Global mining chemicals market surpass $25.7 billion by 2017

Global mining chemicals market to surpass $25.7 billion by 2017

11:32 PM, 10th November 2011
Global mining chemicals market to surpass $25.7 billion by 2017

 

SAN JOSE, US: The world market for mining chemicals is projected to surpass $25.7 billion by the year 2017, suggested a comprehensive global report on mining chemicals market by Global Industry Analysts Inc (GIA). Growth in the future will be driven largely by revival of a large number of feasibility studies that were stalled by mining companies during the heat of the recession and waxing demand for mineral resources from developing countries to fuel their rapidly growing economies.

The mining industry will continue to remain an indispensable industry in the 21st century with economic prosperity and competitiveness critically hinged onto the level of mining activity. Steel, iron, aluminum, manganese, lime, for instance, are used in all the broadest of broadest applications such as, aerospace, defense, electronics, consumer durables, construction, agriculture, manufacturing, transportation, communication among numerous others.

Coal continues to dominate world production of energy accounting for over a 30 per cent share in the total energy produced worldwide. Oil and gas extraction/petroleum mining is also indispensable for vehicles and other segments. Therefore all the segments of the mining industry (ie coal mining, oil and gas extraction, metal ore mining, nonmetallic mineral mining and quarrying) are forecast to witness secure growth in the upcoming years.

Mining chemicals play a vital role in enhancing the productivity and efficiency of mining processes. Presently, Asia-Pacific and the US dominate the world mining chemicals market. Explosives & drilling application represents the largest and fastest growing market for mining chemicals worldwide, with impetus for the segment expected to be provided primarily by the coal industry. On the other hand, market for mineral processing is expected to be dominated by precious metals industry such as copper. In upcoming years, legal and regulatory laws regarding environment and safety concerns are expected to propel investments in developing chemicals which are safer and environmentally friendly.

(C) WOC News

 

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