The Sodium Cyanide Market to focus on organic expansion between 2021 and 2031

Sodium Cyanide Market: Introduction

Sodium Cyanide is used as a reagent in the mining industry for the extraction of minerals, primarily gold and silver. It is mostly used as a flotation reagent in the mining industry. The processing of gold and silver accounts for almost two-thirds of sodium cyanide application. In some regions, where there is a shortage of hydrogen cyanide, sodium cyanide can be used as an intermediate as it is easier to transport and store. Apart from its use in the mining industry, sodium cyanide is used as an intermediate in the manufacture of vitamins, jewelry, adhesives, computer electronics, fire retardants, airplane brakes, cosmetics, dyes, nylon, nail polish remover, paints, pharmaceuticals, Plexiglas, rocket propellant and table salt. The overall sodium cyanide market is estimated to grow at a moderate CAGR over the forecast period.

Global Sodium Cyanide Market: Dynamics

Drivers:

There has been an increase in the demand for flotation reagents, such as sodium cyanide, due to the decreasing quality of gold and silver ores. Sodium cyanide, being economic, is widely used in the extraction of gold. Further, there have been continuous fluctuations in gold prices over the past few years. As a result, manufacturers are focusing on the extraction of gold from deeper mines that have been winding down. Consequently, there has been a surge in the demand for sodium cyanide.

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There has also been a rise in local and foreign investments in regions, such as Latin America, which is driving the demand for reagents, such as sodium cyanide for gold and silver extraction.

Restraints:

There are numerous regulations pertaining to the use of sodium cyanide. Agencies, such as International Cyanide Management Code has defined a particular limit on the use of sodium cyanide. An excess amount of sodium cyanide is harmful for human consumption and as a result, there has been an increase in focus on using safer alternatives.

Trends:

A recent trend is the increase in the usage of alternatives, such as thiosulphates, which are safer as compared to sodium cyanide

Global Sodium Cyanide Market: Segmentation

The global market for sodium cyanide can be segmented on the basis of form and application.

On the basis of form, the global sodium cyanide market can be segmented as:

Solid sodium cyanide
Liquid sodium cyanide
On the basis of application, the global sodium cyanide market can be segmented as:

Mining
Chemical industry
Pharmaceutical industry
Dyes and pigments
Others
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Global Sodium Cyanide Market: Regional Outlook

The global sodium cyanide market is dominated by Asia Pacific. More than half the demand for sodium cyanide hails from this region. Globally, China is the leading producer of Sodium. Along with China, Australia also has a considerable number of sodium cyanide manufacturers and the region has shown growth in the mining reagents market. Latin America also holds a significant share in the global sodium cyanide market. Countries, such as Chile, Peru, and Columbia have exhibited an increase in the demand for mining reagents. There are not many manufacturers for sodium cyanide in Europe; however, in the coming years, the region is slated to witness growth as compared to the present number. Thus, decreasing its dependency of imports from Asia Pacific, mainly China and South Korea. Middle East and Africa,especially South Africa have also contributed notably in the global sodium cyanide market. North America is projected to exhibit moderate growth over the outlook period. Additionally, Japan has also shown no significant demand for sodium cyanide, due to the relatively low number of gold mines in the region. Hence, the region is estimated to show stagnant growth over the forecast period.

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This release was published on openPR.