Sodium Cyanide Market

Sodium Cyanide Market Overview

The global Sodium Cyanide Market size was valued at USD 2.42 billion in 2023 and is predicted to reach USD 3.39 billion by 2030 with a CAGR of 4.9% from 2024-2030. Sodium cyanide encompasses the production and distribution of cyanide, a chemical compound widely used in various industrial applications.

This chemical is primarily known for its use in the gold mining industry for extracting gold from ore through a process called cyanidation. The handling and use of cyanide are subject to strict environmental and safety regulations due to its toxicity.

The sodium cyanide market demand is experiencing notable growth in regions with strong mining activity, highlighting its essential role in industrial processes and the continuous focus on safe and sustainable chemical management practices.

Market Dynamics and Trends

The global growth in the gold mining industry is significantly boosting the demand for sodium cyanide, an essential chemical for gold extraction through cyanidation. As stated by the World Gold Council, major gold-producing countries include Australia (293.8 tonnes), Canada (191.9 tonnes), and Indonesia (132.5 tonnes), among numerous others. As mining operations expand and new projects emerge in these countries, the demand for sodium cyanide is on the rise, driving the growth of the market.

Furthermore, the demand for cyanide is further driven by its increasing use in the pharmaceutical industry. As the pharmaceutical sector continues to grow and invest in the development of advanced medications, the need for sodium cyanide, a vital component in the production of many medicines, is on the rise. This growing demand is contributing significantly to the sodium cyanide market expansion.

Moreover, the demand for sodium cyanide is further driven by its rising utilization in agricultural pesticides due to its effectiveness in managing pest population that threaten crop yields. Cyanide-based pesticides offer rapid action against a wide range of pests, including those resistant to other chemicals, making them a vital tool in integrated pest management strategies.

As global populations grow and the demand for food increases, agricultural sectors in major economies are adopting more effective pest control measures, thereby boosting the demand for sodium cyanide. However, the toxicity of sodium cyanide, its potential environmental impact, and associated health hazards are restraining the growth of the market.

On the contrary, the introduction of green chemistry techniques for producing sodium cyanide creates numerous growth opportunities in the sodium cyanide market trends in the coming years. These techniques minimize hazardous byproducts, reduce environmental impact while also enhancing safety by reducing human exposure to risks.

Market Segmentations and Scope of the Study

The sodium cyanide market report is segmented on the basis of product type, end-user, and region. On the basis of product type, the market is classified into solid sodium cyanide and liquid sodium cyanide. On the basis of end-user, the market is segmented into mining industry, chemical industry, pharmaceuticals industry, dye and pigments industry, and textile industry. Regional breakdown and analysis of each of the aforesaid segments include regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

The Asia-Pacific region dominates the sodium cyanide market share and is expected to continue its dominance during the forecast period. This is attributed to the presence of some of the largest mining industries, including gold and ore, in countries such as China, Australia, and Indonesia, significantly driving the demand for industrial sodium cyanide.

According to the latest report published by CEIC Data, China's gold production reached 330 metric tons, while in Australia, the production reached 298 metric tons in 2022. Such growth in the mining sector boosts the demand for sodium cyanide, essential for extracting precious metals, driving market expansion in this region.

Moreover, the rapidly growing chemical industries in this region further drives the growth of the market. According to the latest report published by the Information Technology and Innovation Foundation, China accounted for 44 percent of global chemical production, reaching a market size of USD 1.88 trillion in 2022. This substantial growth in the chemical sector boosts the demand for sodium cyanide in this region.

On the other hand, North America is expected to show a steady rise in the sodium cyanide market. In North America, the U.S. and Canada are the major consumer of cyanide due to their well-established gold mining industry.

According to the World Gold Council, North American countries are some of the major gold miners in the world, with Canada producing approximately 195 metric tonnes of gold, while the U.S. production reaching 167 metric tonnes in 2022. With such rise in the production of gold in these countries, the demand for cyanide is on the rise, driving market expansion in this region.

Moreover, the presence of one of the largest pharmaceutical industries in this region is further driving the sodium cyanide market growth. According to the latest report published by the Association of the British Pharmaceutical Industry in 2022, US is one of the largest pharmaceutical industries in the world. This sector's prominence underscores the increasing demand for sodium cyanide, essential in pharmaceutical manufacturing processes, highlighting its pivotal role in supporting industry expansion.

Competitive Landscape

Various market players operating in the sodium cyanide industry include Orica Limited, Evonik Industries Aktiengesellschaft, Taekwang Industries Co., Ltd., Mercury Chemicals Pte. Ltd., The Chemours Company LLC, Asian Chemtech Private Limited, Avonchem Ltd, Unique Chemical Limited, Hongye Holding Group Corporation Limited, Cyanoco Ltd., Hindusthan Chemicals Company, Draslovka Holding Co., Australian Gold Reagents Pty Ltd, Hebei Chengxin Co., Ltd., and Anhui Shuguang Chemical Group Co., Ltd., among others. These companies are adopting various strategies including acquisitions and mergers to remain dominant in the sector.

For instance, in February 2024, Orica Ltd. acquired Cyanco, a manufacturer and distributor of sodium cyanide, primarily serving the gold mining industries. Through this acquisition, the company aims to expand its chemical business to U.S., Canada, Mexico, Latin America, and Africa region.

Moreover, in December 2023, Evonik Industries Aktiengesellschaft acquired Thai Peroxide Co., Ltd. Through this acquisition, the company aims to offer diverse range of peroxides including sodium cyanides in the Asia Pacific region.

Key Benefits

• The report provides quantitative analysis and estimations of the sodium cyanide market from 2024 to 2030, which assists in identifying the prevailing industry opportunities.

• The study comprises a deep-dive analysis of the current and future sodium cyanide market trends to depict prevalent investment pockets in the industry.

• Information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report. 

• Competitive analysis of the key players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Sodium Cyanide Market Key Segments

By Type 

• Solid Sodium Cyanide 

• Liquid Sodium Cyanide

By End User 

• Mining Industry

• Chemical Industry

• Pharmaceuticals Industry

• Dye and Pigments Industry

• Textile Industry

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The U.K.

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• Rest of the World (RoW)

  • Latin America

  • Middle East 

  • Africa

Key Players

• Orica Limited

• Evonik Industries Aktiengesellschaft

• Taekwang Industries Co., Ltd.

• Mercury Chemicals Pte. Ltd.

• The Chemours Company LLC

• Asian Chemtech Private Limited

• Avonchem Ltd

• Unique Chemical Limited

• Hongye Holding Group Corporation Limited

• Cyanoco Ltd.

• Hindusthan Chemicals Company

• Draslovka Holding Co.

• Australian Gold Reagents Pty Ltd

• Hebei Chengxin Co., Ltd.

• Anhui Shuguang Chemical Group Co., Ltd.

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2023	USD 2.42 Billion
Revenue Forecast in 2030	USD 3.39 Billion
Growth Rate	CAGR of 4.9% 2024 to 2030
Analysis Period	2023–2030
Base Year Considered	2023
Forecast Period	2024–2030
Market Size Estimation	Billion (USD)
Growth Factors	Growing mining industry worldwide drives the market growth Increasing pharma industry boosts the market expansion
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent to up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.