The global Sodium Cyanide Market is estimated to be valued at US$ 2452.82 Mn or Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis: -

·         Strength: - Sodium cyanide is widely used across industries such as mining, steel manufacturing, pharmaceuticals due to its various chemical properties. It is cost-effective and efficient for extraction of gold and other metals.

·         Weakness: - Sodium cyanide is highly toxic in nature and poses severe health hazards. Stringent government regulations regarding its production, transportation and usage.

·         Opportunity: - Rising gold production driven by jewelry and investment demand. Growing mining activities in developing economies.

·         Threats: - Volatility in gold prices impact the demand for sodium cyanide. Stringent environmental regulations pertaining to disposal of cyanide tailings pose challenges.

Key Takeaways: -

The Global Sodium Cyanide Market Demand is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing gold production across the globe. Gold plays an important role in financial markets and demand is driven by individual investors shifting preferences towards gold.

Regional analysis: -

Asia Pacific dominates the global market and is expected to continue its dominance, growing at a CAGR of around 6% during the forecast period. This can be attributed to the presence of emerging economies like China and India with ample gold reserves and rising mining activities in these nations. China represents major market for sodium cyanide consumption.

Key players operating in the sodium cyanide market are Cyanco Corporation, E. I. du Pont de Nemours and Company, Australian Gold Reagents, Orica Limited, Evonik Industries AG, Taekwang Industrial, Tongsuh Petrochemical, Anhui Shuguang Chemical, Unique Chemical. The market is moderately consolidated with top players accounting for over 50% of market share. Major players are focusing on expanding production capacities to match growth in end-use industries.

 

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