The mining chemicals market is witnessing considerable growth due to rapid industrialization and infrastructure development. These chemicals are used to increase the efficiency and productivity of mining processes such as extraction and recovery of minerals from ores. Mining chemicals have across new opportunities due to decreasing grade of ores. MarketsandMarkets projects that the mining chemicals market size will grow from USD 6.02 billion in 2017 to USD 7.54 billion by 2022, at a CAGR of 4.60 %.
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On the basis of mineral type, the mining chemicals market is segmented into base metals, non-metallic minerals, precious metals, and rare earth metals. The base metals segment is projected to grow at the highest CAGR from 2017 to 2022. The high demand for mining chemicals in base metal processing is primarily attributed to the increasing complexity of ores and decreasing ore grades. The metals that have witnessed a constant rise in demand in the last few years include copper, aluminum, molybdenum, and tin. Copper has seen an increase in demand from key sectors such as electrical & electronics, automotive, industrial pipes & fittings, and others.
On the basis of product type, the market is segmented into grinding aids, flocculants, collectors, frothers, and solvent extractants. These chemicals are used to enhance the metal/mineral recovery rate from ores. The grinding aids segment accounted for the largest share in 2016 and is also projected to grow at the highest CAGR over the next five years. This can be attributed to the deteriorating quality of ores and increasing utilization of mining chemicals for processing of complex ores.
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On the basis of application, the market is segmented into mineral processing, explosives & drilling, water & wastewater treatment, and others. The explosives & drilling segment accounted for the largest share in 2016, and is projected to grow at the highest CAGR during the next five years. The rising demand for deep-surface mining for extraction of high-quality minerals is expected to contribute significantly to the growth of the explosives & drilling application.
The Asia-Pacific mining chemicals market is projected to grow at the highest CAGR from 2017 to 2022. Countries such as China and India are expected to witness high growth in the mining chemicals market. The high demand for mining chemicals in the country can be credited to the continuous exploration and beneficiation of ores. Additionally, high foreign investments in China’s mining industry are expected to support the application for mining chemicals in the country.
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