At 5.0% CAGR, Asia Pacific Mining Chemicals Market is Projected to be Worth US$ 8,887.17 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific mining chemicals market was valued at US$ 6,013.78 million in 2022 and is expected to reach US$ 8,887.17 million by 2030, registering a CAGR of 5.0% from 2022 to 2030. Rising exploration activities of rare earth metals and development of environment-friendly mining chemical solutions are among the critical factors attributed to the Asia Pacific mining chemicals market expansion.

Rare earth metals are known for their unique properties and have various applications across different industries, including electronics, renewable energy, automotive, defense & aerospace, and medical equipment. The growing demand for rare earth metals from these sectors has propelled the need to explore their new deposits. According to the United States Geological Survey, Vietnam's rare earth mine production jumped to 4,300 metric tons in 2022 from 400 metric tons in 2021. In April 2023, National Geophysical Research Institute (NGRI) discovered large deposits of 15 rare earth elements (REE) in Anantapur district, Andhra Pradesh, India.

Successful exploration results and identifying economically viable rare earth metal deposits can lead to expansion operations. Before commencing mining operations, extensive site preparation and infrastructure development are required. This includes clearing vegetation, leveling terrain, constructing access roads, and establishing mining facilities. Mining chemicals are employed in these activities to clear land, shape terrain, and build access routes, facilitating the development of mining sites for rare earth metals.

Further, rare earth metals are often embedded within hard rock formations, making their extraction challenging. The exploration activities for rare earth metals involve extensive drilling and blasting to extract mineral samples and access the viability of deposits. Mining chemicals are crucial in breaking down rocks and facilitating access to mineral-rich areas. As companies move from exploration to production, the demand for mining chemicals escalates to support larger-scale mining activities. Thus, the growing exploration activities of rare earth metals would offer lucrative opportunities for the mining chemicals market during the forecast period.

On the contrary, stringent government regulations related to hazardous mining chemicals hamper the growth of Asia Pacific mining chemicals market.

In terms of type, the Asia Pacific mining chemicals market is segmented into flotation chemicals, solvent extractants, grinding aids, and others. The flotation chemicals segment held 60.1% share of the Asia Pacific mining chemicals market in 2022, amassing US$ 3,613.09 million. It is estimated to garner US$ 5,361.70 million by 2030 to expand at 5.1% CAGR during 2022-2030. The flotation chemicals segment is sub-segmented into frothers, flocculants, depressants, collectors, and others.

By mineral type, the Asia Pacific mining chemicals market is segmented into base metals, non-metallic minerals, precious metals, and others. The non-metallic minerals segment held 66.7% share of Asia Pacific mining chemicals market in 2022, amassing US$ 4,013.85 million. It is predicted to garner US$ 6,002.90 million by 2030 to expand at 5.2% CAGR during 2022-2030.

In terms of application, the Asia Pacific mining chemicals market is segmented into mineral processing, wastewater treatment, and others. The mineral processing segment held 68.1% share of the Asia Pacific mining chemicals market in 2022, amassing US$ 4,094.07 million. It is estimated to garner US$ 5,991.61 million by 2030 to expand at 4.9% CAGR during 2022-2030.

Based on country, the Asia Pacific mining chemicals market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 45.4% share of Asia Pacific mining chemicals market in 2022, amassing US$ 2,730.26 million. It is projected to garner US$ 4,235.84 million by 2030 to expand at 5.6% CAGR during 2022-2030.

Key players operating in the Asia Pacific mining chemicals market are Orica Ltd, Kemira Oyj, BASF SE, Clariant AG, Dow Inc, AECI Ltd, Nouryon Chemicals Holding BV, Solvay SA, and Arkema SA, among others.

2022: Deepak Fertilisers and Petrochemicals Corporation Limited (DFPCL) announced that it will demerge its fertilizer and mining chemicals business in a move described as a strategic shift from commodity to specialty.

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