The new report by Expert Market Research titled, ‘Global Sodium Cyanide Market Size, Share, Trends, Price and Forecast 2023-2028’, gives an in-depth analysis of the global sodium cyanide market, assessing the market based on its segments like applications and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): 855.7 thousand metric tons
- Forecast CAGR (2023-2028): 5.2%
- Forecast Market Size (2026): 1153 thousand metric tons
In terms of demand, the Asia Pacific region, which is the net exporter of sodium cyanide, is expected to see rapid development. The rapid expansion of mining operations in the area, combined with the expanding electroplating industry, is propelling the sodium cyanide demand even higher. The region’s supply and demand are also very high. The Asia Pacific region is the leading supplier of sodium cyanide, responsible for almost half of global production.
The supply of feedstock and high-capacity installations are driving the sodium cyanide demand in the area. In comparison to North America and Europe, Asia Pacific is the main exporter of sodium cyanide due to excess demand and low labour costs in the manufacturing of sodium cyanide. Domestic demand for sodium cyanide is strong in China, a major market in the Asia Pacific region. It is also a significant exporter, with markets in Latin America, Africa, and India.
Industry Definition and Major Segments
The inorganic compound sodium cyanide has the chemical formula NaCN. It is a clear, white solid that dissolves in water. Since cyanide has a stronger affinity for metals, it has a high toxicity. The product’s main use is in gold mining, which takes advantage of the product’s high metal reactivity. It is a highly toxic drug that inhibits a variety of metabolic processes, and it is often used as a chemoreceptor test reagent.
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It is also used in a variety of industrial applications like:
- Mining (Extraction)
- Electroplating
- Others
The regional markets for the product include:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
The growing mining activities, especially in the Asia Pacific region, are driving the global sodium cyanide market. The rising demand for precious metals like gold is prompting both national and foreign mining companies to expand their operations in the area. The simple availability of hydrogen cyanide as a feedstock is assisting demand development in the field.
The demand for precious metals is assisting the growth of precious metals mining industries, especially in regions where the demand for sodium cyanide is increasing, such as Africa and Oceania. Thanks to favourable policy shifts, the mining sector is also seeing healthy growth in the United States, which is propelling the sodium cyanide industry ahead.
Key Market Players
The major players in the market are Anhui Shuguang Chemical Group, Cyanco Corporation, Chemours Company, Orica Limited, TAEKWANG Industrial Co., ltd., CyPlus GmbH, Tongsuh Petrochemical Corp., Ltd, Sasol Lomited, Australian Gold Reagents Pty Ltd, and Unique Chemical Limited, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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