Hydrogen Cyanide Market to Reach $1.5 Billion, Globally, by 2032 at 2.2% CAGR: Allied Market Research

The global hydrogen cyanide market is experiencing growth due to several factors such as an increase in demand for hydrogen cyanide from the pharmaceutical industry as hydrogen cyanide is widely utilized in the synthesis of pharmaceuticals, including sedatives, anesthetics, and analgesics, and an increase in demand for hydrogen cyanide from the agricultural sector.

PORTLAND, Ore., Aug. 18, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Hydrogen Cyanide Market by Product (Hydrogen Cyanide Liquid and Hydrogen Cyanide Gas) by Application (Sodium Cyanide and Potassium Cyanide, Adiponitrile, Acetone Cyanohydrin, Cyanogen Chloride, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global hydrogen cyanide industry was valued at $1.2 billion in 2022 and is projected to reach $1.5 billion by 2032, growing at a CAGR of 2.2% from 2023 to 2032.

Hydrogen cyanide (commonly referred to as prussic acid) is an organic compound with the molecular formula HCN and the structural formula H+C+N. The liquid is colorless, highly toxic, and highly flammable. It boils at a temperature slightly higher than room temperature (25.6°C/78.1°F). HCN is manufactured on a commercial scale and is an essential raw material for a variety of chemical products, including polymers and pharmaceuticals. Potassium cyanide is a volatile organic compound with large-scale applications in the mining industry and plastics industry. Potassium cyanide is more toxic than a solid cyanide compound due to its volatile nature.

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Prime Determinants of Growth:

The global hydrogen cyanide market is experiencing growth due to several factors such as an increase in demand for hydrogen cyanide from the pharmaceutical industry as hydrogen cyanide is widely utilized in the synthesis of pharmaceuticals, including sedatives, anesthetics, and analgesics, and an increase in demand for hydrogen cyanide from the agricultural sector. However, the health and safety risks associated with hydrogen cyanide hinder market growth to some extent. Moreover, increasing demand for HCN from the aerospace and defense industry offers remunerative opportunities for the expansion of the Hydrogen cyanide market. 

Report Coverage & Details:

 Impact of Russia-Ukraine War on the Hydrogen Cyanide Market-

• Hydrogen cyanide (HCN) is primarily used in the production of various chemicals, including acrylic fibers, plastics, dyes, and pesticides. The availability and pricing of hydrogen cyanide can be influenced by factors such as supply disruptions, political instability, trade restrictions, and regional conflicts.
• In the case of the conflict between Russia and Ukraine, there were disruptions in the supply chain of hydrogen cyanide due to political tensions and military activities, which potentially impacted the market. Ukraine was one of the major global producers and exporters of hydrogen cyanide. The conflict directly affected the production facilities or transportation routes in Ukraine, leading to supply shortages and logistical challenges. Moreover, geopolitical tensions impacted international trade and resulted in trade restrictions or sanctions imposed by various countries. These restrictions were expected to further disrupt the hydrogen cyanide market by limiting imports or exports from the region affected by the conflict.

The hydrogen cyanide liquid segment to maintain its lead position throughout the forecast period-

Based on product, the hydrogen cyanide liquid segment held the highest market share in 2022, accounting for around three-fifths of the global hydrogen cyanide market revenue and is expected to maintain its lead position throughout the forecast period. This can be attributed to the fact that hydrogen cyanide liquid is used in industrial processes and serves as a vital raw material to produce chemicals such as plastics. HCN liquid has a low boiling point and easily vaporizes at room temperature. It is also utilized in waste treatment and recycling applications, where its usage can help reduce pollution and promote eco-friendly practices. However, the hydrogen cyanide gas segment is projected to manifest the highest CAGR of 2.2% from 2023 to 2032. This can be attributed to the fact that hydrogen cyanide gas is used as a fumigant and insecticide in the agriculture industry. It is also employed in the treatment of stored grains and seeds to control pests and prevent spoilage.

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The adiponitrile segment to maintain its leadership status during the forecast period-

Based on application, the adiponitrile segment held the highest market share in 2022, contributing to more than two-fifths of the global hydrogen cyanide market revenue, and is projected to maintain its leadership status during the forecast period. This is due to adiponitrile being a key chemical intermediate used in the production of nylon 6,6, which finds application in various industries including textiles, automotive, and electrical appliances. One of the primary drivers for adiponitrile is the increase in demand for nylon 6,6. Nylon 6,6 is known for its high strength, durability, and resistance to heat and chemicals, making it suitable for a wide range of applications. However, the Sodium cyanide and potassium cyanide segment is projected to manifest the highest CAGR of 2.5% from 2023 to 2032. The growth is attributed to the fact that sodium and potassium cyanide is used for gold extraction in the mining industry. They are also utilized in the production of a variety of chemicals, including pharmaceuticals, plastics, dyes, and pesticides. These industries have witnessed significant growth, driven by factors such as population growth, industrialization, and technological advancements, thereby propelling the demand for sodium cyanide and potassium cyanide.

North America to maintain its dominance by 2032-

Based on region, North America held the highest market share in 2022, accounting for more than two-fifths of the global hydrogen cyanide market revenue and is expected to maintain its dominance during the forecast timeframe. In North America, the hydrogen cyanide market is driven by several key factors such as an increase in demand for chemical intermediates in various industries, including pharmaceuticals, plastics, and agriculture. In addition, the growing adoption of hydrogen cyanide in mining applications and the expanding chemical manufacturing sector contribute to the market growth in the region. On the other hand, the Asia-pacific region would showcase the fastest CAGR of 2.3% during the forecast period.

Leading Market Players: -

• Air Liquide
• Evonik Industries AG
• INEOS
• Sumitomo Chemical Co., Ltd.
• Ascend Performance Materials
• Cyanco International, LLC
• Cornerstone Chemical
• Asahi Kasei Corporation.
• Mitsubishi Gas Chemical Company, Inc.
• Kuraray Co., Ltd.

The report provides a detailed analysis of these key players in the global hydrogen cyanide market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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