extractants offer protection against oxidative degradation and offer excellent operational reliability
- The explosives & drilling segment is projected to grow at the highest CAGR from 2021 to 2028. The increasing need for minerals and metals is expected to augment the demand for mineral extraction over the forecast period
- Water treatment is expected to be the second-highest application segment from 2021 to 2028, in terms of growth rate, due to the increasing demand for major commodities, such as iron ore and copper
- Asia Pacific is estimated to be the fastest-growing regional market from 2021 to 2028 owing to the increasing foreign investments in emerging countries, including China and India, which have contributed to the regional market growth