Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Sodium Cyanide Market size was over USD 2.16 billion in 2024 and is projected to reach USD 3.55 billion by 2037, witnessing around 3.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of sodium cyanide is assessed at USD 2.3 billion.
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 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 |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
3.9% |
|
Base Year Market Size (2023) |
USD 2.08 Billion |
|
Forecast Year Market Size (2036) |
USD 3.42 Billion |
|
Regional Scope |
|
Sodium Cyanide Segmentation
Form (Liquid, Solid)
The solid segment is estimated to gain the largest market share of about 70% in the year 2037. 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 2037. 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 |
|
|
End User |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this ReportSodium Cyanide Industry- Regional Synopsis
APAC Market Forecast
Asia Pacific industry is predicted to dominate majority revenue share of 37% by 2037. 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 2037. 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.
Companies Dominating the Sodium Cyanide Landscape
- 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
- 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: Rajrani Baghel
- Report ID: 5174
- Published Date: Dec 20, 2024
- Report Format: PDF, PPT
