Mining Chemicals Market Size, Share, Growth Analysis, By Ore Type(into Powder Gold, Iron, Copper, Phosphate and Others), By Application(Mineral Processing, Explosives and Drilling, Water Treatment, Others), By Region - Industry Forecast 2024-2031

Global Mining Chemicals Market size was valued at USD 10.01 billion in 2021 and is poised to grow from USD 10.71 billion in 2022 to USD 18.13 billion by 2030, growing at a CAGR of 6.8% in the forecast period (2023-2030).

A key driver boosting the growth of the global mining chemicals market is the rising demand for minerals across a variety of end-user industries, such as electronics, medical equipment, paints & coatings, and others. Graphite, cobalt, and lithium production will grow by 500% by 2050, according to a March 2021 study by the World Bank, as a consequence of increasing demand for renewable energy technologies. Thus, the growth of the market for minerals drives up market demand for mining chemicals. The growth of mining activities and mineral production in the U.S. and Canada is the primary driver of the product demand in North America.

The primary user of the product is the coal industry, which depends heavily on coal to produce electricity. According to data from the U.S. Energy Information Administration, coal was used to generate over 19.3% of the country's electricity in 2021. Digital mines are likely to be using growing technologies like the Industrial Internet of Things in the upcoming years (IIoT). Data from mines can be gathered in real-time using strategically placed sensors that are connected. They aid in increasing safety, cutting costs, and improving operational efficiency. They also help decrease fatalities and injuries caused by high-energy settings. These factors are expected to generate new opportunities for the mining industry over the projected period.

Raw materials such as mercury, sulfuric acid, cyanide, nitric acid, lead, and uranium are utilized to produce mining chemicals. They are extremely poisonous and harmful to the environment as well as people. They therefore are governed by a number of legislations, such as the Industrial Chemicals Act, the OSPAR Convention, and the Registration, Evaluation, Authorization, and Restriction of Chemicals Act (REACH).