Sodium Cyanide Market Forecast, 2022-2031

Sodium Cyanide Market Outlook 2031
• The global sodium cyanide market was valued at US$ 2.4 Bn in 2021
• It is estimated to grow at a CAGR of 4.2% from 2022 to 2031
• The global sodium cyanide market is expected to reach US$ 3.6 Bn by the end of 2031

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Global Sodium Cyanide Market Introduction

Sodium cyanide is a water-soluble inorganic compound manufactured by treating hydrogen cyanide with sodium hydroxide at an elevated temperature. The compound is highly poisonous. It remains stable at high temperatures in complete absence of carbon dioxide, air, and moisture. Extraction of gold, electroplating, manufacture of agrochemicals and pharmaceuticals, ore extraction, cleaning of metals, and chelating agents are a few common sodium cyanide uses and applications. Cyanide has been utilized in metal extraction since 1887, and it is currently safely used and managed in gold recovery around the world. Cyanide is one of only few chemical reagents that dissolve gold in water. It is a common industrial chemical that is readily available at a reasonably low cost. For both technical and economic reasons, cyanide is the chemical of choice for the recovery of gold from ores. Gold mining operations utilize highly dilute solutions of sodium cyanide, typically in the range of 0.01% and 0.05% cyanide (100 to 500 parts per million).

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Rise in Usage of Sodium Cyanide as Reagent in Mining Industry for Separation of Precious Metals

Demand for flotation reagents, such as sodium cyanide, has been increasing due to the decline in quality of gold and silver ores. Sodium cyanide, being cost-effective, is widely used in the extraction of gold. Furthermore, prices of gold have been fluctuating for the last few years. Therefore, manufacturers are focused 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.
Local and foreign investments in regions, such as Latin America, have been increasing, which in turn is driving the demand for reagents, such as sodium cyanide, for gold and silver extraction. Almost 90% of global gold production utilizes sodium cyanide. The gold ore, after being crushed into powder, is added to the sodium cyanide solution, which results in the strong bonding of gold molecules to sodium cyanide. The application of zinc then separates cyanide from gold, which results in the formation of solid gold. Thus, rise in use of sodium cyanide as a reagent in the mining industry propels the market.
Cyanide Leaching has Lowest Environmental Impact among Alternative Gold Ore Processing Methods

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Cyanide leaching process has a lower environmental impact, as compared to other leaching chemicals available such as bromine, chlorine, and thiourea. Several other biological media are under consideration to recover gold from ores; however, no one has come up with a more cost-effective and productive method than leaching with cyanide
In certain circumstances, a few methods may show promise; however, for a good oxide gold ore, cyanide leaching is usually the best leach method for the recovery of yellow precious metal.

Increasing Use of Sodium Cyanide in Mining Industry to Drive Market

In terms of end-use industry, the global sodium cyanide market has been split into mining, dyes & pigments, chemical intermediates, pharmaceuticals, and others. Among these, the mining segment accounted for 78.8% share of the global sodium cyanide market in 2021. The segment is estimated to maintain its attractiveness during the forecast period, due to its suitability in various end-use areas. Sodium cyanide is commonly sold as either a liquid or solid briquette. Its strength, usually quoted on a molar basis, can range anywhere from 98% and above. Sodium cyanide powder is ideal for gold processing, as it is cost-effective, quick to process, and readily available.

Regional Outlook of Global Sodium Cyanide Market
In terms of volume, Asia Pacific held a notable share of 40.0% of the global sodium cyanide market in 2021. It is expected to remain a highly lucrative region during the forecast period due to rapid industrialization and rise in sodium cyanide use in pharmaceutical, mining, chemical, and dyes industries in the region. The market in Asia Pacific is expected to expand at a CAGR of 4.4% during the forecast period.

China is a key country of the sodium cyanide market in Asia Pacific, owing to the expansion of industries such as mining and chemical in the country. China is a major hub for chemical and medical-related products, which employ dyes, chemicals pests, and casting products, due to the latter's superior properties such as cost-effectiveness and efficiency compared to other alternatives.
Middle East & Africa constituted about 20% share of the global sodium cyanide market in 2021. The market in the region is estimated to expand at a CAGR of 3.6% during the forecast period. Europe and North America are attractive regions of the global market, led by a rise in industrial automation and technological reforms in the region. Europe offers immense potential for investors operating in the industry. The market size is small in the region; however, there exists vast potential for mining and other applied products due to the growth of the chemical industry in the region.

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Analysis of Key Players of Global Sodium Cyanide Market

The global sodium cyanide market is consolidated with a small number of large-scale vendors controlling the majority of the market share. A majority of the firms are spending a significant amount on comprehensive research and development, primarily to develop environment-friendly products. Expansion of product portfolios and mergers and acquisitions are major strategies adopted by key players. Cyanco, Australian Gold Reagents Pty Ltd, Asahi Kasei Corporation, Orica Limited, Sasol Limited, The Chemours Company, Evonik Industries AG, Changsha Hekang Chemical Co., Ltd., Draslovka Holding B.V., Gujarat Alkalies and Chemicals Limited, PJSC LUKOIL, Taekwang Industry Co, Ltd., American Elements, and Wesfarmers Limited are the prominent entities operating in the market.

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