Mining Chemicals Market Overview
Mining Chemicals market size is forecast to reach US$32.7 billion by 2027, after growing at a CAGR of 4.6% during 2022-2027. The process of mining involves extracting valuable minerals from the Earth, usually through an ore. Growing mining of coal, oil shale, gemstones, limestone, chalk, and dimension are triggering the market growth for mining chemicals. The growing population and intensive industrialization are driving wastewater treatment processes among end-users. The Flocculants are used in water treatment to remove solids in water by forming larger clusters. The flocculation process may happen spontaneously or with the assistance of chemical agents. As a method of treating stormwater, wastewater, and drinking water, this method is mostly used. Growing demand for minerals, rising emphasis on water & wastewater treatment, and increasing mining activities are among the key trends spurring market growth. Rapid usage of gold, copper, and platinum from various applications is supporting the market growth during the forecast period.
COVID-19 Impact
Around the globe, the Covid-19 pandemic has disrupted the economic, financial, and social structures. As a result of the pandemic, communication, trade, access to goods, have all been affected in the past year. In addition, it reduced the demand and sales of goods and stopped many economic activities, including mining. Certainly, the current crisis is unprecedented. Millions of people all over the world were restricted by this, the only legal restriction in modern history. However, there has been some panic among consumers and firms, which has led to market anomalies due to distorted consumption patterns. Though global economic output has begun to recover from the collapse caused by Covid-19, it will remain below pre-pandemic levels for a prolonged period. OECD data shows that global GDP decreased by 4.2% in 2020, while it is expected to increase by the same amount in 2021. By late 2021, the global economy is expected to return to pre-coronavirus levels, but this will be an uneven process across different countries.
Mining Chemicals Market By Product Type
The Flocculants segments accounted for approximately 27% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The flocculants are used in filtration of water, and they cause clumps of particles to agglomerate and settle out of the solution, leaving them behind in the filtered water. They are lightweight, medium-weight, and heavy polymers. Flocculants are like high-tech ropes that bind the coagulated particles together. In addition, flocculants are available in different charges, densities, molecular weights, and forms. Several central African tribes have been using natural polymers, such as crushed nuts, as flocculants since prehistoric times. A flocculant is a substance that accelerates the aggregation of colloidal particles and the fall of floccules. This will reduce sediments in the water system and increase pollution removal efficiency. They are commonly used in processes of water and wastewater purification. The best flocking agents remove impurities at the lowest concentration and in the shortest amount of time.
Mining Chemicals Market By Application
The mineral processing segment accounted for approximately 23% of the market share in 2021 and is estimated to grow at a significant CAGR during the forecast period. The chemical industry has identified mineral Processing as one of the global megatrends it is focusing on because a growing world population and increasing wealth may result in an increasing need for raw materials to build infrastructure and produce consumer goods. It is expected that mining chemical use will grow even faster, since the industry deals with lower-grade ores that require a greater amount of chemical processing. Chemicals are used to control dust, and the use of water is more efficient in many cases due to environmental and health regulations. Steel and alumina production and conversion costs in India are relatively low. Export opportunities and fast-developing Asian markets are enabled by the city's strategic location. As per Indian Brand Equity Foundation, a total of 1,229 mines in India are reported as of FY21, of which 545 report metallic minerals and 684 non-metallic minerals. The number of steel plants in India in FY20 was 914. According to the latest figures, India's crude steel output was 102.49 million tonnes in FY21. During May 2020, crude steel production in India rose by 5.8% year-over-year to 5.8 million tonnes, compared with 9.2 million tonnes in May 2021, according to world steel.
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Mining Chemicals Market By Geography
Asia Pacific region held the largest share in the mining chemicals market in 2021 up to 42%, owing to the rapid growth in the mining activities in the region. Over the years, China has produced 11% of the world's mines, making it the top exporter. Government policies imposing stronger environmental regulations have contributed to the downturn. According to the data published by Forbes, in the past 8 years, Australia's production has increased substantially. More than 50% of Australia's exports come from the minerals industry, which generates 8% of the nation's gross domestic product. In addition to higher production at some mines, Mount Morgans and Cadia Valley have ramped up their activities.
Mining Chemicals Market Drivers
Transition to a low-carbon economy:
As a result of the transition to renewable energy, minerals are expected to be more in demand. Additionally, the transition to energy-efficient solutions is a great opportunity for mining, as it is more mineral-intensive than the fossil fuel-based options. In addition to driving up atmospheric greenhouse gas concentrations, industrialization has played an unintended but well-documented role in altering the climate. Accurate accounting of energy use and greenhouse gas emissions is necessary in order to evaluate and implement climate mitigation strategies.
Most of the demand can probably be met through more efficient recycling and re-use. Due to recycling, lower-grade materials are produced, and metals inventories fail to keep up with future demands, so there remains a significant void. Primary resources probably won't suffice to meet the demands of modern societies as they develop, at least on current trends. It means that there will be more mining in the future. According to International Trade Administration, there are more 350 operating mine sites in the Australia, of which one-third is located in Western Australia (WA), one-quarter in Queensland (QLD). They also mentioned during 2020–21 the export earnings are estimated to reach US$230 billion.
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Mining Chemicals Market Constraints
Affect water quality and Aquatic Wildlife: Water quality and availability of water resources are probably the most significant impacts of a mining project. Water quality in the project area will be critical in determining whether surface and groundwater supplies will remain suitable for human consumption and whether native aquatic life and terrestrial wildlife will be able to persist in the project area. Fish, animals and plants may be adversely affected if mine waste contains acid. The pH value of many acids mine drainage impacted streams is 4 or lower - the same as battery acid. According to Federal Highway Administration Research and Technology, it is estimated that mining processes of mineral ores generate approximately 1.6 billion metric tons of mineral processing waste each year in the U.S. The new norms include recycling and proper treatment before disposal.
Mining Chemicals Industry Outlook
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the mining chemicals market. Major players in the mining chemicals industry are:
AkzoNobel N.V.
BASF SE
Clariant International Ltd.
Cytec Industries Inc
Kemira OYJ
The Dow Chemical Company
Huntsman International LLC
Orica Limited.
ArrMaz Products, L.P.
SNF Floreger
Other Companies
Acquisitions/Technology Launches
In September 2021, Clariant opened a new technical facility in Brazil exclusively dedicated to developing solutions for tailings management. Clariant’s new Competence Center for Tailings Treatment will develop mining chemicals and technologies to support the industry’s efforts from the heart of Brazil’s mining hub.
Key Takeaways
Over the past century, mining operations have dramatically increased their environmental footprint due to an increased global demand for mined commodities. As a result, construction minerals have increased by a factor of 34, ores and industrial minerals by a factor of 27 and biomass extraction by 3.6.
The mineral processing segment is estimated to grow at a CAGR of 4.9% during the forecast period.
The Asia Pacific region is expected to grow at a high CAGR of 5.8% during the forecast period. The growing mining activities and presence of several mines in the region are supporting the market growth.
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