| Study Period | 2019-2029 |
| Market Volume (2024) | 1.19 Million tons |
| Market Volume (2029) | 1.45 Million tons |
| CAGR (2024 - 2029) | 4.06 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Sodium Cyanide Market Analysis
The Sodium Cyanide Market size is estimated at 1.19 Million tons in 2024, and is expected to reach 1.45 Million tons by 2029, growing at a CAGR of 4.06% during the forecast period (2024-2029).
The impact of COVID-19 on the global sodium cyanide market was largely negated, and the market now reached the pre-pandemic levels.
- Over the medium term, the major factors driving the studied market's growth are the increasing mining activities in Canada and Mexico and the demand from the gold mining industry.
- On the flip side, the toxicity of sodium cyanide and the development of substitutes for gold extraction hampers the growth of the market studied.
- The discovery of new mines is projected to offer lucrative opportunities to the market players during the forecast period.
- Due to the growing mining activities in the region, Asia-Pacific dominated the market, and robust demand from the end-user industry fuelled the growth.
Sodium Cyanide Market Trends
Mining Segment to Dominate the Market Demand
- A major portion of the sodium cyanide produced worldwide is used in mining and metallurgy, especially in extracting gold and silver. It is one of the most economically viable, easily processable, and environmentally sustainable technologies for gold processing.
- Typically, gold is extracted from its ore using sodium cyanide through leeching. The ore is crushed into a fine powder using industrial machinery. Then, the dust is added to a sodium cyanide solution (NaCN) and allowed to process.
- Canada is among the top four gold producers in 2022, behind China, Australia, and Russia. As per the USGS statistics, the country's production stood at around 220 tons in 2022, representing around 7% of global production. The production growth was mainly due to increased output at the Detour Lake, Canadian Malartic, Meadowbank Complex, Meliadine, Eagle Gold, and Young-Davidson mines.
- Various large mining companies are seeking exposure in Canada, and several advanced projects with feasibility studies are taking place in the country for future investment. Moreover, the Government of Canada is taking various initiatives to attract more investors to develop untapped mineral resources.
- Apart from the North American region, Africa contains abundant mineral sources, making it a hub for the global mining industry. Apart from South Africa, a major mining industry, countries like Ghana, Mali, and Burkina Faso, include rapidly growing mining industries.
- All the above reasons are responsible for the mining segment to dominate the sodium cyanide market in the forecast period.
Understand The Key Trends Shaping This Market
Download PDF
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With the robust demand from the gold extraction and chemical industry, the demand for sodium cyanide in Asia-Pacific, primarily in China, increased faster.
- China is the largest producer of gold, with a share of about 9% of the total gold produced worldwide. According to the World Gold Council, mine production in China increased by 42 tons (13%) to 374 tons. It is because mining in Shandong province returned to normal following widespread safety stoppages for most of 2021.
- Besides, China is the second-largest producer of copper, bauxite, manganese, cobalt, and silver. It also produces gem diamonds, chromium, and timber.
- Such factors will likely boost the demand for sodium cyanide in China during the forecast period.
- According to the USGS Report, Australia's gold industry produced 320 tons of mined gold in 2022, up by 1.5% year-on-year. The country is estimated to overgrow China in production shortly, primarily due to the expansion plans.
- Moreover, as Indonesia holds immense mineral reserves, the government is promoting investments by offering domestic and foreign investors attractive opportunities. Some of the target minerals include gold, bauxite, copper, silver, tin, and, majorly, nickel (owing to its growing applications in battery technology).
- Hence, with all such applications and robust demand in the region, Asia-Pacific is expected to be the largest market during the forecast period.
Get Analysis on Important Geographic Markets
Download PDF
Sodium Cyanide Industry Overview
The sodium cyanide market is consolidated, with the top 10 players accounting for over 60% of the share in production capacities. Some of the noticeable players in the market (not in any particular order) include Cyanco International LLC, Malion New Materials, Draslovka, Australian Gold Reagents Pty Ltd., and Anhui Shuguang Chemical Group.
Sodium Cyanide Market Leaders
-
Malion New Materials
-
Draslovka
-
Cyanco International LLC
-
Australian Gold Reagents Pty Ltd
-
Anhui Shuguang Chemical Group
- *Disclaimer: Major Players sorted in no particular order
Need More Details on Market Players and Competiters?
Download PDF
Recent Development
The recent developments pertaining to the major players in the market are being covered in the complete study.
Sodium Cyanide Industry Segmentation
Sodium cyanide is a white, crystalline, deliquescent, water-soluble, poisonous powder prepared by heating sodium amide with charcoal. It is used commercially for fumigation, electroplating, extracting gold and silver from ores, and chemical manufacturing.
The sodium cyanide market is segmented by end-user industry and geography. The end-user industry segments the market into mining, chemical, and other end-user industries. The report also covers the market size and forecasts in 14 countries across major regions. Each segment's market sizing and forecasts are based on Volume (Tons).
| End-user Industry | Mining | |
| Chemical | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| Australia & New Zealand | ||
| Indonesia | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Russia |
| CIS Countries (Excluding Russia) | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Peru | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Ghana |
| Sudan | ||
| South Africa | ||
| Rest of Middle-East and Africa |
Need A Different Region or Segment?
Customize Now
Sodium Cyanide Market Research FAQs
How big is the Sodium Cyanide Market?
The Sodium Cyanide Market size is expected to reach 1.19 million tons in 2024 and grow at a CAGR of 4.06% to reach 1.45 million tons by 2029.
What is the current Sodium Cyanide Market size?
In 2024, the Sodium Cyanide Market size is expected to reach 1.19 million tons.
Who are the key players in Sodium Cyanide Market?
Malion New Materials, Draslovka, Cyanco International LLC, Australian Gold Reagents Pty Ltd and Anhui Shuguang Chemical Group are the major companies operating in the Sodium Cyanide Market.
Which is the fastest growing region in Sodium Cyanide Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Sodium Cyanide Market?
In 2024, the Asia Pacific accounts for the largest market share in Sodium Cyanide Market.
What years does this Sodium Cyanide Market cover, and what was the market size in 2023?
In 2023, the Sodium Cyanide Market size was estimated at 1.14 million tons. The report covers the Sodium Cyanide Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Sodium Cyanide Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Our Best Selling Reports
Sodium Cyanide Industry Report
Statistics for the 2024 Sodium Cyanide market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Sodium Cyanide analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
