Sodium Cyanide Market
Sodium Cyanide Market Analysis, By Form (Solid, Liquid), By End Use (Mining & Metallurgy, Pharmaceuticals, Chemical Intermediates, Dyes & Pigments), and Region – Global Market Insights 2023 to 2033
Analysis of Sodium Cyanide Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Sodium Cyanide Market Outlook (2023 to 2033)
Global demand for sodium cyanide accounts for a market value of US$ 2.7 billion by 2023 and is estimated to increase at 4.1% CAGR over the next ten years. By the end of 2033, the global sodium cyanide market is extrapolated to secure a valuation of US$ 4.05 billion.
Sodium cyanide is a water-soluble solid poisonous compound that has a chemical formula of NaCN. This chemical is highly toxic in nature and is capable of interfering with the human body’s ability to utilize oxygen. The chemical is used in multiple applications such as precious metal mining, chemical manufacturing, and fumigation.
Shipments of sodium cyanide are primarily driven by its significant demand from the mining industry, which is expected to bolster market development throughout the forecast period. Demand for precious metals has been increasing on a global level and this is also anticipated to further boost sales of sodium cyanide over the coming years. Sodium cyanide is a crucial element in gold mining as it is extensively used to leach gold from ores.
- In July 2022, a top official of the World Gold Council-India stated that the demand for gold in India was estimated to be over 800 tonnes for the year 2022. 80% of this demand was expected to emerge from jewellery.
The growing chemical manufacturing industry, increasing investments in R&D to explore new applications of sodium cyanide, rising mining operations, high demand for insecticides, increasing world population, rapid industrialization, and growing pharmaceutical manufacturing activities are other prospects that could potentially uplift sodium cyanide shipments in the future. A hike in demand for electronics is anticipated to open up new avenues of opportunities for sodium cyanide suppliers going forward.
On the flip side, the adverse effects of sodium cyanide exposure on human health and the detrimental environmental impact of prolonged exposure to sodium cyanide are anticipated to have a constraining effect on market growth in the long term. Moreover, the implementation of stringent sustainability mandates by governments and regulatory authorities across the world is also expected to hamper sodium cyanide demand across the forecast period.
Demand for sodium cyanide in Asia Pacific currently accounts for an authoritative share of the global market and this is expected to be maintained through 2033 as well. China, India, Indonesia, Korea, and Japan are anticipated to be leading markets in this region owing to increasing investments in industrialization and growing mining activities. China is the leading producer of gold in the world and this is anticipated to create highly remunerative business opportunities for sodium cyanide suppliers in the APAC region over the next ten years.
More insights regarding local supply, pricing trends, new developments, supply chain management, and product standards have been detailed in this newly revised sodium cyanide market research study by Fact.MR, a market research and competitive intelligence provider.
Sodium Cyanide Market Size (2023)
US$ 2.7 Billion
Projected Market Value (2033F)
US$ 4.05 Billion
Global Market Growth Rate (2023 to 2033)
Market Share of Mining & Metallurgy (2022)
MEA Market Growth Rate (2023 to 2033)
Asia Pacific Market Share (2022)
Key Companies Profiled
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Which Factors are Shaping Future Sodium Cyanide Demand?
“Use of Sodium Cyanide as Extraction Agent for Precious Metals”
Sodium cyanide is crucial in the extraction and mining of precious metals, which is projected to particularly influence market evolution over the coming years. Cyanide is one of the few chemical reagents that dissolves gold in water and this is a key factor that drives its demand for gold extraction and mining.
Gold mining operations generally use sodium cyanide solutions that are diluted, commonly 0.01% to 0.5% solutions to reduce the harmful effect of its toxicity. Increasing demand for precious metals from various industry verticals is projected to boost sodium cyanide sales over the next ten years.
Nearly 90% of the global sodium cyanide supply is utilized by the gold mining and extraction industry at present.
- As per statistics listed on the World Gold Council website, annual gold supply in 2022 rose by around 2% in the year 2022 accounting for 4755 metric tonnes lifting the demand to an 11-year high matching with the statistics of the year 2011.
“Rising Chemical Manufacturing Activities”
Industrialization has been a prime trend shaping the global demand for sodium cyanide in the past few years and is predicted to do the same across the forecast period as well. Increasing use of chemicals in various applications and the launch of supportive initiatives by governments to promote the chemical manufacturing industry are other prospects that could potentially uplift the sales of sodium cyanide in the future.
Will Korea be an Investment-worthy Market for Sodium Cyanide Manufacturers?
“Rising Exports of Cyanides Creating Bankable Market Growth Opportunities”
South Korea is the third major exporter of cyanide oxides of sodium and cyanides in the world. The abundant availability of natural resources and their efficient mining make South Korea a noteworthy market for sodium cyanide suppliers and creates new opportunities for them.
- As per The Observatory of Economic Complexity website, South Korea exported around US$ 184 million worth of cyanides and cyanide oxides of sodium in 2020.
Increasing industrialization, growing investments in the chemical manufacturing industry, supportive government initiatives, and rising foreign investments in the mining sector are other aspects that bolster demand for sodium cyanide in South Korea. Japan and China are also anticipated to offer highly attractive business opportunities for sodium cyanide vendors in the Asia Pacific region.
How Will Sodium Cyanide Demand Evolve in Europe?
“Expansion of Mining Exploration Activities to Promulgate Sodium Cyanide Sales”
Europe has a vast expanse of unexplored mining landscape that is being explored by leading mining companies to expand their business scope and increase overall production capacity. Rising investments in mining explorations, supportive government initiatives, and rapid adoption of industrial automation trends are other factors that are anticipated to uplift sodium cyanide sales in the European region over the coming years.
Rising focus on sustainability and implementation of stringent environmental protection mandates by regulatory authorities are expected to slow down market development in European countries such as Germany, France, Spain, and the United Kingdom through 2033. Expanding chemical manufacturing activity in Europe is also slated to bolster sodium cyanide demand in the future.
Which Countries are Remunerative Markets in North America?
“Canada & United States to Offer Attractive Business Scope”
Growing mining activity in the United States and Canada is a prime factor that is projected to influence shipments of sodium cyanide in the North American region throughout the forecast period. Continual efforts to reduce dependency on imports of raw materials by both the aforementioned countries are slated to supplement market development going forward.
Growing adoption of advanced mining techniques, supportive government initiatives, and rising demand for precious metals are other prospects that are anticipated to boost sodium cyanide sales in the future.
However, the trade war between China and the United States that started in 2018 had a huge impact on demand trends for sodium cyanide and other products, which is altering market growth in the North American region to date.
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Which Industry Accounts for High Sodium Cyanide Demand?
“Mining End-use Industry to Account for Commanding Market Share”
Based on end use, the sodium cyanide market is segmented into mining & metallurgy, pharmaceuticals, chemical intermediates, dyes & pigments, and others.
The mining and metallurgy industry accounts for an authoritative share in the global marketplace at present and is expected to maintain this stance throughout the forecast period as well. Sodium cyanide is extensively used in metal mining operations such as extraction and purification and this is a prime factor that is slated to uplift market growth in the future. Increasing demand for gold and other precious metals is also projected to bolster sodium cyanide sales through 2033.
Increasing investments in the mining industry by public and private sectors are also expected to positively impact demand for sodium cyanide over the next ten years. The economic and technical viability of sodium cyanide for precious metals processing and mining operations is also projected to favor growth in the mining and metallurgy segment going forward.
Top sodium cyanide companies are investing in mergers, acquisitions, and collaborations to expand their business scope and strengthen their market presence on a global level.
- In July 2021, Draslovka Holding, a Czech Republic-based subsidiary of a private company announced the acquisition of Sasol Limited’s cyanide business at US$ 95 million. The company strengthened its cyanide supply for the mining sector through this acquisition.
- The Chemours Company, a leading American chemical company announced that it had closed the sale of its mining solutions business division at US$ 521 million in December 2021 to Draslovka, a Czech-based private chemical organization specializing in cyanide production for mining and other applications.
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Key Segments of Sodium Cyanide Industry Research
By Form :
By End Use :
- Mining & Metallurgy
- Chemical Intermediates
- Dyes & Pigments
By Region :
- North America
- Latin America
- FAQs -
The global sodium cyanide market stands at US$ 2.7 billion in 2023.
By 2033-end, worldwide sales of sodium cyanide are set to reach US$ 4.05 billion.
Demand for sodium cyanide is projected to rise at 4.1% CAGR over the next ten years.
Increasing use of sodium cyanide in the mining industry and growing demand for precious metals are key market drivers.
China, South Korea, and Australia are leading producers of sodium cyanide in the world.