Global Sodium Cyanide Market: Analysis and Forecast 2022-2027
Global Sodium Cyanide Market: Analysis and Forecast 2022-2027
Sodium Cyanide Market by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices
In 2021, the global sodium cyanide market is expected to be worth approximately USD 1915.80 million. Between 2022 and 2027, the industry is anticipated to grow at a Compound annual growth rate of about 3 percent, acquiring a turnover of USD 2288.36 million by 2027.
The COVID-19 epidemic has had a negative influence on the sodium cyanide market, as it has on other significant sectors, regions, and economies. Nonetheless, with many government initiatives in place around the world to combat the pandemic threat and rising demand from end-use sectors, the industry is resuming its typical growth rate. The key demand indicator is Asia Pacific, which has the highest category spender.
Sodium Cyanide: Market Definition and Segmentation
An inorganic substance having the chemical formula NaCN is sodium cyanide. It is a water-soluble solid that is clean and colorless sodium salt. Cyanide has a strong similarity to metals, which contributes to its high toxicity. The product’s principal application field is gold mining, which also makes use of the product’s high metal reactivity. It is a very toxic substance that inhibits various metabolic processes and is widely used as a test reagent for chemoreceptor function. Furthermore, it is employed in a wide range of industrial applications, including mining (extraction), electroplating, and others.
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The sodium cyanide market Market comprises segments based on:
End-use products – mining, chemical, and other end-user industries.
Region-wise – the global sodium cyanide market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Snapshot of the Report
The major regions in the industry are North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
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The global sodium cyanide market is being driven by the growing mining activities, especially in the Asia Pacific region. The ever-increasing demand for precious metals like gold is encouraging increased mining in the region, by both national and international mining companies.
The easy availability of feedstock, hydrogen cyanide, is aiding the market growth in the region. The demand for precious metals is aiding the growth of precious metals mining industries, especially in regions like Africa and Oceania, where the demand for sodium cyanide is growing.
The mining industry is also witnessing healthy growth in the United States due to favourable changes in the policies; thus, further propelling the sodium cyanide industry forward. The market is also driven by the growing demand from the application sectors like chemical intermediates and other materials.
The use of sodium cyanide in the electroplating industry is also supporting industry growth. Its excellent blending property makes it a useful intermediate in the electroplating industry. Likewise, sodium cyanide has been widely used by electroplating companies across the world for its better blending properties.
Category Insight by Region
The Asia Pacific, the prominent exporting base of sodium cyanide, is expected to witness high growth rates in terms of demand. The rapid increase in mining activities in the region, along with the growing electroplating Market, is pushing the growth of the sodium cyanide market further. Both supply and demand in the region are quite high in the region.
Nearly half of the global supply of sodium cyanide is supplied by the Asia Pacific region, the primary drivers being the region’s readily available feedstock and high-capacity installation. The Asia Pacific is the largest exporter of sodium cyanide due to the surplus production in Asia owing to the low labour cost in the manufacturing of sodium cyanide, as compared to North America and Europe.
Southeast Asia exports a significant volume of sodium cyanide to the West African region, like Ghana and Burkina Faso. China, a significant market within the Asia Pacific region, has a high domestic demand for sodium cyanide. It is also a major exporter, exporting to countries like Latin America, Africa, and India. North America follows the Asia Pacific as the leading supplier and exporter of the substance.
North America is one of the major exporting regions due to its surplus capacity. The region majorly exports to Latin America and Mexico and is a net exporter of the substance. The market in the region is being propelled forward by the easy availability of feedstock, and the close access to the mining sites.
Best Procurement Practices
The global sodium cyanide Market by Procurement Resource gives an in-depth analysis of the best buying practices followed by the major customers of sodium cyanide end use products across the globe, such as engagement models, contract terms, buyer, and supplier negotiation levers, among others.
Category Management Studies
Sodium cyanide is manufactured by curing hydrogen cyanide (HCN) with sodium hydroxide. Since the salt compound is produced from the use of weak acid, sodium cyanide promptly returns to HCN through the hydrolysis process, releasing tiny amounts of hydrogen cyanide, that smell like bitter almonds. It is a dangerous process that represents a substantial risk related to cyanide salts. Moreover, it is purified most effectively with hydrogen peroxide to generate sodium cyanate and water.
A solution of sodium cyanide is typically used to leach gold from ore in most gold mining operations. There are two forms of leaching method – heap leaching and vat or tank leaching. Heap leaching is done by spraying cyanide solution over huge heaps of crumpled ore spread over a giant collection of pads whereas in the vat leaching method the ore is combined with cyanide solution in big tanks. Likewise, another most used method of applying cadmium coating is electroplating. Electroplating or cadmium plating is done through cyanide baths that consist of a mixture of cadmium oxide and sodium cyanide to produce Na2Cd(CN)4.
Key Supplier Profiles included in the Global Sodium Cyanide Market
The major players in the industry are Anhui Shuguang Chemical Group, Cyanco Corporation, Chemours Company, Orica Limited, Taekwang Industrial Co., Ltd., CyPlus GmbH, Tongsuh Petrochemical Corp., Ltd, Sasol Limited, Unique Chemical Limited, and Australian Gold Reagents Pty Ltd., among others.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments of the suppliernutms.
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