The Global Sodium Cyanide market is expected to grow with a CAGR of 6.5% during the forecast period from 2019 to 2026.
(EMAILWIRE.COM, November 14, 2019 ) Market Overview
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, in electroplating, hydrometallurgy of precious metals,
Market Dynamics
With the growing preference among individual 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.
The 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 environment challenges. There have been several high profiles peaks 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 has been introduced in the regions where Sodium cyanide is banned.
Therefore, the toxicity of Sodium Cyanide which is harmful to both human as well as aquatic life can hinder the growth of the market in the coming years.
Market Outlook
The Global Cyanide Market segments the market by form and application. Form segment includes Solid Sodium Cyanide and Liquid Sodium Cyanide. Further, based on application, the market can be segmented as Mining, Electroplating, Chemical, 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 Segmentation
By Form
Solid Sodium Cyanide
Liquid Sodium Cyanide
By Application
Mining
Electroplating
Chemical
Pharmaceuticals
Others
By Region
Asia Pacific
Europe
North America
South America
Rest of the World
Geographical Analysis
Asia-Pacific is the most dominating region for 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 producing after China.
Australia Gold Reagents is the major manufacturer and supplier of sodium cyanide for gold extraction in Australia.
The market in Europe and North America is expected to register slow growth in comparison to the APAC region. In North America, the demand for Sodium Cyanide is prominently driven by the gold-mining industry, As the U.S. is one of the major gold producing countries.
In Europe, Russia is expected to drive the market in the region. This country is investing in new plants for increasing the production of sodium cyanide. Also, the vast gold reserves present in Russia will propel the demand for sodium cyanide.
The demand for Sodium Cyanide is expected to grow at a healthy pace in the Middle East region and especially in Saudi Arabia. It is because of the Ad Duwayhi gold mine in Saudi Arabia. The Ad Duwayhi mine has begun commercial production; hence there is a high demand for Sodium Cyanide in this region.
Company Profiles
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.
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