According to the report, 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.
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 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 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
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Opportunities and Challenges in the Market15 Price Analysis18 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Sodium Cyanide Market Analysis
9 North America Sodium Cyanide Market Analysis
10 Europe Sodium Cyanide Market Analysis
11 Asia Pacific Sodium Cyanide Market Analysis
12 Latin America Sodium Cyanide Market Analysis
13 Middle East and Africa Sodium Cyanide Market Analysis
14 Market Dynamics
16 Trade Data Analysis (HS Code - 283711)
17 Competitive Landscape
Companies Mentioned
- 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.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | March 2023 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value in 2023 | 1450.6 KMT |
| Forecasted Market Value by 2028 | 1887.36 KMT |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
