Pegged to surpass a value pool of nearly US$ 3 Bn by the end of the forecast period (2019-2027), sodium cyanide is primarily used as a reagent in the mining & metallurgy industry for isolation of precious metals. It is used for efficient extraction of gold from low-grade ore. The heightened consumption of gold and silver is projected to positively impact market growth. Sodium cyanide demand has received a significant uptick in the past five years owing to fluctuation in gold prices. Gold mining & metallurgy companies investing capital into exploration projects is further proliferating demand growth. This trend is expected to continue unabated in the forecast period. In Europe and Japan, sodium cyanide market is driven by chelate production, animal feed, dyes & pigments and chemical intermediates vis-a-vis gold consumption. On this backdrop the global sodium cyanide market is projected to grow at a CAGR of over 4% during the forecast period (2019-2027).
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Key Takeaways of Sodium Cyanide Market Study
- Mining & metallurgy segment dominates the market share and is expected to grow exponentially in the coming years. Owing to the rapid economic development, the need for a reagent for metallurgical processes like extracting precious metals from ores, sodium cyanide is anticipated to have huge market potential in the future.
- North America accounts for nearly 16% of global demand in which Mexico contributes more than 6% of the global demand for sodium cyanide
- East Asia is poised to expand at a significant growth rate of over 5% and expected to maintain its supremacy in the market in the long term forecast period
- In terms of value and volume, solid form accounted for a significant share in the market in 2018, and is projected to account for over two-third revenue share by 2027
- Chemical intermediates among other end uses is likely to witness a significant growth rate of over 6% throughout the assessment period (2019-2027)
“Growing need for reagents for metallurgic processes like extracting of precious metal from ores and strong demand for gold across the globe will accelerate the growth of sodium cyanide market in countries such as China and Australia.” says the Fact.MR analyst
Global Sodium Cyanide Market: In-Depth Assessment on Key Segments
The global sodium cyanide market is segmented on the basis of form, end-use, and region.
By Form :
By End-Use :
- Mining & Metallurgy
- Chemical Intermediates
- Dyes & Pigments
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
APAC to Outpace Other Regions, as Mining Activities Intensify
Asia Pacific is presently maintaining its supremacy in the global sodium cyanide market. This area is home to over half the market for sodium cyanide along with China which holds the leading share in the region. Australia also has a significant number of producers of sodium cyanide and the area has shown high demand growth for mining reagents.
Latin America also has a prominent position in the global market for sodium cyanide. Countries like Chile, Peru, and Colombia have shown a surge in demand for mining reagents. Europe is anticipated to show a moderate growth trajectory in the coming years.