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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 2 Billion |
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Forecast Year Market Size (2035) |
~ USD 4 Billion |
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Regional Scope |
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Growth Drivers
Challenges
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:
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Form |
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End User |
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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.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: Increasing exploration of mining, and rising demand for electroplating of steel, gold, and silver products are the major factors driving the market growth.
Ans: The market size of sodium cyanide is anticipated to attain a CAGR of around 4% over the forecast period, i.e., 2023 – 2035.
Ans: 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.
Ans: The solid segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ans: 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.
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