Metal Extraction Solvents Market: Overview
- Metal extract solvents are organic solvents used as extractants to extract metals and organic contaminants from soil
- Extraction solvent is mixed with contaminated soil in an extraction unit. The solution then is passed over a separator. Extractants and contaminants are separated from the soil. Metals are then extracted along with the targeted organic contaminants.
- Metal extraction solvents are used to extract rare earth metals as well as heavy metals
Rise in Demand for Extraction of Heavy Metals to Drive Metal Extraction Solvents Market
- Companies need to recycle waste containing heavy metals in an environment-friendly and economically profitable way. Industrial waste generated form television, cellphones, computers, permanent magnets, and tablet manufacturing industry contains rare earth metals. Waste containing rare earth metals is a key concern for companies. Scarcity of rare earth metals is a key factor driving the need of recycling and extraction of rare earth metals form industrial waste. This is boosting the demand for metal extraction solvents across the globe.
- Increase in environmental regulations related to heavy metal waste recycling is also augmenting the metal extraction solvents market
- The global industrial shutdown and disruption in manufacturing activities caused by the COVID-19 have hampered the global metal extraction solvents market. The industrial shutdown has affected waste generation and ultimately the recycling of waste. In turn, this has adversely affected the consumption of metal extraction solvents.
- Disruption in supply of raw materials has led to a shortage of raw materials. This has increased the prices of raw materials. The downstream supply chain is expected to take longer for deliveries. The industrial shutdown has also adversely impacted product and inventory transportation, as logistic services have been hampered.
Chlorine Solution Product Type Segment to Offer Lucrative Opportunities
- Based on product type, the global metal extraction solvents market can be segmented into chlorine solution, cyanide solutions, sulfuric acid solution, turpentine, and others
- The chlorine solution segment is anticipated to expand significantly during the forecast period
Copper Metal Type Segment to Hold Major Share of Market
- Based on metal type, the metal extraction solvents market can be divided into gold and silver, copper, nickel, uranium, cobalt and zinc, manganese and vanadium, and others
- The copper segment is expected to dominate the metal extraction solvents market during the forecast period
- Growth in consumer electronics sector is anticipated to boost the demand for metal extraction solvents during the forecast period
Asia Pacific to Constitute Significant Share of Global Metal Extraction Solvents Market
- In terms of region, the global metal extraction solvents market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2019, due to the presence of key manufacturers as well as consumers in the regional market
- Expansion of the manufacturing sector in Asia Pacific is likely to boost the metal extraction solvents market in the region in the near future
- North America is also estimated to hold key share of the global metal extraction solvents market during the forecast period
Key Players in Market
The global metal extraction solvents market is moderately consolidated, with the presence of regional and global manufacturers. Prominent players operating in the market are adopting strategies such as acquisition, product launch, and merger to maintain their leading position. Key players are investing in technological developments in order to maintain their leading position.
Major players operating in the global metal extraction solvents market include:
- Exxon Mobil Corporation
- SGS Group
Global Metal Extraction Solvents Market: Research Scope
Global Metal Extraction Solvents Market, by Product Type
- Chlorine Solution
- Cyanide Solution
- Sulfuric Acid Solution
- Others (Including Amines)
Global Metal Extraction Solvents Market, by Metal Type
- Gold and Silver
- Cobalt and Zinc
- Manganese and Vanadium
- Others (Manganese, Vanadium, Niobium, Tantalum, etc.)
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