Sodium Cyanide Market Size & Share, by Form (Liquid, Solid); End-user (Mining, Chemical, Pharmaceuticals, Dyes & Pigments) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5174
  • Published Date: Aug 21, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Sodium Cyanide Market size is poised to surpass USD 4 Billion by the end of 2035, expanding around 4% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of sodium cyanide was over USD 2 Billion The growth of the market can be attributed to the rise in the number of mining projects. In the world, there are currently over 400 mining initiatives, that involve the exploration of rare earth metals, this excludes the count of China. Rising mining projects are boosting the need for sodium cyanide, which is used to extract gold and other precious metals.

In addition to this, a rising infestation of pests is thought to be fueling the expansion of the sodium cyanide market. Pest infestation causes around 40% of the world's crop production loss. Moreover, the world suffers a loss of USD 70 billion due to pest invasion. Sodium cyanide has been used for fumigation purposes to control pests and other insects on stored grains and crops.


Sodium Cyanide Market
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Sodium Cyanide Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Trend of Fast Fashion– Fast fashion has increased the production of clothes and other apparel, moreover, the variety has also increased. This in turn has increased the need for sodium cyanide to produce more dues and pigments for the growing apparel production. Clothing and footwear consumption is predicted to rise by 63% by 2030 across the globe.
  • Rising Production of Automotives– In 2022, the world produced around 85 million vehicles, and the overall production increased by around 6% from 2021. Sodium cyanide is used in the electroplating process of applying a layer of copper or other metals onto the surfaces of auto parts.

Challenges

  • Presence of New Alternatives- As industries progress, there may be initiatives to develop more ecologically friendly and less contingent techniques of metal extraction and processing that are not as dependent on sodium cyanide. This could impact the demand for sodium cyanide.
  • Negative Perception of Sodium Cyanide
  • Disposal Impact on the Environment

Sodium Cyanide Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~4%

Base Year Market Size (2022)

~ USD 2 Billion

Forecast Year Market Size (2035)

~ USD 4 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Sodium Cyanide Segmentation

Form (Liquid, Solid)

The solid segment is estimated to gain the largest market share of about 70% in the year 2035. The growth of the segment can be attributed to the increasing demand for gold. Solid sodium cyanide is particularly used in dissolving and separating the gold from its ores through a process of leaching and cyanidation. According to the World Gold Council, in 2022 the total supply of gold increased to 3611.9 tonnes from 3568.9 tons in 2021. In addition to this, solid sodium cyanide is much easier to handle in comparison to liquid sodium cyanide, therefore, it is usually used more by the end-user industries.

End User (Mining, Chemical, Pharmaceuticals, Dyes & Pigments)

The mining segment in the sodium cyanide market is expected to garner a significant share of around 46% in the year 2035. The rising demand for lithium in the world is expected to boost the growth of the segment. Global lithium carbonate equivalent (LCE) production reached 540,000 tonnes in 2021. Demand for lithium is estimated to rise to 1.5 million tonnes by 2025. The lithium is extracted by the procedure of underground mining, therefore, increasing the demand for sodium cyanide.

Our in-depth analysis of the global market includes the following segments:

          Form

  • Liquid
  • Solid

          End User

  • Mining
  • Chemical
  • Pharmaceuticals
  • Dyes & Pigments
 

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Sodium Cyanide Industry- Regional Synopsis

APAC Market Forecast

The market share of sodium cyanide in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 37% by the end of 2035. The growth of the market can be attributed majorly to the rising number of gold reserves and rapid production of gold. China accounts for around 9% of total gold production and it is the greatest producer of gold in the world. Australia is expected to overtake China in output soon. Australia's gold sector generated 320 tonnes of mined gold in 2022, a 1.5% increase over the previous year. Moreover, the rising production of other minerals will drive market growth in the region. China is also the leading producer of minerals, such as bauxite, copper, cobalt, silver, and magnesium.

North American Market Statistics

The North America sodium cyanide market is estimated to be the second largest, registering a share of about 26% by the end of 2035. The growth of the market can be attributed majorly to the increased investment in the production of minerals in the region. The rising investment will increase the need for mining and subsequently the use of sodium cyanide for the extraction of these minerals.

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Sodium Cyanide Market Size
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Companies Dominating the Sodium Cyanide Landscape

top-features-companies
    • Evonik Industries AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • The Chemours Company
    • Draslovka Holding Company
    • EPC Engineering and Technologies GmbH
    • Cynaco International
    • Sasol Limited
    • Changsha Hekang Chemical Co., Ltd.
    • Orica Limited
    • Australian Gold Reagents Pty Ltd.
    • Gujrat Alkalies and Chemicals Limited

In-the-news

In The News

  •  The Chemours Company announced to sell its mining solution business to Draslovka Holding Company, the leading producer of cyanide, the transaction was made for the total cash of USD 250 million.
  • Draslovka Holding Company, a Czech-based producer of agriculture chemicals, and cyanide chemicals has announced to acquire the sodium cyanide business of Sasol South Africa Limited.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5174
  • Published Date: Aug 21, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing exploration of mining, and rising demand for electroplating of steel, gold, and silver products are the major factors driving the market growth.

The market size of sodium cyanide is anticipated to attain a CAGR of around 4% over the forecast period, i.e., 2023 – 2035.

The major players in the market are The Chemours Company, Draslovka Holding Company, EPC Engineering and Technologies GmbH, Cynaco International, Sasol Limited, Changsha Hekang Chemical Co., Ltd., Orica Limited, Australian Gold Reagents Pty Ltd., Gujrat Alkalies and Chemicals Limited, and Evonik Industries AG.

The solid segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Sodium Cyanide Market Report Scope
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