MINING Chemicals Market Gets a Major Boost with Strategic Partnership between German Chemicals Giant BASF SE and IntelliSense.io to Incorporate AI solutions in Mining industry

 

Mining is a field where large quantities of chemicals are used to help get at the precious metals found deep within the earth. However, as all mining requires these materials in order to be able to do their job effectively, there is a need for highly trained chemical engineers in this particular field. In fact, it is estimated that up to one hundred thousand chemicals are used during the course of a single mine. Mining chemicals are no longer something that simply has to do with mining and prospecting for precious metals. The need for these chemicals is no longer restricted to those involved in this industry alone but extends to industries such as agriculture and other areas of the chemical sector as well. These chemicals are used to help break down the metal before any other forms of processing take place, meaning that it is essential that their efficiency as well as their safety are maintained.

Rising consolidation in the mining industry is expected to drive growth of the global mining chemicals market during the forecast period. Key coal industry players are focused on the consolidation of businesses via merger and acquisition activities. For instance, in August 2020, the Government of China approved a merger for two coal miners Yankuang Group Co. Ltd with Shandong Energy Group Co. to create a new firn Shandong Energy Company Ltd. Furthermore, in June 2020, Zijin Mining acquired 50.1% stakes in Tibet Julong Copper for US$ 550 million. Such consolidation of business is expected to boost the mining industry. Therefore, these factors are expected to drive growth of the global mining chemicals market during the forecast period. Furthermore, rising investments in the mining industry are expected to propel the global mining chemicals market growth in the near future.

However, slow growth of the mining industry, especially in developed countries combined with the environmental impact of mining chemicals is expected to hinder the global mining chemicals market growth in the near future. Furthermore, rapid growth of the mining sector in Africa and Eastern Europe can provide major business opportunities in the global mining chemicals market. Rising importance of water management activities in the Asia Pacific can present lucrative growth opportunities in the near future.

Major companies involved in the global mining chemicals market are BASF SE, 3M, Orica Limited, Betachem (Pty) Ltd, CTC Mining, Chevron Phillips Chemicals Co. Ltd, Clariant AG, The Chemours Company, Orica Limited, AECI, and Arkema.

For instance, in July 2020, BASF SE, a Germany-based chemicals company, partnered with IntelliSense.io to deliver AI solutions in mineral processing and chemical expertise.