High demand for precious metal is escalating the growth of mining chemicals market

 

Mining chemicals comprise a wide range of chemicals and reagents used in the mining sector. These chemicals are commonly used for the extraction of various minerals, precious metals, precious iron ores, coal, and rock. They are very important to any type of mining operation, be it for gold, silver, or copper. Most of the chemicals are toxic, and even hazardous wastes have to be disposed of safely in regulated environments.

 

Increasing demand for minerals coupled with the rise in mining activities is primarily fueling the growth of the mining chemical market. According to the National Mining Association, on average, every American uses around 3.4 tons of coal and nearly 40,000 pounds of newly mined materials each year. Moreover, nearly 50 percent of all U.S. electricity generated from coal and uranium and nearly every manufactured good containing some mineral component. Growing focus on wastewater treatment due to the increasing population which is creating the need for clean water is again anticipated to foster the growth of mining chemical market over the forecast period. Also, increasing demand for gold and other precious metal is further projected to create demand for mining chemicals.

From the geographical point of view, the Asia Pacific is expected to gain significant growth over the forecast period and this is attributed to the strong presence of mineral processing and steel production industry in the region. According to the India Brand Equity Foundation, coal production in the country stood at 729.10 million tons (MT) in FY20 and is expected to reached 304.88 MT in FY21. Production of aluminum stood at 3.65 MT in 2020. Aluminum export from the country reached US$ 18.24 million in FY20 (till January 2020).

Key Developments:

1. In April 2020, Genesys launches a new water treatment product range for the mining sector. The range includes antiscalants and cleaners designed to tackle issues specific to the treatment of mine water.

2. In September 2020, Eimco Elecon launches new products in the underground mining sector. The products are Continuous Miner CM3000, Roof Bolter RB2C, Shuttle Car SC10 LH, and Shuttle Car SC10 RH, all catering to the domestic market.

3. In August 2019, ANDRITZ presented its wide range of proven solid/liquid separation technologies and services for the mining and minerals industry as well as innovative automation and digital solutions at the EXPOSIBRAM fair in Belo Horizonte (MG), Brazil