Sodium Cyanide Market: About the Report
Increase in mining activities are aiding demand growth for sodium cyanide. More than 90% of global gold producing companies use sodium cyanide for the extraction of gold. Countries such as China, Russia, and Australia are the top gold producing nations, and are thus significant consumers of sodium cyanide. The report by PMR elaborates on why this market is proliferating in East Asia and Latin America. Due to high availability and low cost, sodium cyanide is mostly preferred for gold and silver leaching operations.
Increasing Demand for End-use Industries
Increasing demand for end-use industries in the sodium cyanide market, such as for natural dyes in the textile industry, are likely to provide opportunities for market players. Sodium cyanide is used as a raw material in pharmaceuticals, dyes and pigments, agrochemicals, and metal industries. It is also used as an insecticide due to its toxicity, and finds application in analytical testing. Sodium cyanide is also used in polymer synthesis, which provides widespread opportunities for the expansion of the sodium cyanide market size over the coming years.
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Growth in Gold Mining Industry in China: Potential Market Opportunity
According to a report by China Mineral Resources, the country has been the global leader in gold production since the last 11 years in succession. It produced 426.1 tons of gold in 2017, equivalent to just over 13% of global gold production. Exploration and production of gold in China is spread across 3,389 gold mining areas, managed by around 400 gold mining companies. Among these companies, the top 13 companies hold a leading share in terms of production, accounting for 59.8% and 41.0% of finished gold and mined gold output, respectively. The top four players are China National Gold Group, Shandong Gold, Zijin Mining Group, and Shandong Zhaojin Group.
China constituted around 13% share of the total gold production in the world in 2018. The country has been promoting mining activities by allowing foreign investments in the mining sector over the last few years. Sodium cyanide is widely used in gold mining, due to its high affinity toward metals. Thus, the sodium cyanide market has been expanding in line with the gold industry in the region.
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High Toxicity and Dearth of Universal Directives Pertaining to Application of Sodium Cyanide
Cyanide in water rapidly breaks down in the presence of sunlight into largely harmless substances such as carbon dioxide and nitrate. However, sodium cyanide is known to be highly toxic to humans. NaCN is usually classified by governmental authorities as highly poisonous, requiring special packaging and transport regulations. Sodium cyanide solutions must only be transported on defined routes. Cyanide oxidizes when exposed to air or other oxidants and gets decomposed. Moreover, sodium cyanide is a deadly poison when ingested in a sufficiently high doses. Different countries have different directives and legislations pertaining to the use of sodium cyanide. Companies find it difficult to meet these country-wise directives and legislations. This can discourage investments in the sodium cyanide market, thereby hampering market expansion.
Sodium Cyanide Market: Structure Analysis
Top 10 players account for around 55-60% of the global sodium cyanide market share. The global sodium cyanide market is estimated to be fairly consolidated in nature. Key participants in the market are Cyanco International, LLC, The Chemours Company, Australia Gold Reagents, Orica Chemicals Pty., Korund, Sasol, Hebei Chengxin, TaeKwang Industry Co. Ltd, Anhui Shuguganag Chemical, CyPlus Idesa S.A.P.I. de C.V., and others. To gain a competitive advantage in this space, market participants are involved in expansion, merger, and acquisition activities with regards to high market growth.
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COVID-19 Impact on Sodium Cyanide Market
The COVID-19 pandemic has negatively affected most regions, sectors, and economies. The same holds true for the sodium cyanide market too. The pandemic crisis has negatively impacted almost all industrial applications of sodium cyanide, expect for pharmaceuticals. However, as the pandemic is brought under control, the market will regain its normal growth pace across regions.
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