These demand drivers, as well as the rising global need for ferrous metals, industrial minerals and fuel-ore mining was driving market revenues toward US$2.9 billion by 2025, a compound annual growth rate of 6.7% from 2018, the Santa Clara, California-based consultancy said.
The firm said mining chemical manufacturers were increasingly developing and integrating digital technologies to boost application efficiencies for their mining customers, and end users were embracing new chemistry formulations and compositions to advance operational orderliness and mineral processing steps.
"Major mining companies have been keen to deploy customised chemicals, green mining solutions and innovative mineral extraction technologies that are capable of extracting more mineral content from low-grade mineral ores and waste products," said senior research analyst for chemicals, materials and nutrition, Ganesh Dabholkar.
"Such factors are expected to drive the demand for high-end mineral processing products, thereby opening new avenues for market growth."
However, it's not all plain sailing for the sector.
Dabholkar said continued steady market growth was challenged by the evermore remote locations of new mines and generally poorer associated ore grades. "This trend is dampening mining business attractiveness and impacting mining activities as well as chemical demand growth."