The global sodium cyanide market was pegged at 1100 kilo tons in 2017, according to 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, Latin America, Asia Pacific, Europe, Middle East, and Africa).
The global sodium cyanide market is projected to reach 2000 kilo tons by 2026, exhibiting a CAGR of 6.1% during the forecast period. Increasing mining activities worldwide is expected to act as a major driver for growth of the market. Sodium cyanide is one of the most preferred chemicals used in the mining industry for extraction and separation of various precious metals. High demand for expensive metals has led to increasing activities for extraction of metals such as gold and silver. This in turn is expected to boost demand for sodium cyanide from the mining sector over the forecast period, owing to easy availability and low cost of sodium cyanide. Sodium cyanide is a highly poisonous inorganic compound and is widely used in mining, pharmaceuticals, dye and pigments, and chemicals industry.
Significant growth of end-use industries such as pharmaceuticals and textile industry is expected to increase demand for sodium cyanide. According to India Brand Equity Foundation’s (IBEF) June 2018 report, the pharmaceutical industry in India is projected to witness a CAGR of 22.4% during 2015-2020 to reach US$ 55 billion by 2020. Sodium cyanide is used as an insecticide to kill insects and pests. It is also used for analytical testing in the chemicals industry. However, high toxicity of sodium cyanide is expected to hinder growth of the market over the forecast period.
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Key Trends and Analysis of the Sodium Cyanide Market:
- Among end user, the mining industry segment accounted for the highest market share in 2017, 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 Market:
- Asia Pacific held a dominant position in the market in 2017, 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 2017. The U.S. are major contributors for growth of the gold market in that 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 June 2017, The Chemours Company, a chemicals company based in the U.S., announced the construction of new mining facility in the state of Durango, Mexico. This project represented an estimate of US$ 150 million.