Market Trends of Gold Potassium Cyanide Industry
This section covers the major market trends shaping the Gold Potassium Cyanide Market according to our research experts:
Growing Demand from Electronics and Metal Plating Industries
- Gold potassium cyanide (KCN) is an important gold source used in electrolytic gold plating and electroplating of other metals. KCN also finds applications in electronic devices because of its excellent properties.
- Gold electroplating is mostly carried out to obtain long-lasting decorative finishes and, in some cases, to improve electric contact and conductivity. Jewelry, fancy goods such as handbags, optical frames, power compacts, and costumes, jewelry pen cases, and plumbing fixtures are a few applications of gold electroplating. Since the COVID-19 strike, global gold jewelry demand has slowed, resulting in a 7% decrease in consumption in the first quarter of 2022.However, in Q2 2022, the demand for gold jewelry was 4% higher year over year at 453 t, which is still below the pre-pandemic quarterly levels.
- The properties of electroplated gold coatings are high conductivity, excellent resistance to corrosion, low contact resistance, and a remarkable ability to form very good thermocompression bonds.
- Due to these properties, the electronic industry has a strong relationship with KCN. KCN has become a valuable element in the fabrication of microelectronic and electronic devices such as calculators, transistors, and diodes.
- Larger items such as heat sinks, heaters, springs, wire connectors, and printed circuits are the common applications for gold potassium cyanide.
- In the short term, the outbreak of COVID-19 in all regions was expected to reduce demand for gold potassium cyanide from the metal and electronic industries.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to have the most of the world's market because China, Korea, and Japan have very advanced electronics industries, and countries like India are buying more precious metals like gold.
- Electronic component manufacturing Industries have been consuming KCN for different applications, such as flexible printed circuits and printed circuit boards, semiconductors, diodes, and other electronic chips that are used in electronic devices.
- According to the World Gold Council (WGC), China will be the world's largest consumer of gold in 2022. In 2021, China's gold consumption will rise by 56% year on year compared to the previous year.The annual gold consumption was 960.12 tons in 2021.
- The luxury watches and jewelry segment stands out and is also the fastest-growing segment in the consumption of gold. This reason is expected to increase the demand for KCN in the Asia-Pacific region.
- Increasing urbanization and growing connectivity, as well as the use of advanced technology in making safety technologies and infotainment systems, are all things that are driving up the demand for KCN from different electronic devices.
- Growth in the aerospace, metal plating, and electronic end-user industries in the Asia-Pacific region is expected to drive the market for gold potassium cyanide in the years to come.
- In the coming years, the market for gold potassium cyanide is likely to be driven by the continued growth of the medical industry and the rising demand from the auto, aerospace, and defense industries.
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