Global Sodium Cyanide Market Report and Forecast 2023-2028

Global Sodium Cyanide Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global sodium cyanide market reached a volume of 1369.7 KMT in 2022. Aided by the growing demand for sodium cyanide in various industries such as mining, chemicals, and pharmaceuticals, the market is projected to grow at a CAGR of 5.4% between 2023 and 2028, reaching a volume of 1887.36 KMT by 2028.

Sodium cyanide is an inorganic compound with the chemical formula NaCN, produced by the reaction between sodium hydroxide and hydrogen cyanide. It is a highly toxic substance with various applications in industries such as gold mining, where it is used for gold extraction, and in the production of certain chemicals and pharmaceuticals. The global sodium cyanide market is influenced by factors such as the increasing demand for gold, advancements in mining technologies, and the expansion of the chemicals and pharmaceuticals sectors.

The rise in demand for gold, driven by its investment value and industrial applications, has resulted in an increased consumption of sodium cyanide across the globe. The growth in the mining industry and the development of more efficient extraction methods have further propelled the market growth. Sodium cyanide is also used in the production of various chemicals, including dyes, intermediates, and other specialty chemicals, thus contributing to the global sodium cyanide market expansion.

In the pharmaceutical industry, sodium cyanide is used as a precursor for the synthesis of certain medications and as a reagent for chemical transformations. The growth of the pharmaceutical sector, along with the increasing demand for advanced drugs and therapies, has positively impacted the global sodium cyanide market development.

High growth rates in demand are anticipated in Asia Pacific, the region's main source of sodium cyanide exports. The market for sodium cyanide is expanding as a result of the region's sharp rise in mining activity and the expanding electroplating sector. With about half of the world's supply of sodium cyanide, the Asia Pacific region is the product's main supply market. The readily available feedstock and high-capacity installation are driving the sodium cyanide market growth in the region.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• Mining
• Electroplating
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global sodium cyanide companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• 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
• Australian Gold Reagents Pty Ltd.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.