by The sodium cyanide market is estimated to be valued at US$ 2452.82 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: –
Sodium cyanide is a white, water-soluble solid that is used in a variety of commercial and industrial applications, including gold mining, electroplating, dyes & pigments, synthetic fibers, mining and others. Sodium cyanide helps in extracting gold from ore through a leaching process. Around 90% of the total sodium cyanide production goes for gold mining applications. Sodium cyanide has excellent properties of dissolving and leaching gold from ore, making it an important chemical used in gold extraction.
Market Dynamics: –
The growth of the sodium cyanide market is mainly driven by rising gold mining activities across the globe. Gold is widely used in jewelry, investments and technology. With increasing demand for gold, mining activities are also increasing and subsequently driving the demand for sodium cyanide used in extraction process. For instance, according to data provided by World Gold Council, gold mine production increased from 3243 tons in 2018 to 3344 tons in 2019. Another factor boosting the market growth is the low extraction cost of gold associated with sodium cyanide leaching method. Compared to other extraction processes, sodium cyanide leaching helps in recovering gold at relatively low capital and operational cost. However, stringent regulations regarding the handling of sodium cyanide owing to its toxic nature may hamper the market growth over the forecast period.
SWOT Analysis: –
- Strength: – Sodium cyanide has unique properties that make it suitable for extracting gold from ore. It is highly effective at separating gold particles from crushed ore. It is also cost effective compared to alternate chemical reagents. Sodium cyanide is a stable and easily transportable chemical in solid form.
- Weakness: – Sodium cyanide is highly poisonous and needs to be handled with extreme care. Any accidental releases can lead to serious health and environmental issues. There are ongoing campaigns against the use of cyanide in gold mining due to its toxicity.
- Opportunity: – Increasing gold mining activities across regions like South America, Asia Pacific and Africa is driving the demand for sodium cyanide. It remains an integral part of most industrial gold extraction processes. Efforts to recover gold from e-waste will further boost the market.
- Threats: – Stricter environmental regulations around the safe handling and disposal of sodium cyanide poses challenges. Alternative non-toxic methods for extracting gold can replace sodium cyanide and hinder market growth.
Key Takeaways: –
The Global Sodium Cyanide Market Size is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing gold mining activities across various regions. Countries like China, USA, Australia and South Africa contributed nearly 50% to the total gold production in 2020. This is expected to drive volumes in sodium cyanide demand.
Regional analysis: – Asia Pacific dominates the global market and is likely to maintain its leading position during the forecast years. This can be attributed to the large gold mining operations and production facilities located in countries like China, Indonesia and the Philippines. China, being the largest gold producer, accounts for over 20% of the global sodium cyanide consumption.
Key players related content: – Key players operating in the sodium cyanide market are 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. These players are focused on expanding their production facilities and global footprint to tap the growing market potential in key regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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