The Global Sodium Cyanide Market Is Driven By the Growing Demand from the Mining Industry and the Increasing Use of Sodium Cyanide in the Production of Several Chemicals

Sodium Cyanide Market

Sodium Cyanide Market, By Product Type (Solid Sodium Cyanide and Liquid Sodium Cyanide), By End User (Mining Industry, Chemical Industry, Pharmaceuticals Industry, Dye and Pigments Industry, and Textile Industry), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030.

Market Overview:

Sodium cyanide is widely used in several industrial processes, including gold and silver mining, electroplating, and the production of organic chemicals such as nylon and acrylics. In the mining industry, it is used to extract gold and other precious metals from ore. Sodium cyanide reacts with gold to form a stable complex, which is then separated from the ore.

Competitive Landscape:

Major players operating in the global sodium cyanide market include DSM, Sinopec, Hebei Chengxin, Lukoil, Tiande Chemical, Unique Chemical, Sasol Polymers, Yingkou Sanzheng, Korund, Anhui Shuguang Chemical, Tongsuh Petrochemical, Taekwang Industrial, Evonik, Orica, Australian Gold Reagents, E. I. DuPont, and Cyanco.

Key Market Drivers:

The growing demand from the mining industry is one of the major drivers of the global sodium cyanide market. Sodium cyanide is widely used in the extraction of gold and other precious metals from ore. The increasing demand for gold and other precious metals has resulted in a rise in the consumption of sodium cyanide.

The increasing use of sodium cyanide in the production of several chemicals is also driving the global sodium cyanide market. Sodium cyanide is used in the production of various chemicals such as nylon, acrylics, and dyes. The increasing demand for these chemicals has resulted in a rise in the consumption of sodium cyanide. For instance, in July 2021, Sasol Limited announced it will be selling its sodium cyanide business to Draslovka Holding's Czech-based subsidiary for more than US$ 95 million.

Covid-19 Impact Analysis:

The COVID-19 pandemic has had a mixed impact on the global sodium cyanide market. On the one hand, the pandemic has resulted in a decline in economic activity, which has affected the demand for several industrial chemicals, including sodium cyanide. On the other hand, the pandemic has resulted in a rise in the price of gold, which has led to an increase in the demand for sodium cyanide in the mining industry.  For instance, in July 2020, Cyanco was asked to study and analyze the consumption of cyanide at a central Canadian Gold Mine.

Key Takeaways:

·  The Asia Pacific is expected to dominate the global sodium cyanide market. The region's dominance is due to the increasing demand from the mining industry and the presence of key players in the market. For instance, according to Easyleadz, there are over 11,000 chemical companies in India. China is the largest market for sodium cyanide in the region, followed by Australia and India.

·  North America is estimated to witness high growth in the global sodium cyanide market, driven by the increasing demand for precious metals and the growing use of sodium cyanide in the production of chemicals. For instance, in December 2021, The Chemours Company announced that it will be selling its mining solutions to Draslovka a.s. for around US$521 million.