Global Sodium Cyanide Market Report and Forecast 2024-2032

Global Sodium Cyanide Market Outlook

The global demand for sodium cyanide reached a volume of 1305.31 thousand metric tons in 2023. The market demand is expected to grow at a CAGR of 6.10% in the forecast period of 2024-2032, owing to the growing mining activities.

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Asia Pacific and North America to be Significant Regional Markets for Sodium Cyanide

Asia Pacific, the net exporting base of sodium cyanide, is expected to witness high growth rates in terms of demand. The rapid increase in mining activities in the region, along with the growing electroplating industry, is pushing the growth of the sodium cyanide market further. Both supply and demand are quite high in the region. The Asia Pacific region is the leading supply market for the product, accounting for nearly half the global supply of sodium cyanide. The sodium cyanide market in the region is being driven by the ready availability of feedstock and high-capacity installation. Asia Pacific is the largest exporter of sodium cyanide due to the surplus production in Asia owing to the low labour cost in the manufacturing of sodium cyanide, as compared to North America and Europe. China, a significant market within the Asia Pacific region, has a high domestic demand for sodium cyanide.

North America follows Asia Pacific as the leading supplier and exporter of the substance. North America is one of the major exporting regions due to its surplus capacity. The region majorly exports to Latin America and Mexico and is a net exporter of sodium cyanide. The region also imports the substance, although in a lower amount, due to the preferences of consumers for overseas producers and specifications of the product grade. The market in the region is being propelled forward by the easy availability of feedstock, as well as the close access to the mining sites. In the forecast period, the industry is expected to be driven within the region by the anticipated increase in capacity for sodium cyanide in the coming years.

Market Segmentations

Sodium cyanide refers to an inorganic compound with the chemical formula, NaCN. It is a white, clean, and water-soluble solid. Cyanide has a greater affinity to metals, which results in high toxicity of this salt. The primary application sector for the product is in gold mining, which also exploits the high metal reactivity of the product. It is an extremely toxic substance that blocks many metabolic processes and is often used as a test reagent for the role of chemoreceptors.

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The major applications of the market are:

• Mining
• Electroplating
• Others

The regional markets for the sodium cyanide can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

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Growing Mining Activities Augmenting the Market Growth

The global sodium cyanide market is being driven by the growing mining activities, especially in the Asia Pacific region. The ever-increasing demand for precious metals like gold is encouraging increased mining in the region, by both national and international mining companies. The easy availability of feedstock, hydrogen cyanide, is further aiding the market growth. The demand for precious metals is aiding the growth of precious metals mining industries, especially in regions like Africa and Oceania, where the demand for sodium cyanide is growing. The mining industry is also witnessing healthy growth in the United States due to favourable changes in the policies; thus, propelling the sodium cyanide market forward. The market is also driven by the growing demand from the application sectors like chemical intermediates and other materials. The use of sodium cyanide in the electroplating industry is also supporting the market growth. Its excellent blending property makes it a useful intermediate in the electroplating industry. Other applications, such as fumigation, silver refinement, steel hardness, and dye manufacturing are expected to drive demand for sodium cyanide during the forecast period.

Key Players in the Global Market for Sodium Cyanide

The report gives a detailed analysis of the following key players in the global sodium cyanide market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Anhui Shuguang Chemical Group
• Cyanco Corporation
• Chemours Company
• Orica Limited
• Taekwang Industrial Co., Ltd.
• CyPlus GmbH
• Tongsuh Petrochemical Corp., Ltd
• Sasol Limited
• Unique Chemical Limited
• Australian Gold Reagents Pty Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. 

Key Highlights of the Report

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