Sodium Cyanide Market is Anticipated to Register a 5.2% CAGR until 2031, Reaching US$ 4 billion: Report from TMR
A growing awareness of the environment and government regulations will dominate the market in the upcoming years.
Wilmington, Delaware, United States, Sept. 29, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The sodium cyanide market was worth US$ 2.5 billion in 2022. The sodium cyanide market is projected to reach US$ 4 billion by 2031. Sodium Cyanide market revenue is projected to increase at a CAGR of 5.2% from 2023 to 2031.
Sodium cyanide producers and suppliers might consider diversifying to provide safer, more environmentally friendly mining chemicals and services. Mining waste streams containing sodium cyanide can be recycled and repurposed efficiently, reducing environmental impacts as well as creating a market for the services.
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Various initiatives are being taken by the Government to encourage more investors to explore the region’s untapped resources. The government in 2020 to promote the mining industry spent approximately USD 500,000. The use of sodium cyanide in the mining industry will increase as a result of initiatives by governments around the world to boost the mining industry.
Key Findings of the Market Report
- Sodium cyanide, typically used for extracting gold and silver, is the most common use of sodium cyanide worldwide.
- New mines being discovered and mining being legalized are expected to provide opportunities during the forecast period for the market.
- The use of sodium cyanide for separating gold from its ore is the main reason for sodium cyanide’s growth in the market.
- With the continuous growth in mining activities, the mining industry is expected to dominate the market during the forecast period.
Global Sodium Cyanide Market: Growth Drivers
- A primary application of sodium cyanide in the mining industry is for the extraction of gold. Demand for sodium cyanide will likely increase as long as gold demand remains steady or increases. A significant impact is exerted on the sodium cyanide market by rising gold prices and mining activities.
- Regulations and concerns regarding sodium cyanide’s use and disposal have grown in recent years. As a result, mining and chemical companies are under increasingly harsh evaluations and pressure to adopt more environmentally friendly practices.
- Pharmaceuticals will experience the fastest growth among all other industries. The therapeutic effect of small amounts of sodium cyanide can be applied to a wide variety of pharmaceutical products.
- Sodium cyanide demand has grown significantly as industrialization and safety requirements for mining and extraction processes have increased. In emerging economies, especially gold mining operations, sodium cyanide demand may grow as gold mining expands.
Sodium Cyanide Market: Regional Landscape
- Asia Pacific, which is the net exporter of sodium cyanide, is expected to dominate the market. Mining activity in the region is rapidly increasing, along with the growth of electroplating, further driving market growth.
- The electroplating industries in China and India are using sodium cyanide to treat metal surfaces. The demand for these products is high in these countries because of their shiny and corrosion-resistant coatings.
- The textile industry and other manufacturing industries use sodium cyanide to produce dyes and pigments. Due to their manufacturing and textile sectors, India and China are the two countries with the largest demand for these chemicals in the market.
- Africa is a major producer of many vital mineral commodities, with abundant supplies of diamonds, gold, bauxite, iron ore, cobalt, coal, and copper. A total of 680.3 metric tons of gold were produced in Africa in 2021, up roughly 0.5% from the previous year.
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Global Sodium Cyanide Market: Key Players
As sodium cyanide companies look to strengthen their market position, they use a number of strategies. Companies are investing in strategic alliances, improving technology, merging & acquiring, and conducting intensive research and development.
Recent research on sodium cyanide analyzed a number of market players
- Cyanco, Australian Gold Reagents Pty. Ltd.
- Asahi Kasei Corporation
- Orica Limited
- Evonik Industries AG
- Changsha Hekang Chemicals Co., Ltd.
- Draslovka Holdings B.V
- Sasol Limited
- The Chemours Company
- Gujarat Alkalies and Chemical Limited
- PJSC LUKOIL
- Taekwang Industrial Co., Ltd.
- American Elements
- Wesfarmers Limited
- In August 2023, the Government Chemist Laboratory Authority (GCLA) commenced public education aimed at preventing health effects and environmental damage caused by improper handling of sodium cyanide.
- As a fumigant, electroplating agent, gold and silver extraction agent, and chemical manufacturer, sodium cyanide is a widely used compound. Initially launched in Dar-es-Salaam, the campaign ran for two weeks across eight regions under the direction of government chief chemist Dr Fidelice Mafumiko.
- In September 2023, P2 Gold Inc. announced that it had completed a Preliminary Economic Assessment for its gold-copper Gabbs Project in Nevada. P&E Mining Consultants Inc. (“P&E”) contributed minerals and mining information for the Updated PEA as required by National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”).
Global Sodium Cyanide Market: Segmentation
By End User
- Dyes and Pigments
- Chemical Intermediates
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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