Sodium Cyanide Market To Reach USD 2914.1 Million By 2028 With A CAGR of 3.5%| Valuates Reports
BANGALORE, India, Nov. 11, 2022 /PRNewswire/ -- Sodium Cyanide Market is segmented by Type (Liquid Sodium Cyanide, Solid Sodium Cyanide), by Application (Mining Industry, Chemical Industry, Electroplating, Other) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Chemicals Industry Category.
Sodium Cyanide Market size is estimated to be worth USD 2370.6 million in 2022 and is forecast to a readjusted size of USD 2914.1 million by 2028 with a CAGR of 3.5% during the forecast period 2022-2028.
Major Factors Driving the Growth of the Sodium Cyanide Market
The Sodium Cyanide Market has benefited from the increase in global demand for mining precious metals. In mining operations, sodium cyanide is used to extract gold from the ore using heap or vat leaching.
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TRENDS INFLUENCING THE GROWTH OF THE SODIUM CYANIDE MARKET
The most typical application for sodium cyanide is in the mining industry. It can be purchased as either a liquid or a solid briquette, and its strength, which is typically expressed in molar terms, can range from 98% and higher. It is a great option for processing gold because it is affordable, simple to operate, and widely accessible. The demand for mineral goods is rising as the world's population expands and living standards in emerging and developing nations rise. This factor is expected to drive the growth of the Sodium Cyanide Market.
Many commercially important chemical compounds, including cyanogen chloride, various nitriles, and cyanuric chloride, are produced with the aid of sodium cyanide. Numerous compounds contain nitriles, which are widely used in the pharmaceutical sector. Many people use the chemical to exterminate insects and rodents because of how deadly it is. It is employed to clean metals in numerous sectors. The chemical is employed in the dye industry to create dyes. The chemical is utilized to create the electroplating solution in many different industries. In order to destroy pests that harm crops, farmers also employ it as an agricultural chemical and a pesticide. According to this, the chemical can also be utilized to make hydrocyanic acid. This in turn is expected to drive the growth of the Sodium Cyanide Market.
The use of Sodium Cyanide in Electroplating is expected to fuel the growth of the Sodium Cyanide Market. The majority of the early uses of gold plating and its predecessors, fire gilding and leafing, were decorative. Due to gold's chemical inertness, low and steady contact resistance, conductivity, and resistance to arcing, the electrical and electronics industries saw significant growth. Most gold and its alloy plating are done using cyanide-soluble solutions that contain gold.
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SODIUM CYANIDE MARKET SHARE ANALYSIS:
With a market share of around 45%, Asia-Pacific is the largest region, followed by Latin America and North America, each with a share of about 15%. This is due to the growth of the mining and chemical sectors in the Asia-Pacific region. Due to casting products' superior qualities, such as their cost-effectiveness and efficiency compared to alternatives, China is a key hub for chemical and medical-related products that use dyes, chemicals pesticides, and other casting products.
Based on type, Liquid Sodium Cyanide is the largest segment, with a share of about 65%.
Based on application, Mining is the industry with the largest application, followed by the chemical industry, and electroplating. Since it is thought to be economically viable and simple to process, the majority of sodium cyanide produced on the global market is used in the mining and metallurgy sector, mostly for the extraction of gold and silver.
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Key Companies:
- Cyanco
- Chemours
- Orica
- Australian Gold Reagent
- Hebei Chengxin
- Anhui Shuguang Chemical Group
- Tongsuh Petrochemical
- Taekwang Industrial
- Tiande Chemical
- Lukoil
- CyPlus (Evonik)
- Korund Group
- Yingkou Sanzheng
- Jincheng Hongsheng Chemical
- Changsha Hekang Chemical
- Nippon Soda
- Unigel
- Sasol Polymers
- Imperial Chemical Corporation
- Union Group Chemical
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