Sodium Cyanide Market
The sodium cyanide market is estimated to be valued at USD 2.77 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031. Sodium cyanide is an inorganic compound with the chemical formula NaCN. It is a white, water-soluble solid. Major end uses of sodium cyanide include extraction of gold and other precious metals, chemical intermediate, dye and pigment manufacturing, and fumigant. Commercially, sodium cyanide is produced as a white powder or crystalline beads. It is relatively economical and efficient agent for extracting gold from low-grade ore in the mining industry. The compound is also utilized as a fumigant for soil treatment, and in synthesis of specialized chemicals such as adiponitrile. Overall, the multifaceted applications of sodium cyanide across different sectors have contributed to the growth of its market over the past few decades. However, given its highly toxic nature, the handling and use of the compound require strict adherence to safety measures and regulations.
Market Dynamics:
The global sodium cyanide market is driven by factors such as rising gold production, burgeoning chemicals industry, and increasing pest management activities. As per estimates, the demand for gold grew at a CAGR of over 2% during 2018-2022, with the jewelry segment accounting for the majority of consumption. This, in turn, boosted the consumption of sodium cyanide in mining applications. Additionally, the rapid development of the specialty chemicals and agrochemicals industries augmented the product demand for manufacturing compounds including adiponitrile and fumigants respectively. However, health hazards associated with sodium cyanide coupled with stringent regulatory environment regarding its production and transportation pose challenges for smooth market expansion. Nevertheless, technological advancements to develop safer alternative extraction processes for gold mining as well as innovative application scopes in chemical synthesis present new opportunities for industry participants in the coming years.
Key Features of the Study:
Detailed Segmentation-
Table of Contents
* Browse 25 market data tables* and 20 figures* on "Global Sodium Cyanide Market” - Global forecast to 2031.
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