Sodium cyanide (NaCN) is an inorganic poisonous solid with high affinity for metals. It is used as a raw material in pharmaceuticals, dyes and pigments, agrochemicals, and metal industries. It is also used as an insecticide due to its toxicity and finds application in analytical testing. The International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold, also referred to as the Cyanide Code, is a voluntary program designed to assist the global gold mining industry. It also helps the producers and transporters of cyanide used in gold mining in improving cyanide management practices, and to publicly demonstrate their compliance with the Cyanide Code through an independent and transparent process.
Global sodium cyanide market was valued at US$ 2205.00 Mn in 2021 in terms of revenue, exhibiting a CAGR of 5.47 % during the forecast period (2022 to 2030).
Drivers
Rising demand for precious metals, especially gold and silver, in conjunction with increased emphasis by miners on reducing the cost of production is a key driver of the sodium cyanide market. The chemical is used as a cost-effective reagent in separation of those precious metals.
Rapid pace of industrialization in some developing regions of the world has paved the way to demand for sodium cyanide in pharmaceutical, dyes industries, and chemical industries. In a bid to capture revenues, producers have been keenly expanding their supply chains, thus enriching the value chain of the market.
The COVID-19 pandemic has negatively affected most regions, sectors, and economies. The same holds true for the sodium cyanide market too. The pandemic crisis has negatively impacted almost all industrial applications of sodium cyanide, expect for pharmaceuticals. However, as the pandemic is brought under control, the market will regain its normal growth pace across regions.
Figure 1. Global Sodium Cyanide Market Value Share (%), By Region, 2021
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Market Restraints
Effects on human health and the environment
Sodium Cyanide Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 2205.00 Mn |
Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
Forecast Period 2022 to 2030 CAGR: | 5.47 % | Forecast Period: | 2022-2030 |
Geographies covered: | By Region: North America, Latin America, Asia Pacific, Europe, Middle East, Africa | ||
Segments covered: | By Product Type: Solid Sodium Cyanide and Liquid Sodium Cyanide By End User: Mining Industry, Chemical Industry, Pharmaceuticals Industry, Dye and Pigments Industry, and Textile Industry |
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Companies covered: |
Cyanco corporation ,E. I. du Pont de Nemours and Company, Australian Gold Reagents, Orica Limited, Evonik Industries AG, Taekwang Industrial, Tongsuh Petrochemical, Anhui Shuguang Chemical, Unique Chemical |
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Growth Drivers: | Increasing application in the mining industry Expansion of pharmaceutical industry |
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Restraints & Challenges: | Effects on human health and the environment |
Market Trends
Mining Segment to Dominate the Market Demand
Figure 2. Global Sodium Cyanide Market value Share (%), By Product Type, 2021
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Recent Developments
Competitive Section
Major players operating in the global sodium cyanide market include Cyanco, E. I. DuPont, Australian Gold Reagents, Orica, Evonik, Taekwang Industrial, Tongsuh Petrochemical, Anhui Shuguang Chemical, Korund, Yingkou Sanzheng, Sasol Polymers, Unique Chemical, Tiande Chemical, Lukoil, Hebei Chengxin, Sinopec, and DSM
Frequently Asked Questions
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