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) published by Coherent Market Insights.
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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