Sodium Cyanide Market: Key Highlights
·
The
global sodium cyanide market was valued
at ~US$ 2.2 Bn in 2018, and is anticipated to expand at
a CAGR of ~4% during the forecast period.
·
The
global sodium cyanide market is driven by growth in the gold mining industry in
China, India, and Japan.
·
Europe
and North America are attractive regions of the global sodium cyanide market,
led by the increase in industrial automation and technological reforms in these
regions. Europe offers immense potential for investors operating in the
industry. The market size is small in the region; however, there exists vast
potential for mining and other applied products due to the growth of the
chemical industry.
Key Drivers of Sodium Cyanide Market
·
In terms
of value and volume, the global sodium cyanide market is expected to expand at
a moderate pace during the forecast period. Rise in the demand for sodium
cyanide in mining, dyes & paints, and pharmaceutical industries, and
increase in the usage of sodium cyanide in polymer synthesis are anticipated to
drive the global market during the forecast period.
·
The
International Cyanide Management Code (referred as Cyanide Code) for the
manufacture, use, and transport of sodium cyanide during the production of gold
and silver may also help promote sodium cyanide management practices.
·
Sodium
cyanide is also an economically viable and environmentally sustainable
technology for gold ore processing.
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Solid Form to Offer Attractive Opportunities
·
In terms
of form, the solid segment accounted for a major share of the global sodium cyanide
market in 2018. The segment is anticipated to continue its
dominance during the forecast period, as it is comparatively easy to transport.
·
In either
the solid or liquid form, sodium cyanide may be transported by rail or road in
bulk quantities, often long distances, from the manufacturing site to remote
areas. For instance, it could be transported for usage in gold beneficiation
and base metal flotation. Countries have enacted stringent regulations and
guidelines for the transportation and usage of sodium cyanide, as exposure to
the solid form can be hazardous due to its ability to release poisonous
hydrogen cyanide gas slowly into the air.
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Adverse Effects of Sodium Cyanide on Environment to
Hamper Market
·
Stringent
environmental regulations imposed on chemicals are adversely affecting the
consumption of sodium cyanide across the globe. Environmental regulations for
chemicals are primarily related to the disposal of waste gases, wastewater, and
mineral residues.
Asia Pacific Dominates Sodium Cyanide Market
·
Asia
Pacific accounted for a leading share of the global sodium cyanide market
in 2018, due to the increase in the demand for gold and silver
products in the region; and rise in the demand for chemicals and gold
extraction, especially in countries such as China and India. China and India
are among the prominent gold producing countries in the world.
·
China,
Australia, and India are global leaders in term of sodium cyanide production.
These countries witness the maximum demand for sodium cyanide in Asia Pacific.
However, organizations such as the International Cyanide Management Code have
enacted precise guidelines on the usage of sodium cyanide. This is estimated to
adversely affect the market in Asia Pacific in the near future. There have been
initiatives to substitute sodium cyanide in gold recovery, as it is hazardous
to the environment. However, it still remains the most eco-friendly among
similar products.
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Top Five Players Account for Key Share of Sodium
Cyanide Market
·
The
sodium cyanide market is dominated by a few major players such as Cyanco,
The Chemours Company, Orica Limited, Evonik Industries AG, and Australian Gold
Reagents Pty Ltd. These companies held ~ 70% share of the
market in 2018.
·
Other key
companies that manufacture sodium cyanide include Taekwang Industry Co,
Ltd., Asahi Kasei Corporation, Sasol Limited, Changsha Hekang Chemical Co.,
Ltd., Draslovka Holding B.V., and American Elements.
·
Major
players are strengthening their distribution channels to increase their market
share. They are also expanding their global presence by establishing production
facilities in developing regions to capture untapped markets. Mergers and
acquisitions are likely to alter the market shares of companies during the
forecast period. The implementation of stringent regulations on the production
and usage of sodium cyanide is estimated to discourage new companies from
entering the market.
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