Global Sodium Cyanide Market is estimated to be valued at US$ 2205.00 Mn in 2021, according to the Global sodium cyanide market Report, 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), published by Coherent Market Insights.
Global sodium cyanide market was valued at US$ 2205.00 Mn in 2021. Sodium Cyanide Market is expected to register a CAGR of 5.47 % over the forecast period (2022–2030), to reach US$ 3554.88 Mn by 2030.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/sodium-cyanide-market-583
Key Trends and Analysis of the Global Sodium Cyanide Market:
- Among end user, the mining industry segment accounted for the highest market share in 2021, in the global sodium cyanide market. This is owing to high demand for sodium cyanide from gold and silver mining industries. Increasing demand for gold and silver is also expected to propel growth of the market over the forecast period.
- The chemical industry segment is expected to witness significant growth in the global sodium cyanide market, owing to wide application of cyanide in polymer synthesis and other chemicals such as cyanuric chloride and cyanogen chloride. Moreover, sodium cyanide is used as a reagent in manufacturing synthetic fibers including polyester, rayon, lyocell, modacrylic, nylon, and aramid fibers. Increasing demand for polymers also expected to be a major driver for growth of the segment over the forecast period.
Key Takeaways of the Global Sodium Cyanide Market:
- Asia Pacific held a dominant position in the market in 2021, owing to increasing demand for chemicals and gold extraction, especially in economies such as China and India. China and India are among the major gold producing countries worldwide. Furthermore, increasing demand for sodium cyanide from the chemical industry in Japan is also contributing to growth of the regional market.
- North America accounted for a major market share in the market for sodium cyanide in 2021. The U.S. are major contributors for growth of the gold market in the region that utilize sodium cyanide on a large scale. In the Europe sodium cyanide market, Germany is a key consumer of sodium cyanide. The presence of a wide range of chemical companies such as BASF, SABIC, Sinopec, and Dow Chemical in the country is one of the major factors supporting demand for sodium cyanide in Europe.
Major players operating in the global sodium cyanide market include, Cyanco, E. I., Asahi Kasei Corporation, Australian Gold Reagents, Orica, Evonik, Taekwang Industrial, Tongsuh Petrochemical, Anhui Shuguang Chemical, Korund, Yingkou Sanzheng, Sasol Polymers, Unique Chemical, Tiande Chemical, and DuPont
- Key players in the market are focused on adopting merger and acquisition strategies, developing new products, and expanding their production facilities in order to enhance their market share. For instance, In October 2021, Atmosfair opened the world's first plant to produce carbon-neutral jet fuel. The plant, located in Landkreis Emsland (Germany), is expected to begin producing eight barrels of synthetic kerosene a day in 2022.
