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Global Flotation Reagents Market Overview 2033 : Forecasted Market Size And Growth Rate
Flotation Reagents Global Market Report 2024
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According to The Business Research Company's, The flotation reagents market size has grown strongly in recent years. It will grow from $4.99 billion in 2023 to $5.4 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth in the historic period can be attributed to mining industry growth, increase in mineral processing, growing complexity of ore deposits, cost-effective solutions, increase in recycling activities.
The flotation reagents market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rise in metal demand, shift towards sustainable mining, rapid urbanization and industrialization, emergence of new mineral deposits, stricter environmental regulations. Major trends in the forecast period include advancements in extraction technologies, bio-based and environmentally friendly reagents, recycling and reuse of reagents, market consolidation and strategic alliances, customized reagent formulations.
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Market Drivers and Trends:
The expanding mining operations are expected to propel the growth of the flotation reagents market going forward. Mining operations refer to actions carried out by an operator on a mine site associated with the extraction of minerals. These activities may include excavating and processing minerals, storing and removing minerals from a place, and any reclamation activities on a mine site. In the mining industry, flotation reagents are used in mineral processing to separate and concentrate ores by altering their surfaces to a hydrophobic or hydrophilic condition. For instance, in July 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, critical minerals production experienced a significant surge, increasing by 30% to reach $41 billion in 2021, following a 20% gain in 2021. Over the past five years, the demand for critical minerals has notably escalated, with a threefold increase in lithium consumption and a 70% rise in cobalt demand. Therefore, expanding mining operations are driving the flotation reagents market.
Technological innovations are the key trend gaining popularity in the flotation reagent market. Major companies operating in flotation reagents are focused on developing innovative technologies to strengthen their position in the market. For instance, in September 2021, Ecolab, a US-based provider of flotation solutions, launched Flotation 360, the complete end-to-end flotation optimization solution for mining and mineral processing. Flotation 360 is an all-inclusive technology that blends innovative rother and collector chemistry with global technical support and electronic diagnostic instruments that keep track of the operational, mechanical, and chemical factors affecting performance. The solution is unique in integrating advanced chemistry, technical know-how, digital innovation, and predictive, actionable insights to reach the highest level of flotation optimization.
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Major Key Players of the Market:
The Dow Chemical Company, BASF SE, Evonik Industries AG, Johnson Matthey, Solvay SA, Ecolab Inc., Akzo Nobel NV., Huntsman International LLC., Lubrizol Corporation, Clariant AG, Orica Limited, Chevron Phillips Chemical Company LP, Kemira Oyj, Denka Company Limited, Solenis LLC., AECI Limited, Cheminova AS, ArrMaz, CP Kelco US Inc., IXOM Limited, Senmin International Pty Ltd., King Industries Inc., Qingdao Darun Chemical Co Ltd, Kemcore, Cochran Chemical Company Inc., Axis House Pty Ltd., SNF Floerger Group, HYChem Corporation, Yantai Humon Chemical Auxiliary Co. Ltd., Ashland Global Holdings Inc.
Flotation Reagents Market 2024 Key Insights:
• The flotation reagents market size is expected to see strong growth in the next few years. It will grow to $7.07 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Expanding Mining Operations Propel The Flotation Reagents Market Amid Rising Demand For Critical Minerals
• A Comprehensive End-To-End Solution Redefining Flotation Optimization In Mining And Mineral Processing
• North America was the largest region in the flotation reagents market in 2023
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