Sodium Cyanide Market by Product Form (Solid and Liquid), The Solid segment is anticipated to grow with a higher CAGR as compared to the liquid segment in the forecast period.
Industry: Chemicals and Materials
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 275
Report ID: PMRREP17776
[275 Pages Report] According to a report by Persistence Market Research, the global sodium cyanide market is expected to increase steadily with a 4.6% CAGR from 2023 to 2033. The market was valued at USD 2,105.4 million in 2022 and is predicted to reach USD 3,452.9 million by the end of the forecast period. The market is likely to grow due to increased demand in mining activities, aided by the compound's low cost and easy availability.
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Market Size 2023 |
US$ 2,202.2 million |
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Market Size 2033 |
US$ 3,452.9 million |
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Value CAGR (from 2023 to 2033) |
4.6% |
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Collective Value Share: Top 3 Countries (2023E) |
35-40% |
Sodium cyanide is a water-soluble inorganic chemical compound (NaCN) found in white solid form. It serves as a flotation agent in the mining industry for the extraction of gold and silver from mineral ores, as well as a pesticide in various chemicals to prevent bugs in agricultural farms. The rise in mining operations is driving the demand for sodium cyanide, with over 90% of global gold producers using it. Top gold-producing countries such as China, Russia, and Australia are significant consumers of this chemical.
From 2018 to 2022, the sodium cyanide market witnessed a CAGR of 4.1%, whereas as per the current estimations, the market is projected to expand with a slightly higher growth rate of 4.6% during 2023 and 2033. This growth in market expansion is attributed to the rising gold extraction activities in key producing countries owing to rising demand for the precious metal across the globe.
Further, there is a growing need for sodium cyanide in various end-use industries, including the textile industry, where it is used for natural dyes. Sodium cyanide is utilized as a raw material in various sectors, including chemicals, agrochemicals, dyes and pigments, and the metal industry. It is also utilized as an insecticide because of its toxicity and is employed in analytical testing. Market players are expected to benefit from these opportunities bringing an overall upward growth projection to the industry in the coming years.
How is the mining industry shaping the market for sodium cyanide?
Sodium cyanide is essential for mining and extracting precious metals, particularly gold, due to its ability to dissolve gold in water. This chemical is widely used in gold mining operations, with diluted solutions being employed to minimize its harmful effects. The demand for precious metals from various industries is expected to drive sales of sodium cyanide over the next decade. The gold mining industry is the primary consumer, using almost 90% of the global supply. The demand for gold has been increasing, which has led to a surge in the demand for cyanides. The market for sodium cyanide is closely connected to the global gold mining industry, and any changes in the industry will have a significant impact on the supply and demand of this chemical.
What factors are hampering the market growth?
Sodium cyanide is extremely toxic to humans and is classified by governments as highly poisonous. It must be packaged and transported in compliance with special regulations. When exposed to air or oxidants, it oxidizes and decomposes causing harmful effects on humans and the environment. The use of this chemical is subject to varying legislation and directives among different countries, making compliance challenging for the companies operating in this market which may impede market expansion and discourage investment in the sodium cyanide market.
How is the market structured based on its form?
Based on product form, the sodium cyanide market is divided into solid and liquid forms. Both of these forms are widely used based on their target application in the end-use industries. Although, in terms of volumes, solid sales account for a prominent market share as compared to the liquid form.
The solid NaCN is used in the gold extraction process, where it is added to the powdered mineral ore to selectively separate gold particles. This adoption of sodium cyanide in gold mining has a potentially less environmental impact as compared to its peer chemicals such as chlorines and bromines. As a result, there is a significant and increasing demand for solid sodium cyanide, which will contribute to the growth of the industry. As per the PMR analysis, the solid segment is anticipated to grow with a higher CAGR as compared to the liquid segment in the forecast period.
Which is the prominent end-use industry for sodium cyanide?
Sodium cyanide has diverse applications across industries like mining & metallurgy, chemicals, pharmaceuticals, dyes and pigments, agriculture, etc. Among these, the mining and metallurgy industry is the leading consumer, and it will continue to dominate the market in the forecast period. The widespread use of cyanides in metal mining for extraction and purification, and the increasing demand for precious metals like gold, will drive market growth. The mining industry's growing investments in sodium cyanide-based mining operations and its economic and technical feasibility will fuel the growth of the mining and metallurgy segment.
Which region will dominate the sodium cyanide market during the forecast period?
The Asia-pacific region has a significant market for sodium cyanide and is expected to remain the dominant market during the forecast period. Several countries in Asia, including China, Japan, and South Korea, have a significant demand for this chemical, primarily from the mining, electroplating, and chemical synthesis industries.
China is the largest producer and consumer of sodium cyanide in the region, followed by Japan and South Korea. In 2021, the country alone accounted for around 9% of the global gold production with a production volume of 332 tonnes. The region's growing population and increasing industrialization are expected to drive further demand for sodium cyanide in the future.
What is the market outlook for sodium cyanide in North America?
North America is one of the key regions for the sodium cyanide market due to its significant demand from the mining industry. The region has a large mining sector that requires cyanides for gold and silver extraction. In addition, North America has a well-established infrastructure for the production and transportation of such hazardous chemicals, which facilitates the distribution of the chemical across the region.
According to the World Gold Council data, the U.S. and Canada have togetherly produced around 380 tonnes of gold in 2021. The figure is expected to grow in the coming years as the demand for gold and other precious metals is scaling across the globe, which will escalate the demand for sodium cyanide across the region. According to the PMR analysis, the North American market is expected to show a moderate growth rate of close to 5% during the forecast period.
The global sodium cyanide market is dominated by a few global players, with the top 10 companies accounting for approximately 55-60% of the market share. These companies are investing heavily in research and development to create environmentally-friendly products, reflecting the increasing importance of sustainability in the industry. To maintain and increase their market share, key players are also expanding their product portfolios and engaging in mergers and acquisitions. As a result, the market is becoming more consolidated, with smaller companies facing increasing competition and potentially being acquired by larger players. The trend towards consolidation and investment in sustainability is likely to continue, with the industry placing greater emphasis on responsible practices and product innovation to meet evolving customer demands.
A few of the key developments in the industry are:
Similarly, more developments related to companies manufacturing sodium cyanide are been tracked by the team at Persistence Market Research, which is available in the full report.
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Attribute |
Details |
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Forecast Period |
2023-2033 |
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Historical Data Available for |
2018-2022 |
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Market Analysis |
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Key Countries Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available Upon Request |
By Product Form
By End Use Industry
By Region:
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Persistence Market Research reports the market size of global sodium cyanide at US$ 2,105.4 million in 2022.
In 2023, the global sodium cyanide market is estimated to reach a valuation of US$ 2,202.2 million.
The global market value is expected to reach US$ 3,452.9 million in 2033.
The global sodium cyanide market exhibited a value CAGR of 4.1% over the last 4 years.
From 2023 to 2033, the global sodium cyanide market is projected to grow at a CAGR of 4.6%.
The mining and metallurgy segment will garner around 40% of the global market by value share in 2023.
