Albany, NY -- (SBWIRE) -- 05/21/2019 -- Geochemical Services Market – Snapshot

Geochemical services refer to the study of origin, evolution, and distribution of chemical elements on earth that are contained in rock-forming minerals and products derived from these elements. Geochemical services for the mining industry consist of collection of samples, chemical analysis of samples, and interpretation of analytical results. The testing is carried out in dedicated geochemical laboratory or directly on-field. Experienced and skilled geochemists are needed to carry out laboratory based or in-field based analysis. Different types of geochemical services include sample preparation, aqua regia digest, mixed acid digest, X-ray fluorescence, hydrogeochemistry, and fire assay. Geochemical analysis can be used to predict where petroleum, metals, water, and commercially valuable minerals may be located. It can also be used to predict or trace leaks from waste disposal sites and track and understand fluctuations in Earth's climate.

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Increase in Expenditure on Mineral Exploration Likely to Drive Market

The cycle of mining begins with exploration, continues through production, and ends with closure and post-mining land use. Geochemical analysis plays a major role in selection of the mining site, as the test analysis report interprets deposition and mineral content. Expenditure on mining and exploration processes has increased over the last few years, due to the rise in demand for various types of minerals and metals. Industries engaged in mining are processing, analyzing, and interpreting remote sensing, landsat, and geophysical datasets along with geochemical data to determine potential mining sites in order to begin with the exploration and mining process. Geochemical services can be carried out in laboratory or in-field based laboratories. In-field based testing is carried out in a portable laboratory directly on the site. This facilitates quick decision making. Growth in the mining sector is projected to drive the geochemical services market during the forecast period. The mining industry is one of the largest consumers of geochemical services. Thus, increase in demand for metals, ores, and minerals is expected to augment the geochemical services market for mineral & mining industry in the near future.

Technological Advancements in Geochemical Services to Increase Effectiveness of Mining Operations

Geochemical services have become an integral part of mining operations, as they are used across the mining lifecycle. These services not only help in identifying potential elements, but also make the extraction and processing of ores more efficient and effective. Advancements in technology have enabled service providers to establish labs at mining sites. These offer quick and accurate results at the site itself, saving time and capital investment significantly. Application of technologies in excavation and processing stages is helping in grade control and high recovery of valuable metals or minerals, without the extraction of penalty minerals. Technological advancements in geochemical services and technology are expected to make the mining process more efficient and effective and enable mining of valuable minerals without causing much harm to the environment.

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Few Large Players Dominate Global Geochemical Services Market for Mineral & Mining Industry

Key players operating in the global geochemical services market for mineral & mining industry are Bureau Veritas SA, Intertek Group plc, SGS SA, ALS Limited, Shiva Analyticals & Testing Laboratories India, Geochemic Ltd., Activation Laboratories Ltd., ACZ Laboratories, Inc., Alex Stewart International, and AGAT Laboratories Ltd.