Sodium Cyanide Market in Europe and Asia Pacific: Introduction
The sodium cyanide market in Europe and Asia Pacific was valued at ~US$ 170 Mn and ~US$ 520 Mn, respectively, in 2018. The market in Europe and Asia Pacific is anticipated to expand at CAGRs of ~4% and ~5%, respectively, during the forecast period. In terms of end-use industry, the mining & metallurgy segment held a dominant share of the sodium cyanide market in Europe and Asia Pacific in 2018. This can be ascribed to high demand for sodium cyanide in gold production facilities in these regions. Based on form, the solid segment constituted major share of the sodium cyanide market in Europe and Asia Pacific in 2018. Cyanide is a highly toxic hazardous chemical. Hence, any issues in transportation, storage, and use can cause malignant poisoning and adverse effects on the environment. Sodium cyanide is stable in solid from. Hence, demand for solid form of sodium cyanide is high in various industries.
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Key Drivers of Sodium Cyanide Market in Europe and Asia Pacific
Sodium cyanide is one of few chemical reagents that helps dissolve gold in water. It is a common industrial chemical that is readily available at a reasonably low cost. For technical and economic reasons, sodium cyanide is the chemical of choice for the recovery of gold from ores. Sodium cyanide has been used in metal extraction since 1887. Currently, it is safely used and managed in gold recovery around the world. Highly diluted solutions of sodium cyanide, typically in the range of 0.01% to 0.05% cyanide (100 to 500 parts per million), are employed in gold mining operations. The demand for flotation reagents, such as sodium cyanide, has been rising due to the declining quality of gold and silver ores. Sodium cyanide, being economic, is widely used in the extraction of gold. Furthermore, prices of gold have been fluctuating since the last few years. Therefore, manufacturers are focusing on the extraction of gold from deeper mines that have been winding down. Consequently, demand for sodium cyanide has been increasing significantly.
Sodium cyanide is used in almost 90% of gold production across the globe. After being crushed into powder, the gold ore is added to the sodium cyanide solution. This results in strong bonding of gold molecules to sodium cyanide. The application of zinc then separates cyanide from gold. This results in the formation of solid gold. The consumption of sodium cyanide per ton of ore processed has been increasing as the average content of gold has been declining gradually across the globe. This is expected to drive the sodium cyanide market during the forecast period.
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Asia Pacific to Lead Sodium Cyanide Market
Asia Pacific dominated the sodium cyanide market in 2018. Dominance of Asia Pacific can be ascribed to the presence of a significant mining industry in the region. Sodium cyanide is used in the production of approximately 90% of gold and silver in China. Sodium cyanide is also employed as a chemical intermediate, specifically in regions with lack of local supply of hydrogen cyanide, since sodium cyanide can be transported and stored. It is primarily used in gold extraction in South Korea and China. Therefore, the sodium cyanide market in these countries is anticipated to expand substantially in the next few years. Of late, fluctuation in prices of gold has been affecting the sodium cyanide market. Gold mining companies have been investing in new grassroots exploration projects, as well as extending activities in mines that had been winding down. This is estimated to augment the sodium cyanide market during the forecast period. Europe is also a key contributor to the sodium cyanide market. The gold mining industry in Russia is expanding at a rapid pace. This is projected to drive the sodium cyanide market in Europe during the forecast period.
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Major Developments in Sodium Cyanide Market
In August 2019, The Chemours Company acquired Southern Ionics Minerals, LLC (SIM), a U.S.-based company engaged in exploration and mining of minerals. SIM mines and processes titanium and zirconium minerals. The acquisition comprised a mineral sand processing plant in Offerman, Georgia; an existing mine site in Charlton County, Georgia; and administrative offices in Jacksonville, Florida.
Competition Landscape of Sodium Cyanide Market in Europe and Asia Pacific
The sodium cyanide market in Europe and Asia Pacific is led by multinational, national, and local players. Prominent players operating in the sodium cyanide market in Europe and Asia Pacific are The Chemours Company, Orica Limited, Evonik Industries AG, and PJSC LUKOIL, Hebei Chengxin Co., Ltd., and Changsha Hekang Chemical Co.
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