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
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Capacity Expansion to Remain Governing Consideration for Sodium Cyanide Market Growth
The global sodium cyanide market is consolidated in nature. Tier 1 players such as, Evonik Industries AG, Cyanco, The Chemours Company and Orica account for more than 60% market share. Manufacturers are expanding their production footprints to cater to the burgeoning demand for sodium cyanide. Capacity expansion is anticipated in the Asia-Pacific and European markets. However, North American players are currently focusing on securing their sodium cyanide supplies. Recently, Cyanco expanded production by 35000 MT for both solid and liquid solution capacity. Cyanco’s investment will strengthen its position as a global leader for the supply of this reagent for gold and silver mining across the globe
Find More Valuable Insights on the Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for sodium cyanide, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for sodium cyanide on form (solid and liquid), end-use industry (Mining & metallurgy, Chemical Intermediates, Pharmaceutical, Dyes & Pigments, and Others) across several major regions.
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