Mining and metallurgy hold a prominent share in terms of consumption of sodium cyanide, oing to increased adoption in gold and silver mining. Sodium cyanide is also used in a wide range of applications such as pesticides, dyes & pigments, chemical synthesis, pharmaceuticals, and others, which bodes well for market expansion over the coming years.
As such, the global sodium cyanide market is anticipated to expand at a steady CAGR of over 4%, and be valued close to US$ 3 Bn by the end of 2030.
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Key Takeaways from Sodium Cyanide Market Study
- The solid segment accounts for a prominent share in the global sodium cyanide market, and is expected to dominate this space over the forecast period.
- Mining and metallurgy is the most attractive application with the highest share, followed by chemical synthesis. The pharmaceuticals segment is expected to grow at higher rate as compared to other applications.
- East Asia dominates the global sodium cyanide market, and is expected to grow at the highest rate owing to increasing gold mining activities in China. Latin America holds a significant share backed by a booming mining industry in Mexico.
- Sodium cyanide consumption for mining and metallurgy is prominent in almost regions, excluding Japan and Europe, where chemical synthesis dominates the sodium cyanide market.
- Lowest environmental impact among alternative gold ore processing methods and upswing in mining activities are prominent drivers of the sodium cyanide market.
- As a result of the COVID-19 outbreak, except for the pharmaceutical industry, most other end uses of sodium cyanide are witnessing decreased demand.
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“Local and foreign investments in regions such as Latin America, for gold and silver extraction, have been increasing, which, in turn, is driving demand for sodium cyanide. Per ton consumption of sodium cyanide for gold processing is increasing as the average content of gold is declining gradually,” says a PMR analyst.
Market Landscape Continues to Remain Fairly Consolidated
The global sodium cyanide market is fairly consolidated at both, global and regional levels. Tier-1 manufacturers account for more than half of the market. Some leading players included in the report are Cyanco International, LLC, The Chemours Company, Australia Gold Reagents, Orica Chemicals Pty., Korund, Sasol, Hebei Chengxin, TaeKwang Industry Co. Ltd, Anhui Shuguganag Chemical, CyPlus Idesa S.A.P.I. de C.V., and others. To gain a competitive advantage in this industry, market participants are involved in expansion, merger, and acquisition activities.
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Sodium Cyanide Market: Conclusion
Demand for sodium cyanide is expected to grow at a moderate rate owing to increasing consumption in mining and metallurgy applications. Pharmaceutical applications are expected to grow at a high rate amongst all other applications. East Asia is expected to hold a prominent share followed by Latin America. China and Mexico are the major target locations for the supply of sodium cyanide for manufacturers. The sodium cyanide market is fairly consolidated, with a small number of tier-1 players accounting for a major share.
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