Sodium Cyanide Market, By Product Type (Solid Sodium Cyanide and Liquid Sodium Cyanide), By End User (Mining Industry, Chemical Industry, Pharmaceuticals Industry, Dye and Pigments Industry, and Textile Industry), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Sodium cyanide is an inorganic, white, and water soluble solid. It is a highly poisonous compound widely used in chemical and mining industries. It is also used for electroplating and as an important precursor to many useful organic and inorganic chemicals, including pharmaceuticals. The high toxicity of the compound is mainly attributed to the presence of cyanide, which has a strong affinity for metals.
Market Dynamics
Among end user, the mining industry segment is witnessing significant market share in the market. Increasing mining activities worldwide has led to high consumption of sodium cyanide for extraction of gold and other precious metals. Asia Pacific accounted for a significant market share in 2021, owing to substantial demand for sodium cynide from gold and silver mining industry in the region.
The study of sodium cyanide market found that Asia pacific held a key market share of 40.0% in 2021, and the regional market is expected to be replete with opportunities during the forecast period. Growing demand in various industries including mining will propel revenue growth.
China is anticipated to contribute sizable revenue streams to the Asia Pacific sodium cyanide market. North America and Europe are projected to be lucrative markets during the forecast period.
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