Companies in Sodium Cyanide Market Reap Lucrative Gains from Precious Metal Mining Activities, Volumes to Touch ~1,700 Kilotons by 2027: TMR
- Proliferating Demand for Metal Mining Spur Investments of Stakeholders on Production Facilities, Companies becoming more responsible with storage, transport, and handling
- Asia Pacific is one of the leading exporters of Sodium Cyanide; Considerable consumption in mining sector and application in making intermediate chemicals in the region, especially China, also contributes revenues
ALBANY, N.Y, Aug. 3, 2020 /PRNewswire/ -- Sodium cyanide is precursor to several compounds in the chemical and pharmaceutical industries. They are also used in electroplating and as insecticides. A large chunk of revenue in the sodium cyanide market has come from widespread use in mining applications to extract gold and numerous other precious metals from their ores. It is utilized in 90% of global gold production.
Analysts at Transparency Market Research affirm that in order to maximize revenue gains, manufacturers in the global sodium cyanide market should invest in consolidating their regional and global supply chains. The analysts further contend that tailoring their products to meet the demand for the chemical industry will expand avenues for them.
The global sodium cyanide market stood at ~US$ 2.2 Bn in 2018, and is projected to clock a CAGR of ~4% during 2019 – 2027.
Sodium Cyanide Market: Key Driving Factors and Promising Avenues
Rising extraction of gold, silver, and several other precious metals, especially in deeper mines is a key trend reinforcing the prospects in the sodium cyanide market. This is preferred owing to being cost-effective and with good performance. Focus on the quality of these metals spur new opportunities.
Strides being made in pharmaceutical manufacturing are a key driver for revenues in the sodium cyanide market.
Companies in Latin America are ploughing substantial money in mining in Latin America. Both local and international investments have spruced up utilization of sodium cyanide in gold mining.
Demand for sodium cyanide as precursor in the production of several commercially important chemicals is boosting the sodium cyanide market.
The toxicity level of sodium cyanide is debatable which has concerned end users, including the mining industry. Moreover, cyanide oxidizes when it comes in contact with oxidants, or even with air decomposes. The compound becomes a deadly poison if consumed in high dose. Concerns from mining spillovers also come under the scanner of regulatory agencies. Hence, players in the sodium cyanide market have to face impediments in complying with stringent environmental regulations pertaining to handling, storage, and transport.
Sodium Cyanide Market: Competitive Dynamics
The top players held approximately 70% share of the market in 2018. The list includes Cyanco, Orica Limited, The Chemours Company, and Evonik Industries AG. This accounts for a fairly consolidated landscape. Top players are leaning on strengthening their distribution facilities and boosting production facilities in order to consolidate their positions. Several players are eyeing new revenue streams in developing regions of the world.
Geographically, China, India, and Japan have seen wide-scale utilization of sodium cyanide in gold mining. Revenues in the sodium cyanide market are bolstered by extensive production of the chemical in Asia Pacific and the Middle East and Africa. They are the leading exporters. The rise in demand for making range of medical products in China has also spurred prospects in the Asia Pacific market.
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