At 3.9% CAGR, South & Central America Mining Chemicals Market is Projected to be Worth US$ 1,043.63 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the South & Central America mining chemicals market was valued at US$ 769.75 million in 2022 and is expected to reach US$ 1,043.63 million by 2030, registering a CAGR of 3.9% from 2022 to 2030. Growing demand for metals and minerals in high-end product manufacturing and rising exploration activities of rare earth metals are among the critical factors attributed to the South & Central America mining chemicals market expansion.

The demand for metals, rare earth elements, and minerals in manufacturing high-end products is driven by advancements in the automotive, aerospace, and electronics industries. The higher demand for metals prompts increased mining activity to extract and produce the required raw materials, ultimately leading to extensive use of mining chemicals to access ore deposits, eliminate impurities, and fragment rocks. In addition, with the growing demand for metals, mining companies increasingly focus on improving safety measures and operational efficiency. This includes advancing mining explosive technologies and formulations that can optimize blasting operations. Precious metals such as gold and platinum are sought for their properties such as conductivity in the electrical & electronics industry. In the automotive industry, sports and other high-end vehicles are manufactured using lightweight metals such as aluminum, titanium, and high-strength steel. The demand for aluminum has significantly increased in the past few years due to the rising production of lightweight materials for internal combustion engines and electric vehicles. According to the International Energy Agency, aluminum production grew strongly between 2020 and 2022, with an annual growth rate of 3%, irrespective of the COVID-19 pandemic.

Source: International Energy Agency

Minerals such as lithium and cobalt play a major role in manufacturing batteries for electric vehicles and advanced electronics. The growing demand for renewable energy technologies such as solar, wind, and electric systems is further increasing the need for metals such as copper, and other rare earth metals. Further, rising demand for lithium prompted automotive companies to explore the mining business in recent years. For instance, in May 2023, Tesla Inc announced its plan to enter the lithium mining business to meet the rising demand for lithium for the production of electric vehicles. Mining chemicals are used for ore extraction and processing, mineral processing, water treatment, dust control, environmental management, and safety operations. The growth of the high-end product manufacturing industries, such as automotive, drives the demand for metals, subsequently driving the South & Central America mining chemicals market.

On the contrary, stringent government regulations related to hazardous mining chemicals hamper the growth of South & Central America mining chemicals market.

In terms of type, the South & Central America mining chemicals market is segmented into flotation chemicals, solvent extractants, grinding aids, and others. The flotation chemicals segment held 59.3% share of the South & Central America mining chemicals market in 2022, amassing US$ 456.50 million. It is estimated to garner US$ 622.14 million by 2030 to expand at 3.9% CAGR during 2022-2030. The flotation chemicals segment is sub-segmented into frothers, flocculants, depressants, collectors, and others.

By mineral type, the South & Central America mining chemicals market is categorized into base metals, non-metallic minerals, precious metals, and others. The non-metallic minerals segment held 66.6% share of South & Central America mining chemicals market in 2022, amassing US$ 512.91 million. It is predicted to garner US$ 701.23 million by 2030 to expand at 4.0% CAGR during 2022-2030.

In terms of application, the South & Central America mining chemicals market is segmented into mineral processing, wastewater treatment, and others. The mineral processing segment held 67.1% share of the South & Central America mining chemicals market in 2022, amassing US$ 516.38 million. It is estimated to garner US$ 696.16 million by 2030 to expand at 3.8% CAGR during 2022-2030.

Based on country, the South & Central America mining chemicals market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 66.5% share of South & Central America mining chemicals market in 2022, amassing US$ 511.86 million. It is projected to garner US$ 712.70 million by 2030 to expand at 4.2% CAGR during 2022-2030.

Key players operating in the South & Central America 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.

2023:BASF SE mining solutions announced the launch of its two new product brands: Luprofroth, for growing frothers portfolio, and Luproset, tailored for flotation modifiers.



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