West Africa Gold Mining Chemicals Market Size, Share & Trends Analysis Report By Application (Mineral Processing, Water Treatment), By Product (Collectors, Coatings), By Country, And Segment Forecasts, 2023 - 2030

West Africa Gold Mining Chemicals Market Size, Share & Trends Analysis Report By Application (Mineral Processing, Water Treatment), By Product (Collectors, Coatings), By Country, And Segment Forecasts, 2023 - 2030

West Africa Gold Mining Chemicals Market Growth & Trends

The West Africa gold mining chemicals market size is expected to reach USD 14.6 million by 2030 to expand at a CAGR of 7.3% from 2023 to 2030 as per the new report by Grand View Research, Inc. This is attributed to increasing gold mining activities in African countries. West Africa is a significant contributor of gold, iron ore, uranium, and diamonds through its extraction activities. In addition to these valuable minerals, the region possesses abundant reserves of aluminum, nickel, phosphate, manganese, and zinc. Despite the considerable mineral wealth, a large portion of it has yet to be exploited, suggesting that West Africa's role in the worldwide mineral economy will become more prominent in the years to come.

Additionally, the rising demand for different minerals across regions has resulted in the hike in mine activities, thus, is likely to boost the market over the forecast period. The demand for gold is increasing every year in India, China, the U.S., Saudi Arabia, the UAE, Turkey, Russia, and Egypt being its leading consumer. As of 2021, according to Outlook Publishing India Pvt. Ltd., India and China together account for more than 57% of the total consumption of gold globally.

Furthermore acid mine drainage is one of the major problems for water sources. Mines with acid drainage can have a long-lasting impact on rivers and aquatic life. Mineral deposits containing sulfides, such as zinc, silver, lead, gold, coal, copper, and aluminum, when mined may lead to the creation of acid mine drainage. These minerals, when exposed to water and oxygen result in the formation of sulfuric acid. Acid mine drainage has the potential to decrease water quality by lowering the pH and dissolved metal content of groundwater. Besides, the mining processes adversely affect the wildlife. Mining results in the contamination of soil, as well as water, thereby affecting the wild and marine animals. Moreover, the leakage of hazardous materials into the environment can also have a significant impact on human health. These factors are likely to restrain the growth over the predicted period.

West Africa Gold Mining Chemicals Market Report Highlights

• The lubricants product segment witnessed the fastest CAGR of 9.2%. This is attributed to the fact that gold can be used as a lubricant in numerous engineering applications, depending on its resistance to cold welding
• The water treatment application segment witnessed the fastest growth rate with a CAGR of 7.5%. This is attributed to the demand for water treatment in the mining industry has been witnessing considerable growth on account of rising concerns regarding the release of mining pollutants to natural water sources and the highly acidic nature of the mining water
• Mali witnessed the fastest growth rate with a CAGR of 8.1% in 2022. This growth is attributed to the fact that Mali is the fourth-largest producer of gold in Africa, according to International Trade Administration (ITA)
• In September 2020, Clariant signed a distribution agreement with ChemQuest to distribute its specialty chemicals to mining companies in South Africa, Zambia, DRC, and Zimbabwe

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