The sodium cyanide (NaCN) market is expected to witness a CAGR of above 6% during the forecast period. The major factors driving the growth of the market studied are the increasing demand from the mining industry and for use in polymer synthesis. On the flip side, the toxicity of sodium cyanide hampers the growth of the market studied.
- The mining and metallurgy industry dominated the market and is likely to grow during the forecast period with the continuous growth in mining activities.
- The increasing demand for sodium cyanide downstream products and increasing demand for natural dyes in the textile industry are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the world, due to the growing mining activities in the region, and robust demand fuelling the growth of polymer synthesis and the chemicals industry.
Key Market Trends
Mining and Metallurgy Segment to Dominate the Market Demand
- The mining and metallurgy industry dominates the consumption of sodium cyanide. Sodium cyanide is sold either in liquid or solid briquette forms.
- It is extensively used in gold extraction, where the demand is majorly driven by the low costs and high availability. Another major factor driving the demand for sodium cyanide in the mining industry is that it is not self-combustible.
- Almost 90% of global gold production utilizes sodium cyanide. The gold ore, after being crushed into powder, is added to the sodium cyanide solution, which results in the strong bonding of gold molecules to sodium cyanide. The application of zinc then separates cyanide from gold, which results in the formation of solid gold.
- The consumption of sodium cyanide per ton of ore processed is increasing as the average content of gold is declining gradually, globally.
- The rising demand for these metal for commercial and non-commercial applications is another driving factor for sodium cyanide in the purification of metals.
- Silver is another metal where sodium cyanide is employed in the extraction process. The process is similar to gold and is referred to as the ‘cyanide process”.
- The increasing demand for such metals for commercial and non-commercial applications has led to increased mining activities, globally. With this, the demand for sodium cyanide is also expected to continue increasing significantly in the coming years.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With the robust demand from the gold extraction and chemical industry, the demand for sodium cyanide in Asia-Pacific, primarily in China, has been increasing at a faster rate.
- China accounts for more than 12% of the world’s total gold production. China has been further promoting mining activities in the country by allowing foreign investments into the sector, which is further driving the mining activities in the country.
- China also stands to be the largest producer of chemicals, and plastics, which increases the demand for sodium cyanide in the country.
- In addition, the demand for sodium cyanide is increasing for application during polymer processing. This is due to the strong demand for plastics from the building and construction industry, which is growing at a robust rate in countries, such as India, China, Indonesia, Vietnam, and Singapore.
- Countries like India, Bangladesh, Malaysia, and others, have been witnessing noticeable demand from the agricultural sector, where sodium cyanide pesticides are used against predatory animals.
- Moreover, sodium cyanide has also been increasingly used in electroplating in the automotive and electronics industries in countries such as India, China, South Korea, Thailand, and Malaysia, which is further expected to drive the demand for sodium cyanide market in the region during the forecast period.
- Hence, with all such applications and robust demand in the region, the sodium cyanide market is expected to witness healthy growth during the forecast period.
The sodium cyanide market is a fragmented market, where numerous players hold insignificant shares to affect the market dynamics individually. Some of the noticeable players in the market include The Chemours Company, Cyanco, Orica Limited, Evonik Industries AG, and Asahi Kasei Corporation, among others.
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