Press release
Sodium Cyanide Market is Expanding Rapidly with Promising Growth Prospects 2024 - 2031 | Hindusthan Chemicals Company, Cyanco
Sodium Cyanide Market
The sodium cyanide market is estimated to be valued at USD 2.77 Bn in 2024 and is expected to reach USD 3.98 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
Market Dynamics:
Rising gold and silver mining activities across the globe is a major factor contributing to the growth of sodium cyanide market. According to World Gold Council, total demand for gold stood at 4,345 tons in 2021, registering a rise of around 3% compared to 2020. Moreover, as per US Geological Survey, world silver mine production increased by 12% to touch 27,000 tons in 2021 from previous year. Increase in mining output will subsequently propel consumption of sodium cyanide used in extraction process. Another driver for the market is growing application of sodium cyanide in chemical industries for production of simpler nitriles, adiponitrile and so on. Adiponitrile is further used in manufacturing nylon fibers, resins and plastics. Thus, expansion of chemical industry will further aid market expansion during forecast period.
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Rising Gold Production is a Key Driver for Sodium Cyanide Market
The mining sector has been an important end user industry for sodium cyanide. Over the past few years, gold production has been steadily rising across many countries which has significantly contributed to the growth of sodium cyanide market. For example, gold production in Australia and Canada, two of the leading gold producing nations, increased by 9% and 5% respectively from 2017 to 2019. Similarly, other major gold producing countries like Peru, Chile and South Africa have also witnessed rises in their gold output. As sodium cyanide is a crucial leaching agent used in gold extraction via cyanidation process, its demand rises directly proportional to the increase in gold mining activities. With mining companies continuing to ramp up their gold mining projects to meet the strong investment demand for gold, sodium cyanide demand from this industry is expected to grow accordingly in the coming years.
Alternative Metal Extraction Methods Present an Opportunity
While sodium cyanide remains the primary leaching agent used for extracting gold from ore, some mining companies have started exploring alternate metal extraction methods that do not require cyanide. For example, thiosulphate leaching is a greener process gaining prominence as a viable alternative to cyanidation. It uses thiosulphate salts instead of cyanide for gold/silver leaching sans the environmental issues associated with cyanide usage. Some mining sites in Australia, US and Canada have successfully implemented thiosulphate leaching on commercial scale. Additionally, research is ongoing to develop other non-cyanide based metal extraction technologies. This presents an opportunity for sodium cyanide market to diversify into manufacturing by-products or offering technical services required for alternative extraction methods. This will help expand its addressable market beyond core mining applications.
Adoption of IoT and Automation Drives Market Trends
Mining industry has been proactively implementing latest technologies like Internet of Things (IoT) and automation to improve production efficiency and minimize costs. When applied to cyanidation plants and other sodium cyanide handling facilities, these digital technologies bring significant benefits. For example, IoT enabled sensors can constantly monitor critical parameters like pH levels, temperature and cyanide concentrations during leaching operations. This helps achieve optimal conditions for metal extraction while avoiding hazards. Similarly, automation aids in performing routine tasks like reagent mixing and material transfers safely with minimal human intervention. Technology providers are developing sodium cyanide monitoring and handling systems integrated with IoT and automation. This emerging trend provides opportunities for sodium cyanide manufacturers to offer digitally enabled solutions and services to mining companies looking to optimize their extractive processes.
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Top Companies Featured in This Report:
β Hindusthan Chemicals Company
β Cyanco
β Australian Gold Reagents Pty. Ltd.
β Asahi Kasei Corporation
β Orica Limited
β Evonik Industries AG
β Changsha Hekang Chemical Co., Ltd.,
β Draslovka Holdings B.V.
β Sasol Limited
β The Chemours Company
β Gujarat Alkalies and Chemical Limited
β PJSC LUKOIL
β Taekwang Industrial Co., Ltd.,
β American Elements
β Wesfarmers Limited
β UPL
β Loba Chemie
β Nilkanth Organics
β Taekwang Industrial
β CSBP
Market Segmentation:
By Product Type:
β By Product Type: Solid Sodium Cyanide and Liquid Sodium Cyanide
β By End User: Mining, Dyes and Pigments, Chemical Intermediates, Pharmaceuticals, and Others
Key Regions/Countries Classified as Follows:
Β» North America (U.S., Canada, Mexico)
Β» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Β» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Β» South America (Brazil, Argentina, Rest of SA)
Β» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Sodium Cyanide Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Sodium Cyanide market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Sodium Cyanide market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Sodium Cyanide market.
Segment Analysis: Examining the market value and sales volume of Sodium Cyanide by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Sodium Cyanide market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Sodium Cyanide sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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