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Smelting is a process, in which metal is extracted from the ore minerals with the help of chemical reducing agent and heat. The extraction of metal is performed at high temperatures where the elemental metal is collected, while other materials in the form of slag are extracted. In this smelting process, the smelting chemicals including hydrogen peroxide and carbon monoxide are used as reducing agents. The reducing agent helps to remove the slag from the metal and also separate the oxygen atoms from the raw metal by a reduction process. The smelting chemicals find its application in the base metals, precious metals, rare earth metals, and non-metallic minerals.
The rising demand for precious metals will surge the need for smelting chemicals. The precious metals include gold, silver, and platinum. The demand for smelting chemicals in this application is rising, due to their high utilization in the extraction of desired ore or minerals. Further, the smelting process also aids in improving the earth efficiency, recovery rate, reduces the environment pollution, and copper rate in slag. The rising consumer income will lead to an increase in the demand for precious metals, which will aid to fuel the smelting chemicals market growth during the forecast timeline.
However, smelting is a relatively expensive process, this further reduces its use in various applications. It also raises the need for alternative processes such as carbon reduction and electrolysis. Hence, this is anticipated to hinder the market growth.
Key Market Driver -
Rising demand for smelting chemicals in the precious metal extraction process to drive the market growth
Key Market Restraint -
Expensive smelting process leads to restrict the market growth
Based on type, the smelting chemicals market is segmented into solvent extractants, reducing agents, and others. Based on application, the market is segmented into base metals, precious metals, rare earth metals, non-metallic minerals, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the smelting chemicals market are KGHM, Vedanta limited, Techint Group, Vedanta Resources Limited., Boliden Group, SMM Group, Foshan Hengyang Furnace Manufacturing Co., Ltd., Asarco Group, Alcoa Corporation, Tokai Carbon Co. Ltd., Solvay, BASF SE, and Clariant.
The high adoption of smelting chemicals can be seen in the Asia Pacific and this region is expected to witness the highest growth during the forecast period. The growth is due to the rising product demand in the base metal extraction processes. China is the leading country in this region. In Europe, the growth is attributed to the increasing demand for smelting chemicals in precious metals such as gold and silver. The rising mining industry in North America will fuel the smelting chemicals market in the region. The Middle East & Africa and Latin America will witness significant growth, owing to the rising product demand in the rare-earth and non-metallic minerals extraction.
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