NEW YORK, Jan. 4, 2021
NEW YORK, Jan. 4, 2021 /PRNewswire/ -- Mining and metallurgy hold a prominent share in terms of consumption of sodium cyanide, owing to increased adoption in gold and silver mining. Sodium cyanide is also used in a wide range of applications such as pesticides, dyes & pigments, chemical synthesis, pharmaceuticals, and others, which bodes well for market expansion over the coming years.
As such, the global sodium cyanide market is anticipated to expand at a steady CAGR of over 4%, and be valued close to US$ 3 Bn by the end of 2030.
Key Takeaways from Sodium Cyanide Market Study
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"Local and foreign investments in regions such as Latin America, for gold and silver extraction, have been increasing, which, in turn, is driving demand for sodium cyanide. Per ton consumption of sodium cyanide for gold processing is increasing as the average content of gold is declining gradually," says a - Persistence Market Research Analyst.
Market Landscape Continues to Remain Fairly Consolidated
The global sodium cyanide market is fairly consolidated at both, global and regional levels. Tier-1 manufacturers account for more than half of the market. Some leading players included in the report are Cyanco International, LLC, The Chemours Company, Australia Gold Reagents, Orica Chemicals Pty., Korund, Sasol, Hebei Chengxin, TaeKwang Industry Co. Ltd, Anhui Shuguganag Chemical, CyPlus Idesa S.A.P.I. de C.V., and others. To gain a competitive advantage in this industry, market participants are involved in expansion, merger, and acquisition activities.
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Sodium Cyanide Market: Conclusion
Demand for sodium cyanide is expected to grow at a moderate rate owing to increasing consumption in mining and metallurgy applications. Pharmaceutical applications are expected to grow at a high rate amongst all other applications. East Asia is expected to hold a prominent share followed by Latin America. China and Mexico are the major target locations for the supply of sodium cyanide for manufacturers. The sodium cyanide market is fairly consolidated, with a small number of tier-1 players accounting for a major share.
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Want to Know More?
Persistence Market Research has published a market research report on the sodium cyanide market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides in-depth analysis of the sodium cyanide market through different segments - product form, application, and region. The sodium cyanide market report also provides supply and demand trends, along with an overview of the parent market.
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