Seattle, Jan. 24, 2019 (GLOBE NEWSWIRE) -- The global sodium cyanide market was pegged at 1100 kilotons in 2017, and is projected to exhibit a CAGR of 6.1% over the forecast period (2018–2026).
Key Trends and Analysis of the Sodium Cyanide market:
Increasing demand for sodium cyanide from mining industry is fueling growth of the sodium cyanide market. According to Fresnillo Plc.’s. annual report 2017, the company’s sodium cyanide consumption for silver and gold increased from 10,117,133 tons in 2016 to 11,610,753 tons in 2017.
Furthermore, increasing demand for sodium cyanide from chemical industry for chemical and polymer synthesis is propelling the market growth. According to British Plastic Federation (2017), the construction sector is the second highest user of plastics after the packaging sector. Therefore, increasing demand for plastics in building and construction sector is boosting demand for sodium cyanide in the chemical industry.
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Key players in the market are focused on increasing production capacity in order to cater to high domestic and international sodium cyanide demand. For instance, In 2014, Australian Gold Reagents Pty Ltd expanded its solid sodium cyanide production capacity from 20 kilo tons to 45 kilo tons. Moreover, in September 2018, Cyanco Company announced that it is further expanding capacity of the company’s flagship Winnemucca, Nevada plant.
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Key Market Takeaways:
- The global sodium cyanide market is expected to exhibit a CAGR of 6.1% during the forecast period (2018–2026).
- Asia Pacific held significant market share in the global sodium cyanide market in 2017, owing to increasing demand for sodium cyanide for gold extraction and use in chemicals. For instance, According to U.S. Geological Survey Minerals Yearbook 2013, between 2013 and 2020, production of mined gold in Asia Pacific was expected to continue to increase at an average annual rate of around 2.4%.
- In Asia Pacific, India and China are major gold producing countries. Therefore, increasing local and global demand for gold is expected to boost the market growth in the region. In Japan, sodium cyanide is mainly used for chemical purposes. Australia and South Korea are major sodium cyanide exporters. China is also expected to increase capacity of sodium cyanide by 2022, by setting up new plants.
- Key players operating in the sodium cyanide market include, Cyanco, E. I. DuPont, Australian Gold Reagents, Orica, Evonik, Taekwang Industrial, Tongsuh Petrochemical, Anhui Shuguang Chemical, Korund, Yingkou Sanzheng, Sasol Polymers, Unique Chemical, Tiande Chemical, Lukoil, Hebei Chengxin, Sinopec, and DSM.
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