The sodium cyanide market is primarily driven by its use in gold mining, where it is used to extract gold from ores. Growing demand for gold and increasing mining activities in developing economies are the major drivers of the market. However, the market faces challenges due to environmental concerns and regulations regarding the use and disposal of cyanide. Additionally, the increasing popularity of alternative gold extraction methods, such as the use of thiosulfate, is expected to hinder market growth. Asia-Pacific is the largest market for sodium cyanide due to the presence of major gold mining countries like China and Australia. The market is dominated by a few major players who control the majority of the market share.
Global Sodium Cyanide Market was valued at US$ 2205.00 Mn in 2021 in terms of revenue, exhibiting a CAGR of 5.47 % during the forecast period (2022 to 2030).
Leading Companies in the Sodium Cyanide Industry:
1. Cyanco
Founded in 1990, Cyanco is a privately held company that specializes in the production and distribution of sodium cyanide for use in the mining industry. The company is headquartered in Houston, Texas, and operates in several countries worldwide, including the United States, Canada, Mexico, Peru, and Australia. In March, 2021 Cyanco, a leading global producer of mineral extraction technologies, announced that it has formed a strategic partnership with Cycladex, Ltd., the developer of a newly-patented process to rapidly recover gold and silver.
2. E. I. DuPont
DuPont, founded in 1802, is a multinational chemical company headquartered in Wilmington, Delaware. The company produces a wide range of products, including chemicals, materials, and agricultural products. DuPont operates in more than 90 countries worldwide and has a global workforce of around 35,000 employees. On February, 2022 DuPont announced it has entered into a definitive agreement with Celanese Corporation to divest a majority of the Mobility & Materials segment including the Engineering Polymers business line and select product lines within the Performance Resins and Advanced Solutions business lines for $11.0 billion in cash, subject to customary transaction adjustments in accordance with the definitive agreement, which represents an enterprise value multiple of ~14x 2021 operating EBITDA.
3. Australian Gold Reagents
Founded in 1988, Australian Gold Reagents is a supplier of specialty chemicals and services to the mining industry. The company is headquartered in Perth, Australia, and operates in several countries, including Australia, Indonesia, Papua New Guinea, and West Africa.
4. Orica
Orica is an Australian-based multinational corporation that specializes in the production and distribution of commercial explosives and blasting systems for the mining, quarrying, and construction industries. The company was founded in 1874 and is headquartered in Melbourne, Australia. Orica operates in more than 100 countries worldwide and has a global workforce of around 11,500 employees. In November, 2022 announced the expansion of its strategic relationship with Alpha HPA Limited including acquiring a 5% equity interest and establishing a non-binding Memorandum of Understanding (‘MoU’) to investigate the feasibility of establishing a new high-purity aluminium manufacturing facility in North America.
5. Evonik
Evonik, founded in 2007, is a German specialty chemicals company that produces a wide range of products, including chemicals, materials, and animal nutrition products. The company is headquartered in Essen, Germany, and operates in more than 100 countries worldwide, with around 32,000 employees. In June 2021, Evonik announced that it had signed an agreement to acquire Porphyrio, a software company that provides data analytics tools for poultry farming.
6. Taekwang Industrial
Taekwang Industrial is a South Korean-based company that produces a variety of products, including petrochemicals, synthetic rubber, and specialty chemicals. The company was founded in 1971 and is headquartered in Seoul, South Korea. Taekwang Industrial operates in several countries worldwide, including China, Japan, and the United States. In August 2021, Taekwang Industrial announced that it had signed a memorandum of understanding with Korean battery materials maker, Ecopro BM, to jointly develop anode materials for electric vehicle batteries.
7. Tongsuh Petrochemical
Founded in 1989, Tongsuh Petrochemical is a South Korean-based company that specializes in the production of petrochemical products, including olefins, aromatics, and synthetic rubber. The company is headquartered in Seoul, South Korea, and operates in several countries, including China, the United States, and Europe. In April 2021, Tongsuh Petrochemical announced that it had signed a memorandum of understanding with LG Chem to cooperate on the production of bio-based polymers.
8. Anhui Shuguang Chemical
Anhui Shuguang Chemical is a Chinese-based company that produces a range of chemicals, including urea, melamine, and fine chemicals. The company was founded in 2003 and is headquartered in Bengbu, China. Anhui Shuguang Chemical operates in several countries, including the United States, Europe, and Southeast Asia.
9. Korund
Korund is a Russian-based company that produces a range of chemical products, including alumina, aluminum hydroxide, and synthetic corundum. The company was founded in 1935 and is headquartered in Volgograd, Russia. Korund operates in several countries worldwide, including the United States, Europe, and Asia.
10. Yingkou Sanzheng
Yingkou Sanzheng is a Chinese-based company that produces a variety of chemical products, including phosphates, surfactants, and fine chemicals. The company was founded in 1988 and is headquartered in Yingkou, China. Yingkou Sanzheng operates in several countries worldwide, including the United States, Europe, and Southeast Asia.
*Definition- Sodium cyanide is a highly toxic chemical compound with the formula NaCN, commonly used in gold mining to extract gold from ore. It is a white crystalline powder that is soluble in water and has a bitter almond odor.
