Sodium Cyanide Global Market Report 2021 - COVID-19 Growth and Change

Market Overview

The global Sodium Cyanide market size is estimated at 3509.9 million USD with a CAGR of 6.8% during the forecasted period from 2021-2028. A white crystalline solid compound with a molecular formula NaCN is referred to Sodium cyanide. It is highly toxic to humans and therefore should be handled carefully. It has several applications and is extensively used in industries like chemical and mining. One of the key factors that impels the sodium cyanide market is developing pharmaceutical industry. In addition, a significant demand in the mining industry is expected to fuel the market size. Moreover, sodium cyanide is used in the extraction process of precious metals like gold which can positively impact the market development. Also, electroplating is one of the major applications wherein sodium cyanide is extensively utilized. Furthermore, increasing investment at local as well as global level is projected to bloom the market growth. On the other hand, unstable price of raw materials accompanied by high production rate can impose a restraint to the market growth. In addition, sodium cyanide is highly toxic due to which strict guidelines are enforced on its utility, storage, transport, etc.

Growth Factors

A surge in demand from the mining industry and rising investment at a local and international level are the key driving factors of the market. However, high toxicity, special efforts taken for manufacturing, transport, and storage of cyanide, and stringent regulations on the utility of sodium cyanide are the hindering factors that have a serious impact on the market growth. In addition, the authority namely, “International Cyanide Management Code” states that owing to high toxicity in sodium cyanide, they have designed and proposed an “Implementation Guide” that sheds a strong light on the safety precautions while handling sodium cyanide at the workplace. Further, they have divided the handling of such hazardous chemicals based on several departments/sections concerning industries. The sections involve production, transport, handling, workers' safety, and among others. Moreover, rising trends and paradigm shifts towards the usage of thiosulfates as a substitute would provide lucrative opportunities for the market in the coming years.

Market Segmentation

The global sodium cyanide market is mainly classified based on form and end-use industries. The form is further classified into solid and liquid. By the end-use industry, the market is divided into dyes & pigments, mining, chemical intermediates, pharmaceuticals, and others. Based on the end-user industry, the mining industry is considered a key industry that will acquire the largest share for the sodium cyanide market. As per the report produced by the industry experts, it clarifies that mining has shown a strong propensity in acquiring a maximum share in the past and will continue to show its thrall effect in the coming years. The factors behind registering profitable shares by the single end-use industry-mining are due to its proper fit or suitability in various industry verticals.

Regional Analysis

Based on geography, the global sodium cyanide market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. By geography, APAC and the Middle East and Africa are major exporters of sodium cyanide to nearby regions. Among all the sub-regions in APAC, China is recognized as a chemical hub identified as the largest producer of medicinal-related products. Furthermore, China will be highlighted as a dominator for the sodium cyanide market owing to the expansion of industry specifically mining. Whereas, South America and Europe will be dormant regions for the sodium cyanide market due to the high import of sodium cyanide from the APAC and China regions.

Competitive Players

Key players operating in the sodium cyanide industry include American Elements, Asahi Kasei Corporation, Australian Gold Reagents Pty Ltd, Changsha Hekang Chemical Co., Ltd., Chemicals Limited, Cyanco, Draslovka Holding B.V., Evonik Industries AG, Gujarat Alkalies, Orica Limited, PJSC LUKOIL, Sasol Limited, Taekwang Industry Co, Ltd., The Chemours Company, and Wesfarmers Limited. among others. For instance, on September 26, 2018-Cyanco officially announced that the company is expanding its company’s flagship Winnemucca, Nevada plant that is one of the largest sodium cyanide production plants. Moreover, Cyanco has invested an enormous amount for installation that can produce large amounts of high sodium cyanide (NaCN). The installation will definitely upsurge to strengthen the position of Cyanco to become a leader worldwide for a vision to supply this critical agent for gold and silver mining activities across geography. Furthermore, on February 22, 2017-Sodium Cyanide's new manufacturing unit inaugurated in Mexico. The unit possesses large metric tons capacity and identified with futuristic growth opportunities. Moreover, CyPlus Idesa NaCN production plant was inaugurated in Mexico in front of the top officials. CyPlus Idesa is a joint venture between German Evonik and Mexican Grupo IDESA. CyPlus Idesa joint venture is totally dependant on mutual trust and considered as one of the successful and trustful collaborations between the two partners.

Sodium Cyanide Market Key Segments:

By Form

• Solid
• Liquid

By End-use Industry

• Dyes & Pigments
• Mining
• Chemical Intermediates
• Pharmaceuticals
• Others

By Geography

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • U.K
  • Germany
  • France
  • Italy
  • Rest of Europe
• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • GCC Countries
  • Egypt
  • South Africa
  • Rest of Middle East & Africa