Sodium Cyanide Market to See Huge Growth by 2029 | Cyanco, Evonik Industries, Orica
Updated · May 05, 2023
According to HTF MI, The Global Sodium Cyanide Market is expected to see a growth rate of 3.4% and may see a market size of USD 3.7 Billion by 2028, currently pegged at USD 2.1 Billion.
Published Via 11Press : Sodium Cyanide is an inorganic chemical utilized in a variety of processes, including electroplating, chemical intermediates, and gold mining. Factors like rising demand from the mining industry and rising need for chemical intermediates are what drive the sodium cyanide market. Environmental issues and shifting gold prices, however, are presenting difficulties for the sector. Due to the enormous potential afforded by the rising demand for specialty chemicals and the adoption of green chemistry efforts, the market is anticipated to maintain its development trajectory overall.
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Sodium Cyanide Market Key Players
Below are the most prominent enterprise Sodium Cyanide industry players.
- Cyanco Corporation (United States)
- The Chemours Company (United States)
- Evonik Industries AG (Germany)
- Australian Gold Reagents Pty Ltd (Australia)
- Orica Limited (Australia)
- Asahi Kasei Corporation (Japan)
- Tongsuh Petrochemical Corp. (South Korea)
- Hebei Chengxin Co. Ltd. (China)
- Taekwang Industrial Co. Ltd. (South Korea)
- Coogee Chemicals Pty Ltd (Australia)
- Inner Mongolia Sanjiang Chemical Co. Ltd. (China)
- Sasol Limited (South Africa)
Sodium Cyanide Market Key Business Segments
By Product Type
- Solid Sodium Cyanide
- Liquid Sodium Cyanide
By End Use Application
- Gold Mining
- Chemical Intermediates
Key Developments in the Market:
“Draslovka a.s., a Czech Republic-based, global, family-owned leader in CN-based specialty chemicals including next-generation fumigants and biocides, announced on December 1, 2021, that it had completed the acquisition of The Chemours Company’s Mining Solutions business for a total consideration of $521 million.”
Sodium Cyanide Market Regional Analysis
On the basis of geography, the market of Sodium Cyanide has been broken down by
- North America [United States, Canada]
- South America [Brazil, Argentina, Chile, Colombia, Others]
- Europe [Germany, United Kingdom, France, Switzerland, the Nordics, Benelux, Spain, Italy, Rest of Europe]
- Southeast Asia
- APAC- excl. Southeast Asia [China, Japan, India, Australia, Others]
- MEA [South Africa, Egypt, Turkey, Kingdom of Saudi Arabia, UAE, Israel, Nigeria, Others]
North America region held the largest market share in the year 2022. Asia Pacific on the other hand stood as the second largest market due to the presence of key companies in the region and high technological advancement.
- North America is projected to lead the Sodium Cyanide market with the United States and Canada being major contributors in terms of driving revenue for this market segment in this region.
- Europe is seen as an attractive market for Sodium Cyanide during the projected year 2023-2029. Countries such as the United Kingdom, Germany & France hold the majority of market share contributions in the region.
- The study also provides granularity by Southeast Asian countries and is anticipated to experience rapid growth in Sodium Cyanide Market, which could be the fastest-growing market in the near time.
- Other Major Asian Economies that are included in the Sodium Cyanide market study are China, Japan, India, and Australia.
- Central & South American market is experiencing a good amount of Investors’ attention – Brazil, Mexico, and Argentina are seen as ‘Red Hot’ Market in this region.
- Middle East: This region is projected to experience explosive growth in the Sodium Cyanide market majorly dominated by the UAE, the Kingdom of Saudi Arabia (KSA), and Turkey as major Countries dominating in this area.
- Africa: This region still needs to gain traction, however, South Africa is playing dominating role followed by Nigeria.
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Market Growth Drivers
- The main forces driving the sodium cyanide market are rising demand from the mining industry and rising demand for chemical intermediates. A crucial reagent used in gold mining, whose demand is growing as gold prices rise, is sodium cyanide.
- Due to the expansion of the gold mining business, there will likely be a rise in the demand for sodium cyanide in the mining sector.
- Additionally, sodium cyanide is used as a precursor in the synthesis of cyanuric chloride, sodium cyanate, and cyanogen chloride, among other chemicals.
- The market for sodium cyanide is anticipated to expand due to the rising demand for these chemicals.
- The growing use of sodium cyanide in the pharmaceutical industry for the production of drugs and other medical products is also boosting market growth.
- Advancements in technology and the development of new manufacturing processes are expected to create new opportunities in the sodium cyanide market.
- The chemical industry uses sodium cyanide as a precursor in the synthesis of a number of specialized compounds, including sodium cyanate and cyanogen chloride.
- The sodium cyanide market has a chance to diversify its clientele and product line as a result of the rising demand for specialty chemicals.
- The sodium cyanide market has a chance to innovate and create more environmentally friendly and sustainable goods as a result of the adoption of green chemistry efforts, such as swapping dangerous compounds for less harmful ones or creating new, more sustainable manufacturing techniques.
- The commercial expansion of sodium cyanide is being hampered by environmental issues and shifting gold prices. Because it is toxic, sodium cyanide can pollute the environment if it is not used and disposed of properly.
- The market for sodium cyanide may see growth restraints due to rising environmental concerns and restrictions.
- The need for gold mining, which is impacted by shifting gold prices, determines a substantial portion of the demand for sodium cyanide.
- The demand for sodium cyanide may be impacted by the unexpected swings in gold prices, which may limit the market’s expansion.
Major Development in the Sodium Cyanide Market
|Market Forecast (2029)||USD 3.7 Billion|
|Current Market Size (2022)||USD 2.1 Billion|
|Dominating Segment||Chemical Intermediates|
|Major Players Profiled||Cyanco Corporation (United States), The Chemours Company (United States), Evonik Industries AG (Germany), Australian Gold Reagents Pty Ltd (Australia), Orica Limited (Australia), Asahi Kasei Corporation (Japan), Tongsuh Petrochemical Corp. (South Korea), Hebei Chengxin Co. Ltd. (China), Taekwang Industrial Co. Ltd. (South Korea), Coogee Chemicals Pty Ltd (Australia), Inner Mongolia Sanjiang Chemical Co. Ltd. (China), Sasol Limited (South Africa)|
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Frequently Asked Question
Q1: What is the current market size for the Sodium Cyanide Market?
A: According to a report by Market.us, the Sodium Cyanide Market was valued at USD 2.1 Billion in 2022 and is expected to reach USD 3.7 Billion by 2032, growing at a CAGR of 3.4% during the forecast period.
Q2: What are the key segments of the Sodium Cyanide Market?
A: The Global Sodium Cyanide Market Breakdown by Application (Gold Mining, Chemical Intermediates, Electroplating, Pharmaceuticals, Others) by Type (Solid Sodium Cyanide, Liquid Sodium Cyanide) by Distribution Channels (Direct, Distributor) and by Geography (North America, South America, Europe, Asia Pacific, MEA).
Q3: Who are the key players in the Sodium Cyanide Market?
A: Some of the key players in the Sodium Cyanide Market include Cyanco Corporation (United States), The Chemours Company (United States), Evonik Industries AG (Germany), Australian Gold Reagents Pty Ltd (Australia), Orica Limited (Australia), Asahi Kasei Corporation (Japan), Tongsuh Petrochemical Corp. (South Korea), Hebei Chengxin Co. Ltd. (China), Taekwang Industrial Co. Ltd. (South Korea), Coogee Chemicals Pty Ltd (Australia), Inner Mongolia Sanjiang Chemical Co. Ltd. (China), Sasol Limited (South Africa) Other Key Players.
Craig Francis (PR & Marketing Manager)
HTF Market Intelligence Consulting Private Limited
Phone: +1 434 322 0091
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