Sodium Cyanide Market to Reach US$ 3.6 Bn by 2031: TMR Study

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Aug 24, 2022, 21:30 ET

Widespread utilization in gold mining operations globally, especially in deeper mines, to propel revenue generation in sodium cyanide market; attractive environmental profile of products to open up new opportunities
Adoption in separation of precious metals to steer revenue streams; Asia Pacific to remain lucrative, underpinned by rising demand in multiple industries

WILMINGTON, Del., Aug. 25, 2022 /PRNewswire/ -- Scrutiny of key sodium cyanide market statistics indicate that the chemical is preferred as a separation reagent in gold mining worldwide, attributed to both economic factors and attractive functional characteristics. As a result, stakeholders are geared toward adopting the best practices pertaining to storage, transport, and handling of the products in order to comply with health and environmental hazards. The global sodium cyanide market value was pegged at US$ 2.4 Bn in 2021.

The global market study on sodium cyanide underscores the demand for the products to remain lucrative in mining industry, anchored in rising investments by miners for the separation of precious metals. Meanwhile, the study authors found that emerging demands in the chemical industry is nudging firms to customize their offering to gain a competitive edge over others in sodium cyanide market. Furthermore, ongoing trends of the sodium cyanide market reiterates the use in silver ore extraction will spur the product demand.

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Key Findings of Sodium Cyanide Market Study

Massive Demand in Mining Industry to Generate Substantial Profitable Avenues: The study found that the mining segment held a major market share of 78.8% in 2021, attributed to vast utilization of the chemical in liquid or solid briquette form for gold processing. The products have gained substantial adoption as a reagent for the separation of precious metals. Need for improving the quality of gold and silver ores will unlock new prospects for players in sodium cyanide market.
Firms Lean on Improving Environmental Profile, Focus on Better Storage and Handling Norms: Stakeholders have become more cautious of adopting better storage and handling methods to prevent any environmental and health hazards for occupation exposure of the chemical. On the other hand, chemical companies are keen to unveil environment-friendly products, which will help boost revenue potential.
Use in Other End-use Industries Propelling Market Growth: In-depth sodium cyanide market revenue analysis reveals that the use of sodium cyanide is growing in other industries apart from mining. The adoption in pharmaceutical, agrochemical, metal cleaning, and as chelating agents will help firms bolster their revenue streams and profits in the near future.

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Sodium Cyanide Market: Key Drivers

Rising demand for precious metals, especially gold and silver, in conjunction with increased emphasis by miners on reducing the cost of production is a key driver of the sodium cyanide market. The chemical is used as a cost-effective reagent in separation of those precious metals.
Rapid pace of industrialization in some developing regions of the world has paved the way to demand for sodium cyanide in pharmaceutical, dyes industries, and chemical industries. In a bid to capture revenues, producers have been keenly expanding their supply chains, thus enriching the value chain of the market.

Sodium Cyanide Market: Regional Growth Dynamics

The study found that Asia pacific held a key market share of 40.0% in 2021, and the regional market is expected to be replete with opportunities during the forecast period. Growing demand in various industries including mining will propel revenue growth. China is anticipated to contribute sizable revenue streams to the Asia Pacific sodium cyanide market.
North America and Europe are projected to be lucrative markets during the forecast period. Automation in industrial manufacturing is a key trend enriching the prospects.

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Sodium Cyanide Market: Competition Landscape

Presence of a few large-scale vendors controlling the majority of stakes in the market renders the landscape fairly consolidated. Leading players and new entrants are focusing on bringing in environmentally friendly products.

Some of the key players in then sodium cyanide market are:

American Elements
Wesfarmers Limited
Taekwang Industry Co, Ltd.,
PJSC LUKOIL
Changsha Hekang Chemical Co., Ltd.
Evonik Industries AG
The Chemours Company
Sasol Limited
Orica Limited
Asahi Kasei Corporation
Australian Gold Reagents Pty Ltd.

Sodium Cyanide Market Segmentation

Form

Solid
Liquid

End-use industry

Mining
Dyes & Pigments
Chemical Intermediates
Pharmaceuticals
Others

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Country

U.S.
Canada
Germany
U.K.
Bulgaria
Turkey
Russian & CIS
Finland
Sweden
Spain
China
Japan
India
Australia
Indonesia
Philippines
Papua New Guinea
Peru
Brazil
Mexico
Argentina
Colombia
Chile
Ghana
South Africa
Sudan
Mali
Burkina Faso
Tanzania
Zimbabwe
Guinea
GCC
Iran

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