Sodium cyanide Market Size, Share, Analysis, Trends and Outlook, Forecast 2024-2031

Market Overview

Sodium cyanide is an inorganic compound, having the chemical formula NaCN. It is a white, water-soluble solid. It has a high affinity for metals, which leads to the high toxicity of this salt. Sodium Cyanide has high reactivity for metals, which is exploited in its application in mining, especially in gold mining.

NaCN is used in the gold mining industry to extract gold from rock by heap leaching; it is also used for steel cyanation, electroplating, hydrometallurgy of precious metals, floatation processes, and beneficiation of metallic ores.

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Sodium Cyanide Market Dynamics and Trends

The increasing investments in gold are a primary factor that will drive the market during the forecast period. Of all the precious metals, gold is the most popular investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts and derivatives.

With the growing preference among individuals for investments, there will be an increasing need for more gold production which in turn will drive the market for Sodium Cyanide. Conventional gold mining operations rely heavily on cyanide leaching as the predominant method for recovering gold from ores and concentrates.

Global gold production increased from 2730 tonnes in 2012 to 3247 tonnes in 2017. Thus, the increasing gold production will boost the demand for Sodium Cyanide.

The use and subsequent disposal of toxic sodium cyanide present significant safety and environmental challenges. There have been several high-profile leaks and spills of cyanide killing scores of fish.

As a result of this, it is facing strong public opposition, and some countries have banned it altogether. Various alternatives like Cyanide-Free processes have been introduced in the regions where Sodium cyanide is banned.

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Sodium Cyanide Market Segment Analysis

The Global Cyanide Market segments the market by form and application. The form segment includes Solid Sodium Cyanide and Liquid Sodium Cyanide. Further, based on application, the market can be segmented as Mining, Electroplating, chemicals, Pharmaceuticals, and Others.

Mining is the leading segment. Sodium Cyanide is primarily used in Gold mining. NaCN is highly reactive to metals. Cyanide has been the leaching reagent of choice in gold mining because of its high gold recoveries, robustness, and relatively low cost. The gold mining sector uses approximately 66,000 tons of sodium cyanide annually worldwide

Market Companies:

The Global Sodium Cyanide market report profiles the following companies - Asahi Kasei, Chemours, Cyanco, Orica, Royal DSM, Sasol Polymers, Evonik, Australian Gold Reagents, Sinopec, Tongsuh Petrochemical corp.,ltd, and Hebei Chengxin Co., Ltd.

Geographical Share:

The Sodium Cyanide market segments based on geography as North America, South America, Europe, Asia-Pacific, and the Rest of the World.

Asia-Pacific is the most dominating region in Sodium Cyanide Market. The large share of Asia-Pacific can be attributed to the high gold production in countries like China, Australia, and Uzbekistan. Australia has the highest number of gold reserves in the world (about 10% of the total world gold reserve) and is the second-largest gold producer after China..

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