Various countries have implemented laws to limit the environmental impact of mining, soaring the demand for mining chemicals used for water treatment. The decline in ore grades across different mines is also contributing to market expansion. The high utilisation of these chemicals in commercial applications such as mineral processing, water treatment, and wastewater treatment is expected to further increase their demand. With the introduction of emerging digital technologies such as IIoT, digital mining is expected to become a reality.
By using sensors connected to the internet, data from mines can be collected in real-time, leading to greater efficiency, reduced costs, and enhanced safety in the mining industry. As a result, mining chemical providers are focusing more on tech-driven innovation to facilitate economical ore treatment. These factors are setting the stage for robust expansion of the global mining chemicals market.
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Diverse Applications for Industrial Purposes Impacts Global Market Growth
Today, manufacturers are producing new mining chemicals for specific applications due to novel demand for mineral processing and wastewater treatment processes. These segments are expected to dominate the mining chemicals market, positively influencing mining activities and government investments in this sector. Moreover, diminishing ore grades across different mines and supportive laws passed to reduce the impact of mining on the environment are aiding the expansion of the mining chemicals market.
In the coming years, the demand for mining chemicals is set to increase due to their high utilisation in various business applications, such as mineral handling, explosives, and wastewater treatment. The rising demand for gold, copper, and platinum is also anticipated to enhance interest in mining activities, opening new revenue streams in the market.
Use of Specialty Chemicals for Efficient Mining Creates Novel Business Outcomes
Specialty chemicals are used at almost every step of the mining process, simplifying a highly complex process. Mining techniques have evolved from tunnelling to open-pit mining, which has allowed the industry to mine ores of diminishing grades at lower costs. Specialty chemicals not only play a role in smelting, refining, manufacturing, and commodities trading but also in later stages of the production chain. The increasing use of specialty chemicals for efficient mining activities is poised to augment the demand for mining chemicals.
Furthermore, mining activities are rapidly increasing, propelling governments to devise proactive strategies to support mining activities. This trend is expected to drive the demand for mining chemicals, thus, making specialty chemicals a significant driver of the mining chemicals market growth.
Strong Demand for Mining Chemicals Positions North America as Global Market Leader
During the forecast period, it is expected that North America will command the most significant revenue share in the global mining chemicals market. In this region, promising residential construction activities, a rise in industrial mineral production, and the presence of major market players are set to emerge as the foremost growth enablers of its mining chemicals market. Moreover, oil and gas drilling operations are expected to observe an uptick, creating lucrative growth prospects in the market.
Leading Market Players
Kemira OYJ (Finland), BASF SE (Germany), Clariant International Ltd. (Switzerland), Huntsman International LLC (U.S.), AkzoNobel N.V. (Netherlands), SNF Floerger (France), Cytec Industries Inc. (U.S.), Orica Limited (Australia), ArrMaz Products, L.P. (U.S.), and The Dow Chemical Company (U.S.) are some of the key players in the mining chemicals market.
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