Sodium Cyanide Market by Regional Category Spend, Price Analysis, Key Demand, Price Indicators, and Best Buying Practices

The global sodium cyanide market reached a value of about 1280 kilo tons in 2021. The industry is projected to grow at a CAGR of around 4.40% in the forecast period of 2022-2027 to reach a value of 1697 kilo tons by 2027.

The global sodium cyanide market gives a comprehensive analysis of the industry including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The key application sector for the product is gold mining, which also exploits the high metal reactivity of the product. Besides, it is also used in a variety of industrial applications such as mining (extraction), Electroplating, and others. The key demand indicator in the industry report is the highest category spender by region— Asia Pacific.

Industry Definition and Segmentation

Sodium cyanide refers to an inorganic compound with the chemical formula, NaCN. It is a clean and clolourless sodium salt and is a water-soluble solid. Cyanide has a superior resemblance to metals, which results in the high level of toxicity of this salt. The key application sector for the product is gold mining, which also exploits the high metal reactivity of the product. It is an enormously poisonous substance that blocks many metabolic processes and is often used as a test reagent for the role of chemoreceptors. Moreover, it is also used in a variety of industrial applications such as mining (extraction), Electroplating, and others.

The sodium cyanide industry report comprises segments based on end-use products and regions. End-use segments are divided into mining, chemical, and other end-user industries. Geographically, the global sodium cyanide market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

The Asia Pacific and North America Regions are Driving the Growth of the Industry

The global sodium cyanide market is being driven by the growing mining activities, especially in the Asia Pacific region. The ever-increasing demand for precious metals like gold is encouraging increased mining in the region, by both national and international mining companies. The easy availability of feedstock, hydrogen cyanide, is aiding the market growth in the region. The demand for precious metals is aiding the growth of precious metals mining industries, especially in regions like Africa and Oceania, where the demand for sodium cyanide is growing.

The mining industry is also witnessing healthy growth in the United States due to favourable changes in the policies; thus, further propelling the sodium cyanide industry forward. The market is also driven by the growing demand from the application sectors like chemical intermediates and other materials. The use of sodium cyanide in the electroplating industry is also supporting industry growth. Its excellent blending property makes it a useful intermediate in the electroplating industry. Likewise, sodium cyanide has been widely used by electroplating companies across the world for its better blending properties.

On the reverse side, owing to its toxicity sodium cyanide impedes the expansion of the market. When used in high doses sodium cyanide can prove to be deadly and hence, companies find it challenging to meet the directives and legislations enforced by the governments on the use of the solid compound. This reason may discourage investors to put their money in the sodium cyanide market, thus jeopardising the growth of the market. However, its demand from other industries, like research, chemical intermediates, and performance additives, is expected to remain high.

Best Procurement Practices

The global sodium cyanide market by Procurement Resource gives an in-depth analysis of the best buying practices followed by major sodium cyanide products utilising regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Sodium cyanide is manufactured by curing hydrogen cyanide (HCN) with sodium hydroxide. Since the salt compound is produced from the use of weak acid, sodium cyanide promptly returns to HCN through the hydrolysis process, releasing tiny amounts of hydrogen cyanide, that smell like bitter almonds. It is a dangerous process that represents a substantial risk related to cyanide salts. Moreover, it is purified most effectively with hydrogen peroxide to generate sodium cyanate and water.

A solution of sodium cyanide is typically used to leach gold from ore in most gold mining operations. There are two forms of leaching method – heap leaching and vat or tank leaching. Heap leaching is done by spraying cyanide solution over huge heaps of crumpled ore spread over a giant collection of pads whereas in the vat leaching method the ore is combined with cyanide solution in big tanks. Likewise, another most used method of applying cadmium coating is electroplating. Electroplating or cadmium plating is done through cyanide baths that consist of a mixture of cadmium oxide and sodium cyanide to produce Na2Cd(CN)4.

The increase in Mining and Metallurgy Industries is Further Driving the Procurement of Sodium Cyanide

A large part of the sodium cyanide manufactured globally is utilised in mining and metallurgy, largely for extracting gold and silver. Apart from its usefulness, the compound is inexpensive, readily processable, and environmentally sustainable for gold processing. Several big mining organisations are seeking exposure in Canada since the country is one of the global leaders in mining operations and is the fifth-biggest gold producer globally. Additionally, the Canadian government is taking numerous steps to appeal to more investors to develop unexploited mineral reserves in the country.

Furthermore, both North America and Africa have an abundance of mineral sources, which makes these regions center of the global mining industry. While West Africa is a major spot for gold exploration inviting heavy investments from companies globally over the last few years, South Africa is primarily a major mining industry. With the vigorous demand from the gold mining and chemical industry, the demand for sodium cyanide in the Asia Pacific, majorly in China, has spiked at a much faster pace. Therefore, with such heavy applications and huge demand in most of the leading mining regions, the sodium cyanide market is projected to observe healthy growth during the estimated period.

The major regions in the industry are North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Key Industry Players Mentioned in the Sodium Cyanide Market

• The Chemours Company
• Cyanco
• Orica Limited
• Evonik Industries AG
• Asahi Kasei Corporation
• Anhui Shuguang Chemical Group
• Unique Chemical Limited
• Australian Gold Reagents Pty Ltd

Market Landscape

The primary factors driving the growth of the sodium cyanide market are the substantial increase in the demand from the mining industry and for use in polymer synthesis. The other markets where the demand for the chemical is rising is its use in downstream products and natural dyes in the textiles industry providing opportunities to grow for the salt market. Because of the increasing mining activities in the region, Asia Pacific has dominated the market across the globe and the heavy demand is further leading to the rise of polymer synthesis and the chemical industry. It is traded in either liquid or solid briquette forms.

It is massively used by the mining and metallurgy industry, especially in gold mining where around 90 percent of the mining operation is done using the compound. Besides, sodium cyanide is also used greatly in electroplating in the automotive and electronics industries in countries like India, China, South Korea, Thailand, and Malaysia, which is additionally likely to increase the demand for sodium cyanide market in the region.

Key Initiatives by Companies

• In July 2021, Cyanco announced a noteworthy advancement to its wooden boxes that will save its Solid sodium cyanide customers time and investment, advance the safety of their box handling, and decrease product damage in shipment.
• In February 2021, Australian Gold Reagents has proposed to WESTERN Australia’s Environmental Protection Authority to expand its production at the Kwinana sodium cyanide plant as part of a seven-day public comment period.