Advancements in Sodium Cyanide Market
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The global sodium cyanide market has been segmented in terms of type and end-user. In terms of type, the market has been divided into solid sodium cyanide and liquid sodium cyanide. In terms of end-user, it has been segmented into mining, chemical, pharmaceutical, textile, and dyes & pigments. Mining is the leading end-user segment of the market. Expansion type of mining projects such as expansion of the Eastern Dragon mine in China and new exploration projects for production of gold such as the Blackwater project and the Rainy River project in Canada are raising the demand for sodium cyanide in the mining industry.
Global Sodium Cyanide Market: Drivers and Restraints
Rising usage of sodium cyanide as a reagent in the mining industry for separation of precious metals is one of the important factors driving the sodium cyanide market. Mining waste containing sodium cyanide during its use in mining operations may cause serious damage to the environment. This, in turn, is likely to restrain the sodium cyanide market during the forecast period. In addition, numerous regulations with respect to use of sodium cyanide are hampering the market. Fluctuation in gold prices has pushed several gold-mining companies to invest in new technologies, typically in exploration projects, in order to extract high-quality gold and silver. This is likely to offer growth opportunities to players operating in the sodium cyanide market in the next few years.
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In terms of region, the global sodium cyanide market can be segmented into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In terms of consumption, North America is a leading market for sodium cyanide, followed by Asia Pacific and Europe. In North America, the U.S. is a leading consumer of sodium cyanide, wherein sodium cyanide is utilized on a large scale for gold extraction. However, rising focus on substitution of sodium cyanide with other alternatives led by its potential threat to environment is hampering the sodium cyanide market in the region. In Asia Pacific, India and China are leading gold-producing countries. Rising disposable income and changing lifestyle in countries such as India, China, and Vietnam are raising the demand for sodium cyanide. Countries such as Australia and South Korea are leading exporters of sodium cyanide and Australia is expected to increase its production capacity for sodium cyanide in the next few years. The chemical industry in Europe predominantly consumes sodium cyanide. Countries in Eastern Europe such as Russia and Kazakhstan are expected to increase their production capacity of sodium cyanide in order to reduce their dependency on imports of sodium cyanide. Latin America and Middle East & Africa currently hold a low share of the global sodium cyanide market. However, the demand for sodium cyanide as a mining reagent in Peru, Colombia, South Africa, and GCC is expected to increase during the forecast period.
Global Sodium Cyanide Market: Key Players
Key players operating in the global sodium cyanide market are Cyanco, E. I. DuPont, Australian Gold Reagents, Orica, and Evonik Industries.
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