Global Sodium Cyanide Market by Form (Solid Sodium Cyanide, Liquid Sodium Cyanide), By Application (Mining, Electroplating, Chemicals, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.
The Global Sodium Cyanide market is expected to grow with a high CAGR during the forecasting period (2022 - 2029).
- Sodium cyanide is an inorganic compound, having the chemical formula NaCN.
- It is a white, water-soluble solid. It has a high affinity for metals, which leads to the high toxicity of this salt. Sodium Cyanide has high reactivity for metals, which is exploited in its application in mining, especially in gold mining.
- NaCN is used in the gold mining industry to extract gold from rock by heap leaching; it is also used for steel cyanation, in electroplating, hydrometallurgy of precious metals, in floatation processes, and for beneficiation of metallic ores.
- The increasing investments in gold are a primary factor that will drive the market during the forecast period. Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives.
- With the growing preference among individuals for investments, there will be an increasing need for more gold production which in turn will drive the market for Sodium Cyanide. Conventional gold mining operations rely heavily on cyanide leaching as the predominant method for recovering gold from ores and concentrates.
- Global gold production increased from 2730 tonnes in 2012 to 3247 tonnes in 2017. Thus, the increasing gold production will boost the demand for Sodium Cyanide.
- The use and subsequent disposal of toxic sodium cyanide present significant safety and environmental challenges. There have been several high profiles peaks and spills of cyanide killing scores of fish.
- As a result of this, it is facing strong public opposition, and some countries have banned it altogether. Various alternatives like Cyanide-Free processes have been introduced in the regions where Sodium cyanide is banned.
- Therefore, the toxicity of Sodium Cyanide which is harmful to both human as well as aquatic life can hinder the growth of the market in the coming years.
- The Global Cyanide Market segments the market by form and application. Form segment includes Solid Sodium Cyanide and Liquid Sodium Cyanide. Further, based on application, the market can be segmented as Mining, Electroplating, chemicals, Pharmaceuticals, and Others.
- Mining is the leading segment. Sodium Cyanide is primarily used in Gold mining. NaCN is highly reactive to metals. Cyanide has been the leaching reagent of choice in gold mining because of its high gold recoveries, robustness, and relatively low cost. The gold mining sector uses approximately 66,000 tons of sodium cyanide annually worldwide.
- The report segments the market based on geography as North America, South America, Europe, Asia-Pacific, and the Rest of the World.
- Asia-Pacific is the most dominating region for Sodium Cyanide Market. The large share of Asia-Pacific can be attributed to the high gold production in countries like China, Australia, and Uzbekistan. Australia has the highest number of gold reserves in the world (about 10% of the total world gold reserve) and is the second-largest gold producing after China.
- Australia Gold Reagents is the major manufacturer and supplier of sodium cyanide for gold extraction in Australia.
- The market in Europe and North America is expected to register slow growth in comparison to the APAC region. In North America, the demand for Sodium Cyanide is prominently driven by the gold-mining industry, As the U.S. is one of the major gold-producing countries.
- In Europe, Russia is expected to drive the market in the region. This country is investing in new plants for increasing the production of sodium cyanide. Also, the vast gold reserves present in Russia will propel the demand for sodium cyanide.
- The demand for Sodium Cyanide is expected to grow at a healthy pace in the Middle East region and especially in Saudi Arabia. It is because of the Ad Duwayhi gold mine in Saudi Arabia. The Ad Duwayhi mine has begun commercial production; hence there is a high demand for Sodium Cyanide in this region.
The Global Sodium Cyanide market report profiles the following companies-
- Asahi Kasei, Chemours, Cyanco, Orica, Royal DSM, Sasol Polymers, Evonik, Australian Gold Reagents, Sinopec, Tongsuh Petrochemical corp.,ltd, and Hebei Chengxin Co., Ltd.
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