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"The Demand for Sodium Cyanide Market is anticipated to Expand or Exhibit a CAGR of 5.8% During the Forecast Period."
Cyanide is one of few chemical reagents that dissolve gold in water. It is a common industrial chemical that is readily available at a reasonably low cost. For technical and economic reasons, cyanide is the chemical for the recovery of gold from ores. It has been used in metal extraction since 1887. Currently, it is safely used and managed in gold recovery around the world. Highly dilute solutions of sodium cyanide, typically in the range of 0.01% and 0.05% cyanide (100 to 500 parts per million), are employed in gold mining operations. Cyanide is employed in mining to extract gold (and silver) from ores, particularly low-grade ores, and ores that cannot be readily treated through simple physical processes such as crushing and gravity separation. The use of water-based solutions to extract and recover metals such as gold is called hydrometallurgy.
The demand for flotation reagents such as sodium cyanide has been increasing due to a decline in the quality of gold and silver ores. Sodium cyanide, being economic, is widely used in the extraction of gold. The prices of gold have been fluctuating since the last few years. Therefore, manufacturers are focused on the extraction of gold from deeper mines that have been winding down. Consequently, the demand for sodium cyanide has been rising significantly, as such, boosting the growth of the sodium cyanide market. Local and foreign investments have been increasing in the mining sector in Latin America. This is driving the demand for reagents, such as sodium cyanide, for gold and silver extraction.
Mining and Metallurgy Segment to Dominate the Market Demand
The utilization of sodium cyanide is high among mining and metallurgy industry. Sodium cyanide is offered in the form of liquid or solid briquette. The product is highly consumed in the extraction of gold because of its greater availability and lower cost. Prominent factor encouraging the market potential of sodium cyanide is by mining industry due to its property of non-self-combustion. Globally in the production of gold, the usage of sodium cyanide is evident and is accounted for approximately of 90%. The strong bonding nature of gold with sodium cyanide when mixed with the powder of gold ore as a solution is encouraging the adoption of this product.
Sodium cyanide consumption per ton of gold ore is higher as the density of gold is decreasing for processing the extraction of gold. Increased demand for these metal for commercial and non-commercial applications is another driving factor for sodium cyanide in the purification of metals. Silver is another metal where sodium cyanide is employed in the extraction process. The process is similar to gold and is referred to as the ‘cyanide process. The increasing demand for such metals for commercial and non-commercial applications has led to increased mining activities, globally. With this, the demand for sodium cyanide is also expected to continue increasing significantly in the coming years.
Asia Pacific Region Dominates the Sodium Cyanide 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, has been increasing at a faster rate. China accounts for more than 12% of the world’s total gold production. China has been further promoting mining activities in the country by allowing foreign investments into the sector, which is further driving the mining activities in the country. China also stands to be the largest producer of chemicals, and plastics, which increases the demand for sodium cyanide in the country.
Cyanco, Australian Gold Reagents Pty Ltd., Asahi Kasei Corporation, Orica Limited, Sasol Limited, The Chemours Company, Evonik Industries AG., Changsha Hekang Chemical Co., Ltd., Draslovka Holding B.V., Gujarat Alkalies, Chemicals Limited
Key segments of Sodium cyanide market:
- Mining and Metallurgy
- Chemical and Polymer Synthesis
- Other End-user Industries
- North America
- Asia pacific
- Middle east and Africa
- Latin America