Sodium Cyanide Market Forecasts to 2028 – Global Analysis By Form (Liquid and Solid), End User (Mining, Chemical, Electroplating, Dye and Textile, Pharmaceutical and Other End Users) and By Geography

Sodium Cyanide Market Forecasts to 2028 – Global Analysis By Form (Liquid and Solid), End User (Mining, Chemical, Electroplating, Dye and Textile, Pharmaceutical and Other End Users) and By Geography

According to Stratistics MRC, the Global Sodium Cyanide Market is accounted for $2.54 billion in 2022 and is expected to reach $3.65 billion by 2028 growing at a CAGR of 6.2% during the forecast period. An inorganic poisonous solid with a strong affinity for metals is sodium cyanide (NaCN). It is simply hydrolyzed to produce hydrogen cyanide. When in contact with acid, it releases flammable and extremely toxic hydrogen cyanide gas. It is primarily utilized in chemical synthesis, electroplating, and the smelting of precious metals, among other industries. Nearly two thirds of the sodium cyanide application is for the processing of gold and silver. Numerous chemicals, including sodium cyanide, are used to keep insects and other pests away from agricultural farms.

Market Dynamics

Driver:

Rising demand for smart fabrics and wearable

Almost two-thirds of the sodium cyanide used in the mining industry is used as a crucial flotation reagent for the extraction of many minerals from their mineral ores, including gold and silver. The desire of every government to amass more gold and silver for their country is the primary driver of the increase in mining activities worldwide. More production is anticipated in the near future, primarily as a result of the companies' expansion plans. This increase in production was primarily caused by the companies' increased mining activities.

Restraint

Stringent regulations

Governmental authorities classify and grade sodium cyanide as a highly poisonous substance, necessitating secure packaging and safe transportation regulations. As a result, sodium cyanide is only permitted to be transported along a few specific routes. Regarding the use and transportation of sodium cyanide, various nations have created their own sets of regulations and laws. Companies engaged in both manufacturing and end-use struggle to comply with and adhere to these national regulations. This might deter investments in the sodium cyanide market, which would prevent market expansion in constrained areas.

Opportunity

Rising chemical manufacturing activities

Industrialization has been a key trend influencing the world's demand for sodium cyanide in recent years, and it is expected to continue doing so throughout the forecast period. Other possibilities that might boost sodium cyanide sales in the future include growing chemical use in a variety of applications and the introduction of government-supported initiatives to support the chemical manufacturing sector.

Threat

Environmental and human health effects

The sodium cyanide market's toxicity prevents it from growing. Since sodium cyanide binds to the ferric iron of oxidized cytochrome oxidase, it prevents oxygen from reaching tissues, causing tissue hypoxia. Sodium cyanide is a chemical compound that is extremely poisonous when consumed orally, inhaled, or even absorbed through the skin. Accidental ingestion of even a trace amount—as little as 100 to 150 mg—can instantly cause collapse and death in humans. These outcomes are limiting market expansion.

Covid-19 Impact

The global production of sodium cyanide in 2020 has been significantly impacted by the COVID-19 pandemic. Due to lockdown and low demand, sodium cyanide industrial production was temporarily stopped. The demand for sodium cyanide from the mining industry experienced a significant decline as many governments were compelled to impose lockdown. This had a significant impact on the supply chains of many different industries worldwide, widening the supply-demand gap. Thus, a lack of raw materials will hinder the production of sodium cyanide, which will have a negative effect on the expansion of the sodium cyanide supply chain during the time period.

The Mining segment is expected to be the largest during the forecast period

The mining sector held a 36% market share for sodium cyanide and is expected to be the largest during the forecast period. The mining industry uses the majority of the sodium cyanide produced on the global market to extract gold and silver. For instance, Canada is the world's fifth-largest producer of gold, with $48.2 billion in mineral production in 2019 and $49.1 billion in 2018. Additionally, the government is launching a number of initiatives to entice more investors to explore the untapped natural resources. Due to this, the mining industry will benefit from global government initiatives to promote it, which will increase demand for sodium cyanide.

The Solid segment is expected to have the highest CAGR during the forecast period

During the forecast period, the solid segment is expected to witness lucrative growth. Salt, which has no color, and cubic crystals make up solid sodium cyanide. Sodium cyanide is used to extract gold from its mineral ores. Additionally, sodium cyanide has a high potential to replace a variety of petroleum-based chemicals and can lessen our reliance on fossil fuels like petroleum. As a result, there is currently a significant increase in demand for solid sodium cyanide, which supports increased economic expansion. As a result, there will be a significant increase in demand for solid sodium cyanide, which helps fuel the segment's growth.

Region with largest share

Due to the excess production of sodium cyanide in Asia and the region's low labor costs, the Asia Pacific region is anticipated to witness the largest share over the forecast period. Moreover, the market is expanding as a result of the region's sharp rise in mining activity and the expanding electroplating sector. In this region, supply and demand are both very high. With nearly 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 installations are driving the sodium cyanide market in the Asia Pacific region.

Region with highest CAGR

Owing to its excess capacity, North America is one of the main exporting regions and is estimated to experience the highest growth during the forecast period. The region is a net exporter of sodium cyanide and primarily exports goods to Mexico and Latin America. The region's market is being driven forward by the simple availability of feedstock and the easy accessibility to the mining sites. The increase in sodium cyanide production capacity in the upcoming years is anticipated to drive the industry in the region.

Key players in the market

Some of the key players profiled in the Sodium Cyanide Market include Anhui Shuguang Chemical Group, AnQore, Asian Chemtech Private Limited, Australian Gold Reagents Pty Ltd, Avonchem Ltd., Chemours Company, Cyanco Corporation, CyPlus GmbH, Draslovka a.s., Evonik Industries AG, Hebei Chengxin Co.Ltd, Hindustan Chemicals Company, Korund, Lukoil, Nippon Soda Co.Ltd, Orica Ltd., Sasol Polymers Ltd, Sinopec Shanghai Petrochemical Company Limited, Taekwang Industrial Co Ltd, The Chemours Company, Tiande Chemical Holdings Limited, Tongsuh Petrochemical Corp.Ltd and YnnovateSanzheng (Yingkou) Fine Chemicals Co Ltd.

Key Developments

In January 2023, The Chemours Company (“Chemours”), a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, announced a $200 million investment to increase capacity and advance technology for its industry-leading Nafion™ ion exchange materials to be located at Chemours’ manufacturing facility in Villers-Saint-Paul, France. As part of the investment, the capabilities of Chemours’ regional manufacturing site will be expanded to support and advance technological progress and new products for the worldwide hydrogen economy.

In April 2022, Australian Gold Reagents (AGR) is poised to expand its sodium cyanide production to support growing global demand for gold. A significant expansion of AGR’s sodium cyanide plant is being planned for construction in Kwinana, Western Australia. If approved, it will increase AGR’s production capacity by circa 30,000 tonnes per annum from its existing production of more than 90,000 tonnes per annum, with the sodium cyanide to be used in gold mining operations across Australia, Asia, Africa, the Americas and the Middle East.

Forms Covered:
• Liquid
• Solid

End Users Covered:
• Mining
• Chemical
• Electroplating
• Dye and Textile
• Pharmaceutical
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements