It’s being expected that by 2031, the Sodium Cyanide market cap will hit S$ 3.6 Bn at a CAGR growth of about 4.2%.
Sodium cyanide is white and soluble in water and used in isolation process in mining industry. It works as an excellent reagent for isolation of precious metals. It possess high amount of attraction for metals making it salt toxic. When treated with acid, it produces a toxic gas, popularly known as hydrogen cyanide. The Andrussow method is used to produce Sodium cyanide by using air, ammonia, natural gas and caustic soda. Hydrogen cyanide gas is produced by reaction between ammonia, natural gas and air over platinum.
Sodium cyanide market size is developing due to the increased demand from mining industry owing to the demand of precious metals with increasing cost. Key market players have adopted and worked towards constant innovation, and strategic partnerships to mark their presence in the industry. It is used in pharmaceuticals, mining, chemicals and pesticides products in large number. Recent trend indicate the growing use of alternative like thiosulphates that are safer to use.
The sodium cyanide market size is driven by its increased demand as an effective floating agent, because of reducing silver and gold ores. Sodium cyanide market price is less as compared to others, and is used for withdrawal of gold. However, due to recent variations in gold market, miners have started extracting gold from shallow mines, causing growth in market demand of sodium cyanide. In regions like Latin America, there has been substantial growth in domestic and foreign investment, leading to growth of demand for sodium cyanide.
Global sodium cyanide market is restricted by many factors, the major being government regulations regarding the use of sodium cyanide. The International Cyanide Management Code has set some restrict the extent of usage of sodium cyanide. It is harmful if used in excess and hence alternative resources that are more secure is being used.
Global sodium cyanide market is segmented based on form, applications, and region. Based on form it is divided as Solid sodium cyanide and Liquid sodium cyanide. Depending on application it is segmented as Mining, Chemical Industry, and Pharmaceutical, Dyes and pigments and others. Based on region it is segmented as North America, Latin America, Western Europe, Asia Pacific, Japan and Middle East and Africa.
The global sodium cyanide market is dominated by Asia Pacific region, with China as the leading producer of sodium cyanide. Apart from China, Australia has number of sodium cyanide manufacturers. Latin America is another country that shares major market share. Chile, Peru, and Columbia are growing in demand for mining reagents. Europe has restricted producers but in the coming years would be seeing considerable growth to reduce its dependency on countries from Asia Pacific.
The key players of sodium cyanide market size are Cyanco, Orica Limited, Australian Gold Reagents Pty Ltd, Coogee Chemicals, Cyplus GmbH (Evonik Subsidiary), Union Group Chemical Company S.l, and many others.
Sodium Cyanide Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||By Type, By Applications, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||International Business Machines Corporation (IBM), Oracle Corp., SAP SE, Teradata, EnerNoc Inc., Accenture PLC., Microsoft, Palantir Technologies Inc., Siemens AG, C3, Inc.|
The various segments of global sodium cyanide market are,
Solid Sodium Cyanide
Liquid Sodium Cyanide
- Mining Industry
- Chemical Industry
- Dye and Pigments Industry
- Textile Industry
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa