PUBLISHER: The Insight Partners | PRODUCT CODE: 1533062
PUBLISHER: The Insight Partners | PRODUCT CODE: 1533062
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; it is estimated to register at a CAGR of 3.9% from 2022 to 2030.
Development of Environment-Friendly Mining Chemical Solutions Fuels South & Central America Mining Chemicals Market
The development of environment-friendly mining chemicals is a significant step toward sustainable mining practices. Conventional mining chemicals such as cyanide and sulfuric acid have detrimental effects on the environment, including water contamination, soil degradation, and air pollution. Scientists are developing novel bio-based reagents that can be used to extract metals from ores. The diluent is produced from bio-based waste and residual raw materials. The laboratory studies and pilot trials at the Outotec Research Center and Neste's Technology Center (Finland) confirmed the high-level performance of the developed bio-based diluent for solvent extraction of copper and other base metals.
Researchers are also developing new technologies to recycle and reuse mining chemicals. Some companies are developing methods to extract tailings, which are the waste materials left over from the mining process. The development of ionic liquids and supercritical fluids for extraction of metals from ores is further being researched. Some companies and research organizations are exploring the potential of microbial applications for water treatment in mining operations. Thus, the development of environment-friendly mining chemical solutions is expected to emerge as a trend in the South & Central America mining chemicals market in the future.
South & Central America Mining Chemicals Market Overview
According to the World Mining Data 2022 report by the Federal Ministry Republic of Austria, Brazil is among the top five largest lithium-producing countries. South & Central America is a well-established mineral producer and has exploration potential in the mining sector. According to a report published by the International Energy Agency in 2023, Latin America recorded 40% of global copper production in 2021, in which Chile and Peru held 27% and 10% share, respectively. Latin America's share of global copper exploration expenditure increased from 35% to 45% during 2012-2022, which indicates potential for mining production growth. As of 2023, countries in Latin America supply 35% of the global lithium, including Chile (26%) and Argentina (6%).
In 2022, Vale SA commenced production of sustainable sand Viga mine in Congonhas (Brazil), obtained from its iron ore tailing, to reduce the disposal of materials in dams or piles. South & Central America marks the presence of various major geological departments such as SERNAGEOMIN (Chile) and Division of Special Projects and Strategic Minerals (Brazil). Government organizations and departments build mining project strategies focusing on lithium, rare earth elements, graphite, copper, and cobalt. The development potential of the mining industry in South & Central America fuels the demand for mining chemicals across the region.
South & Central America Mining Chemicals Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Mining Chemicals Market Segmentation
The South & Central America mining chemicals market is segmented based on type, mineral type, application, and country.
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 is sub-segmented into frothers, flocculants, depressants, collectors, and others. The flotation chemicals segment held the largest share in 2022.
By mineral type, the South & Central America mining chemicals market is segmented into base metals, non-metallic minerals, precious metals, and others. The non-metallic minerals segment held the largest share in 2022.
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 the largest share in 2022.
Based on country, the South & Central America mining chemicals market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America mining chemicals market in 2022.
Orica Ltd, Kemira Oyj, BASF SE, Clariant AG, Dow Inc, AECI Ltd, Nouryon Chemicals Holding BV, Solvay SA, and Arkema SA are some of the leading companies operating in the South & Central America mining chemicals market.