Sodium Cyanide Market Size (2024 - 2029)

The market size of Sodium Cyanide is anticipated to grow over the forecast period, primarily driven by increasing mining activities in Canada and Mexico, and demand from the gold mining industry. The market managed to reach pre-pandemic levels despite the impact of COVID-19. However, factors such as the toxicity of sodium cyanide and the development of substitutes for gold extraction could potentially hinder market growth. Nonetheless, the discovery of new mines is expected to present lucrative opportunities for market players. The market is currently dominated by the Asia-Pacific region, attributed to growing mining activities and robust demand from the end-user industry.

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Market Size of Sodium Cyanide Industry

Sodium Cyanide Market Summary
Study Period 2018 - 2028
Market Volume (2023) 1.14 Million tons
Market Volume (2028) 1.39 Million tons
CAGR (2023 - 2028) 4.06 %
Fastest Growing Market North America
Largest Market Asia Pacific

Major Players

Sodium Cyanide Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Sodium Cyanide Market Analysis

The Sodium Cyanide Market size is expected to grow from 1.14 million tons in 2023 to 1.39 million tons by 2028, at a CAGR of 4.06% during the forecast period (2023-2028).

The impact of COVID-19 on the global sodium cyanide market was largely negated, and the market now reached the pre-pandemic levels.

  • Over the medium term, the major factors driving the studied market's growth are the increasing mining activities in Canada and Mexico and the demand from the gold mining industry.
  • On the flip side, the toxicity of sodium cyanide and the development of substitutes for gold extraction hampers the growth of the market studied.
  • The discovery of new mines is projected to offer lucrative opportunities to the market players during the forecast period.
  • Due to the growing mining activities in the region, Asia-Pacific dominated the market, and robust demand from the end-user industry fuelled the growth.

Sodium Cyanide Industry Segmentation

Sodium cyanide is a white, crystalline, deliquescent, water-soluble, poisonous powder prepared by heating sodium amide with charcoal. It is used commercially for fumigation, electroplating, extracting gold and silver from ores, and chemical manufacturing. The sodium cyanide market is segmented by end-user industry and geography. The end-user industry segments the market into mining, chemical, and other end-user industries. The report also covers the market size and forecasts in 13 countries across major regions. Each segment's market sizing and forecasts are based on volume (kilotons).

End-user Industry
Mining
Chemical
Other End-user Industries
Geography
Asia-Pacific
China
Australia & New Zealand
Indonesia
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Russia
CIS Countries (Excluding Russia)
Rest of Europe
South America
Brazil
Argentina
Peru
Rest of South America
Middle-East and Africa
Ghana
Sudan
South Africa
Rest of Middle-East and Africa

Sodium Cyanide Market Size Summary

The Sodium Cyanide Market is experiencing significant growth, with projections indicating a steady increase in market size in the coming years. This growth is primarily driven by increasing mining activities, particularly in Canada and Mexico, and the high demand from the gold mining industry. However, the market also faces challenges such as the toxicity of sodium cyanide and the development of substitutes for gold extraction. Despite these hurdles, the discovery of new mines presents lucrative opportunities for market players in the forecast period. The market has also recovered to pre-pandemic levels following the impact of COVID-19. The market is dominated by the mining segment, with a majority of sodium cyanide produced worldwide being used in mining and metallurgy, particularly in the extraction of gold and silver. The Asia-Pacific region holds the largest market share, driven by robust demand from the gold extraction and chemical industry. China, being the largest producer of gold, contributes significantly to this demand. Other countries such as Australia and Indonesia, with their substantial mineral reserves, are also key contributors to the market's growth. The sodium cyanide industry is consolidated, with the top players accounting for a significant share of production capacities.

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Sodium Cyanide Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 High Demand from the Gold Mining Industry

      2. 1.1.2 Increasing Mining Activities in Canada and Mexico

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Toxicity of Sodium Cyanide

      2. 1.2.2 Development of Substitute for Gold Extraction

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-user Industry

      1. 2.1.1 Mining

      2. 2.1.2 Chemical

      3. 2.1.3 Other End-user Industries

    2. 2.2 Geography

      1. 2.2.1 Asia-Pacific

        1. 2.2.1.1 China

        2. 2.2.1.2 Australia & New Zealand

        3. 2.2.1.3 Indonesia

        4. 2.2.1.4 Rest of Asia-Pacific

      2. 2.2.2 North America

        1. 2.2.2.1 United States

        2. 2.2.2.2 Canada

        3. 2.2.2.3 Mexico

      3. 2.2.3 Europe

        1. 2.2.3.1 Russia

        2. 2.2.3.2 CIS Countries (Excluding Russia)

        3. 2.2.3.3 Rest of Europe

      4. 2.2.4 South America

        1. 2.2.4.1 Brazil

        2. 2.2.4.2 Argentina

        3. 2.2.4.3 Peru

        4. 2.2.4.4 Rest of South America

      5. 2.2.5 Middle-East and Africa

        1. 2.2.5.1 Ghana

        2. 2.2.5.2 Sudan

        3. 2.2.5.3 South Africa

        4. 2.2.5.4 Rest of Middle-East and Africa

Sodium Cyanide Market Size FAQs

The Sodium Cyanide Market size is expected to reach 1.14 million tons in 2023 and grow at a CAGR of 4.06% to reach 1.39 million tons by 2028.

In 2023, the Sodium Cyanide Market size is expected to reach 1.14 million tons.

Sodium Cyanide Market Report Snapshots