Sodium Cyanide Market for Mining Industry: Introduction
Transparency Market Research delivers key insights on the global sodium cyanide market for mining industry. In terms of revenue, the global sodium cyanide market for mining industry is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global sodium cyanide market for mining industry.
The global sodium cyanide market for mining industry has been positively impacted by the rise in production of gold, silver, and other precious metals across the globe. Thus, increase in production of gold, silver, and other precious metals is propelling the global sodium cyanide market for mining industry.
Sodium Cyanide Market for Mining Industry: Dynamics
Sodium cyanide is extensively used in gold and silver mining. Sodium cyanide is used in mining to extract gold and silver from ores, as these metals have high affinity toward sodium cyanide. Furthermore, low-grade ores and ores of gold and silver that cannot be treated with crushing and gravity separation use the sodium cyanide treatment method to separate gold from other impurities. The gold ore is added to the sodium cyanide solution, which leads to formation of gold molecules. Furthermore, treatment with zinc separates sodium cyanide from gold, resulting in the formation of solid gold.
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Based on form, the global sodium cyanide market for mining industry has been be segmented into solid and liquid. The solid segment dominates the market and is expected to continue its dominance during the forecast period. Higher market share of the solid segment can be ascribed to higher demand for solid sodium cyanide in the mining industry, as the solid form of sodium cyanide is easy to store and transport. However, mining companies are shifting toward liquid form of sodium cyanide. Exposure to solid form of sodium cyanide can be dangerous, due to its ability to slowly release the poisonous hydrogen cyanide gas in the air.
Sodium Cyanide Market for Mining Industry: Prominent Regions
In terms of value, Asia Pacific was the lucrative region of the global sodium cyanide market for mining industry in 2019. The region is expected to remain highly lucrative during the forecast period, due to high gold mining activities and presence of large numbers of sodium cyanide manufacturers. China and Australia are the leading countries in terms of the gold production in Asia Pacific. Gold production in China and Australia stood at more than 380 tons and 325 tons, respectively, in 2019. China and South Korea are the leading manufacturers and exporters of sodium cyanide in the world.
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Middle East & Africa was another key region of the global sodium cyanide market for mining industry in 2019. Ghana and South Africa were the leading countries in terms of gold production in the region in 2019. Ghana and South Africa’s gold production stood at 142.4 tons and 118.2 tons, respectively, in 2019. Furthermore, Africa holds 50% of total gold reserve in the world. Demand for the sodium cyanide is expected to be high in the region during the forecast period.
Latin America is a lucrative region of the global sodium cyanide market for mining industry. Peru, Mexico, and Brazil are the prominent countries in the region in terms of gold production. These countries produced 143 tons, 111 tons, and 106 tons of gold, respectively, in 2019. Latin America has vast mineral wealth and mining-friendly government policies that attract investments from across the world. The region is leading importer of sodium cyanide, as demand for sodium cyanide is much higher than local production. Thus, companies are increasingly investing in the Latin America to tap into the rising demand for sodium cyanide.
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Sodium Cyanide Market for Mining Industry: Key Players
Key players operating in the global sodium cyanide market for mining industry are Cyanco, Australian Gold Reagents Pty Ltd, Orica Limited, Asahi Kasei Corporation, Sasol, The Chemours Company, Evonik, Changsha Hekang Chemical Co., Ltd., Draslovka, Gujarat Alkalies and Chemicals Limited, PJSC LUKOIL, Taekwang Industry Co, Ltd., American Elements, and Wesfarmers Limited