Sodium cyanide market

Sodium Cyanide Market, 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), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Request Free Sample

Dec 2022
CMI583
150 Pages
Excel & Pdf
Specialty and Fine Chemicals

Summary

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

Market Restraints

Effects on human health and the environment

The toxicity of sodium cyanide hampers the expansion of the market. Sodium cyanide disables the ability to deliver oxygen to tissues leading to tissue hypoxia, as it binds to the ferric iron of oxidized cytochrome oxidase. Sodium cyanide is a highly poisonous chemical compound by oral intake, ocular, or even by skin absorption. Accidental intake of a minute quantity, which can be as low as 100 to 150 mg could immediately lead to collapse and cause instant death in humans. Sodium Cyanide is categorized and graded as a highly poisonous substance by the governmental authorities, so it requires secure packaging and safe transportation regulations, with that being the case, Sodium cyanide is allowed to be transported only on limited routes. Different countries have made a different sets of directives and legislation to follow concerning the utilization and transport of sodium cyanide. Both manufacturing and end-use companies find it difficult to satisfy and follow these country-wise rules. This might discourage the investments made within the sodium cyanide market, thereby hampering market expansion at strict places.

Sodium Cyanide Market Report Coverage

Report Coverage	Details
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
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
Growth Drivers:	Increasing application in the mining industry Expansion of pharmaceutical industry
Restraints & Challenges:	Effects on human health and the environment

Market Trends

Mining Segment to Dominate the Market Demand

A major portion of the sodium cyanide produced worldwide is used in mining and metallurgy, especially in extracting gold and silver. It is one of the most economically viable, easily processable, and environmentally sustainable technologies for gold processing.
Typically, gold is extracted from its ore using sodium cyanide through leeching. The ore is crushed into a fine powder using industrial machinery in this process. Then, the dust is added to a sodium cyanide solution (NaCN) and allowed to process.
Canada is one of the global leaders in mining operations, actively producing more than 60 metals and minerals. The country is the fifth-largest gold producer in the world.
For instance, in January 2020, the federal government announced to spend around US$ 500,000 to promote northern mining, especially in Yukon, the Northwest Territories, and Nunavut.
Apart from the North American region, Africa has abundant mineral sources, making it a hub for the global mining industry. Apart from South Africa, which has a major mining industry, countries like Ghana, Mali, and Burkina Faso, have rapidly growing mining industries.
All the above reasons are responsible for the mining segment to dominate the sodium cyanide market in the forecast period (2021-2030).

Figure 2. Global Sodium Cyanide Market value Share (%), By Product Type, 2021

Recent Developments

In July 2021, Sasol Limited agreed to sell its sodium cyanide business to a Czech-based subsidiary of Draslovka Holding for over US$ 95 million. With this acquisition, Draslovka Holding plans to introduce new technologies and to ensure a consistent and stable supply of cyanide to the mining sector.
In December 2021, The Chemours Company, which is a global chemistry and advanced materials company, announced that it has closed its mining solutions division sale to a Czech Republic-based private chemical company called Draslovka a.s. for $521 million, which is a company specializing in cyanide production for mining and other activities.
In July 2020, Cyanco was asked to evaluate the cyanide consumption at a central Canadian Gold Mine.

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

Table of Content

Table of Contents

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What was the global sodium cyanide market size in 2021?

Global sodium cyanide market was valued at around US$ 2205.00 Mn in 2021.

What are the major factors that are expected to drive growth of the market during the forecast period?

The 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).

What are the trends in the market?

Dominate the Market Demand by mining segment are the trends in the market.

What are the key factors hampering growth of the market?

Difficulty in transport, handling, and storage of sodium cyanide is one of the major factors that is expected to hamper growth of the market over the forecast period.

Which are the key players in the market?

Major players operating in the 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.

What is the estimated CAGR for the market?

The market is estimated to grow at around 5.47 % CAGR in the forecast period (2022-2030).