Product Code: 65408
The sodium cyanide (NaCN) market is expected to grow at a CAGR of above 6.3% during the forecast period of 2019-2024. The major factors driving the growth of market studied are the increasing demand from mining industry and increasing demand for use in polymer synthesis. On the flipside, the toxicity of sodium cyanide hampers the growth of the studied market.
- Mining and metallurgy industry dominated the market in 2018 and is likely to grow during the forecast period with the continuous growth in mining activities.
- The increasing demand for sodium cyanide downstream products, and increasing demand for natural dyes in textile industry, are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, owing to the growing mining activities in the region, and robust demand fuelling the growth of polymer synthesis and chemicals industry.
Key Market Trends
Mining and Metallurgy Segment to Dominate the Market Demand
- Mining & metallurgy industry dominates the consumption of sodium cyanide. Sodium cyanide is sold either in liquid or solid briquette forms.
- It is extensively used in gold extraction, where the demand is majorly driven by the low costs and high availability. Another major factor driving the demand for sodium cyanide in the mining industry is that it is not self-combustible.
- Almost 90% of global gold production utilizes sodium cyanide. The gold ore, after being crushed into powder, is added to the sodium cyanide solution, which results in the strong bonding of gold molecules to sodium cyanide. The application of zinc then separates cyanide from gold, which results in the formation of solid gold.
- The consumption of sodium cyanide per ton of ore processed is increasing as the average content of gold is declining gradually, globally.
- The rising demand for these metal for commercial and non-commercial applications is another driving factor for sodium cyanide in the purification of metals.
- Silver is another metal where sodium cyanide is employed in the extraction process. The process is similar to gold and is referred to as the 'cyanide process".
- The increasing demand for such metals for commercial & non-commercial applications has led to increased mining activities, globally. With this, the demand for sodium cyanide is also expected to continue increasing significantly in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share in 2018. With the robust demand from gold extraction and chemicals industry, the demand for sodium cyanide in Asia-Pacific, primarily in China, has been increasing at a faster rate.
- As of June 2018, China accounted for about 13% of the world's total gold production. China has been further promoting mining activities in the country by allowing foreign investments into the sector, which is further driving the mining activities in the country.
- China also stands to be the largest producer of chemicals, and plastics, which further increases the demand for sodium cyanide in the country.
- In addition, the demand for sodium cyanide is increasing for application during polymer processing, owing to the strong demand for plastics from the building and construction industry, which has growing at a robust rate in the countries, such as India, China, Indonesia, Vietnam, and Singapore.
- Besides, countries, such as India, Bangladesh, Malaysia, and others, have been witnessing noticeable demand from the agricultural sector, which sodium cyanide pesticides are used against predatory animals.
- Moreover, sodium cyanide has also been increasingly used in electroplating in automotive and electronic industries in countries such as India, China, South Korea, Thailand, and Malaysia, which is further expected to drive the demand for sodium cyanide market in the region during the forecast period.
- Hence, with all such application and robust demand in the region, the sodium cyanide market is expected to witness healthy growth during the forecast period.
The sodium cyanide market is a fragmented market, where numerous players hold insignificant share to affect the market dynamics individually. Some of the noticeable players in the market include The Chemours Company, Cyanco, Orica Limited, Evonik Industries AG, and Asahi Kasei Corporation, amongst others.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand from Mining Industry
- 4.1.2 Increasing Demand for Use in Polymer Synthesis
- 4.2 Restraints
- 4.2.1 Toxicity of Sodium Cyanide
- 4.3 Industry Value-Chain Analysis
- 4.4 Porters 5 Force Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5 MARKET SEGMENTATION
- 5.1 End-user Industry
- 5.1.1 Mining and Metallurgy
- 5.1.2 Agriculture
- 5.1.3 Chemical and Polymer Synthesis
- 5.1.4 Automotive
- 5.1.5 Electronics
- 5.1.6 Other End-user Industries
- 5.2 Geography
- 5.2.1 Asia-Pacific
- 188.8.131.52 China
- 184.108.40.206 India
- 220.127.116.11 Japan
- 18.104.22.168 South Korea
- 22.214.171.124 Rest of Asia-Pacific
- 5.2.2 North America
- 126.96.36.199 United States
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.2.3 Europe
- 220.127.116.11 Germany
- 18.104.22.168 United Kingdom
- 22.214.171.124 France
- 126.96.36.199 Italy
- 188.8.131.52 Rest of Europe
- 5.2.4 South America
- 184.108.40.206 Brazil
- 220.127.116.11 Argentina
- 18.104.22.168 Rest of South America
- 5.2.5 Middle East & Africa
- 22.214.171.124 Saudi Arabia
- 126.96.36.199 South Africa
- 188.8.131.52 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 American Elements
- 6.4.2 Asahi Kasei Corporation
- 6.4.3 Australian Gold Reagents Pty Ltd
- 6.4.4 Changsha Hekang Chemical Co. Ltd
- 6.4.5 Cyanco
- 6.4.6 Draslovka Holding BV
- 6.4.7 Evonik Industries AG
- 6.4.8 Gujarat Alkalies and Chemicals Ltd.
- 6.4.9 Orica Limited
- 6.4.10 Sasol
- 6.4.11 The Chemours Company
- 6.4.12 Uma Chemicals
- 6.4.13 Unigel Group
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Demand for Sodium Cyanide Downstream Products
- 7.2 Increasing Demand for Natural Dyes in Textile Industry