July 19, 2024
Sodium Cyanide Market

Sodium Cyanide Market is estimated to Witness High Growth Owing To Rising Gold Mining Activities

The Sodium Cyanide Market is estimated to be valued at US$ 2452.82 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview: –

Sodium cyanide is an inorganic compound with the formula NaCN. It is a white, watersoluble solid. Sodium cyanide has a bitter almond-like taste and smells of hydrogen cyanide. It is readily dissociated in water or dilute acids to give the cyanide ion CN-. Sodium cyanide is mainly used for gold extraction from ores. It acts as leaching agent, which removes gold from gold-containing ores. Other uses of sodium cyanide include electroplating, metal cleaning and surface treatments.

Market key trends: –

One of the major trends driving the growth of the sodium cyanide market is rising gold mining activities. Gold mining contributes significantly to the global economy. As per the World Gold Council organization, estimated global gold mine production was approximately 3,200 metric tons in 2020. Growing gold demand from jewelry, industrial, and investment sectors is encouraging companies to explore new gold mining projects. This, in turn, is fueling the demand for sodium cyanide which is mainly used in gold extraction process from ores. Additionally, increasing applications of cyanide in newer sectors such as nanochemistry, pharmaceuticals etc. is also expected to support market growth over the forecast period.

Porter’s Analysis: –

  • Threat of new entrants: – The threat of new entrants in the sodium cyanide market is moderate. The capital requirement and raw materials acquisition barriers impede new players to enter the market easily.
  • Bargaining power of buyers: – The bargaining power of buyers in the sodium cyanide market is high. There are multiple manufacturers globally supplying the sodium cyanide hence buyers can negotiate on price.
  • Bargaining power of suppliers: – The bargaining power of suppliers in the sodium cyanide market is moderate. Raw materials required are commonly available however suppliers hold bargaining power based on economies of scale.
  • Threat of new substitutes: – Threat of substitutes is low as sodium cyanide is uniquely suitable for gold extraction process where there are limited alternatives.
  • Competitive rivalry: – Intense competition exists in the sodium cyanide market due to established global players.

SWOT Analysis: –

  • Strength: – Sodium cyanide has unique properties and is highly suitable for gold extraction process. Established global manufacturing facilities and distribution network.
  • Weakness: – Toxic nature requires handling with care during transportation, storage and usage. Stringent environmental regulations add to production cost.
  • Opportunity: – Growing gold mining industry in Asia Pacific and South America regions will drive the demand. Introduction of safer handling technologies can help overcome limitations.
  • Threats: – Volatility in raw material prices can impact supply. Rising environmental awareness can lead to replacement by non-toxic substitutes over long term.

Key Takeaways: –

The Global Sodium Cyanide Market Demand is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing gold mining activities. The market size for 2023 is US$ 2452.82 Mn.

Regional analysis: – Asia Pacific dominates the global sodium cyanide market and is expected to maintain its lead over the forecast period. Countries like China, Indonesia and the Philippines are major gold producers in the region.

Key players operating in the sodium cyanide market are Cyanco Corporation, E. I. du Pont de Nemours and Company, Australian Gold Reagents, Orica Limited, Evonik Industries AG, Taekwang Industrial, Tongsuh Petrochemical, Anhui Shuguang Chemical, Unique Chemical.

*Note:
1.  Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it