Growing mining operations in Latin America and Canada are projected to fuel the growth of the global mining chemical market at a CAGR of 3.71% during the forecast period 2023 to 2030

Market Research Future (MRFR) has published on the “global mining chemical market”.

The global mining chemical market is estimated to register a CAGR of 3.71% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global mining chemical market — BASF SE, Solvay S.A., Dow Chemical Company, SNF Group, AkzoNobel N.V., Clariant AG, Chevron Phillips Chemical Company, Kemira Oyj, Orica Limited, National Aluminium Company and others.

Market Highlights

The global mining chemical market is accounted for to register a CAGR of 3.71% during the forecast period and is estimated to reach USD 14,480.5 million by 2030.

Mining chemicals aid the mining and mineral processing industries attain maximum efficiency through improved selectivity and higher recovery while providing environmental benefits. Many reagents, usually referred to as modifying agents, are used in the flotation of sulfide ores. This is especially true in the case of complex ores, where two or more valuable minerals must be separated from each other. Sulfuric acid is a chemical used in copper mining. In line with the growing mining and processing activities worldwide, the consumption of mining chemicals has also been increasing. Mining chemicals are highly corrosive and expensive substances commonly utilized in mineral processing. They require precision metering to achieve optimal sound recovery rates, froth and bubble size, and depression specificity. They help with infiltration and dewatering, increasing grade and recovery, improving capacity, sorting minerals, handling pumps and slurry, and decreasing collector dose and expense per ton. Mining chemicals regularly used include frothers and collectors, flocculants, solvent extractants, rheology modifiers, and wet- and dry-grinding aids. Mining chemicals play a significant role in the processing of mineral ores. Specialty chemicals are deployed in almost all the steps of the mining process. Mining is a very complex process, and these chemicals are used to simplify it. The mining sector has seen adjustments in production techniques, from tunneling to open-pit mining, allowing it to mine ores of diminishing grades while lowering total costs. Furthermore, specialty chemicals are used in later phases of the production chain, such as smelting, refining, manufacturing, and commodities trading. Moreover, mining activities are increasing in the rapidly growing regions, such as China, Africa, and South America, and the governments are taking initiatives to increase mining activities in their respective countries.

Segment Analysis

The global mining chemical market has been segmented based on product type, mineral type and application.

Based on manufacturing, the market is segmented into grinding aids, flocculants, frothers, collectors, depressants, and others. The grinding aids segment is attributed to holding the largest market share in 2022 with a market share of ~26% revenue as estimated by MRFR analysts.

The grinding aids segment is projected to have a high growth rate during the forecast period. Grinding aids are extensively used for limestone grinding in cement production. Hence, major cement-producing countries such as China, India, and the U.S. are the key consumers of grinding aids. The efficient use of grinding aids minimizes energy costs associated with the grinding process.

Further, we estimate that the market segment will continue to dominate market revenue growth during the forecast period. It has been identified that the segment market yet witnesses continuous advancement in technology, innovation and increasing application in the mining industry.  

Based on mineral type, the global mining chemical market has been segmented into non-metallic minerals, precious metals, rare earth metals, and base metals. The precious metals segment was expected to hold the largest market share in 2022.

Based on application, the global mining chemical market has been segmented into mineral processing, explosives & drilling, water & wastewater treatment, and others. The water & wastewater treatment segment was expected to hold the largest market share in 2022.

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Regional Analysis

The global mining chemical market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America consists of US and Canada. The Europe market comprises of UK, Norway, Italy, Denmark, and the rest of Europe. The global mining chemical market in Asia-Pacific has been segmented into China, India, Australia, Indonesia, and the rest of Asia-Pacific. The Middle East & Africa market comprises of Saudi Arabia, UAE, South Africa, and rest of Middle East & Africa. While the Latin America market consists of Brazil, Mexico, Argentina, and rest of Latin America.

In the North America region, the production of certain industrial minerals increased, owing to the growth in construction activities of the country. It also led to a rise in the prices of such industrial minerals. Besides, the consumption of minerals widely used in infrastructure, residential construction, and oil and gas drilling operations witnessed a significant increase in the country. Hence, all such trends in the mining industry are projected to drive the consumption of mining chemicals in the country over the forecast period. In Europe, Germany is expected to lead the market, followed by the United Kingdom. Specialty chemicals are used in almost all the steps in the mining process. The mining industry has witnessed shifts in its production techniques, from tunneling to open pit mining, which has made it possible to mine ores of declining grades and decrease the overall costs. In addition, specialty chemicals are also used in the later stages of production chain, like smelting, refining, manufacturing, and commodity trading. In Asia-Pacific region, China holds the majority share of the Asia-Pacific mining chemical industry. The Chinese mining industry has more than 10,000 mines, the majority share is held by the state. It is world’s largest producer of gold, coal, and other earth minerals. Moreover, it is also a leading consumer of mining products. In addition to the existing wastewater treatment plants, there are ongoing advances, such as expansion of existing wastewater sewage treatment plants and establishment of new sewage treatment plants. Mining chemicals are largely used in the mining industry for recovering minerals from the slurry, separation of impurities, purification of certain minerals, and many other applications. Countries have been significantly investing in the mining sector in Asia-Pacific, majorly focusing on minerals, such as lithium, cobalt, and nickel, which are widely used in battery technologies.

Key Findings of the Study

  • The global mining chemical market is expected to reach USD 14,480.5 million by 2030, at a CAGR of 3.71 % during the forecast period.

  • The Asia-Pacific region accounted for the fastest-growing global market.

  • Based on product type, the grinding aids mining chemical market segment was attributed to holding the largest market in 2022, with an approximate market share of 26%.

  • BASF SE, Solvay S.A., Dow Chemical Company, SNF Group, AkzoNobel N.V., Clariant AG, are some of the key market players.

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