Sodium Cyanide Market Production, Size, Key Trends Challenges, Top Key Players and Forecast to 2029
Sodium
Cyanide Market for Mining Industry: Introduction
Transparency
Market Research delivers key insights on the global sodium cyanide
market for mining industry. In terms of revenue,
the global sodium cyanide market for mining industry is estimated to expand at
a CAGR of ~4%
during the forecast period, owing to numerous factors, regarding which TMR
offers thorough insights and forecasts in its report on the global sodium
cyanide market for mining industry.
The
global sodium cyanide market for mining industry has been positively impacted
by the rise in production of gold, silver, and other precious metals across the
globe. Thus, increase in production of gold, silver, and other precious metals
is propelling the global sodium cyanide market for mining industry.
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Sodium
Cyanide Market for Mining Industry: Dynamics
Sodium
cyanide is extensively used in gold and silver mining. Sodium cyanide is used
in mining to extract gold and silver from ores, as these metals have high
affinity toward sodium cyanide. Furthermore, low-grade ores and ores of gold
and silver that cannot be treated with crushing and gravity separation use the
sodium cyanide treatment method to separate gold from other impurities. The
gold ore is added to the sodium cyanide solution, which leads to formation of
gold molecules. Furthermore, treatment with zinc separates sodium cyanide from
gold, resulting in the formation of solid gold.
Based
on form, the global sodium cyanide market for mining industry has been be
segmented into solid and liquid. The solid segment dominates the market
and is expected to continue its dominance during the forecast period. Higher
market share of the solid segment can be ascribed to higher demand for solid
sodium cyanide in the mining industry, as the solid form of sodium cyanide is
easy to store and transport. However, mining companies are shifting toward
liquid form of sodium cyanide. Exposure to solid form of sodium cyanide can be
dangerous, due to its ability to slowly release the poisonous hydrogen cyanide
gas in the air.
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Sodium
Cyanide Market for Mining Industry: Prominent Regions
In
terms of value, Asia Pacific was the lucrative region of the global sodium
cyanide market for mining industry in 2019. The region is expected to remain
highly lucrative during the forecast period, due to high gold mining activities
and presence of large numbers of sodium cyanide manufacturers. China and
Australia are the leading countries in terms of the gold production in Asia
Pacific. Gold production in China and Australia stood at more than 380 tons
and 325 tons,
respectively, in 2019. China and South Korea are the leading manufacturers and
exporters of sodium cyanide in the world.
Middle
East & Africa was another key region of the global sodium cyanide market
for mining industry in 2019. Ghana and South Africa were the leading countries
in terms of gold production in the region in 2019. Ghana and South Africa’s
gold production stood at 142.4 tons
and 118.2 tons,
respectively, in 2019. Furthermore, Africa holds 50% of total gold
reserve in the world. Demand for the sodium cyanide is expected to be high in
the region during the forecast period.
Latin
America is a lucrative region of the global sodium cyanide market for mining
industry. Peru, Mexico, and Brazil are the prominent countries in the region in
terms of gold production. These countries produced 143 tons, 111 tons,
and 106 tons
of gold, respectively, in 2019. Latin America has vast mineral wealth and
mining-friendly government policies that attract investments from across the
world. The region is leading importer of sodium cyanide, as demand for sodium
cyanide is much higher than local production. Thus, companies are increasingly
investing in the Latin America to tap into the rising demand for sodium
cyanide.
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Sodium
Cyanide Market for Mining Industry: Key Players
Key
players operating in the global sodium cyanide market for mining industry
are Cyanco,
Australian Gold Reagents Pty Ltd, Orica Limited, Asahi Kasei Corporation,
Sasol, The Chemours Company, Evonik, Changsha Hekang Chemical Co., Ltd.,
Draslovka, Gujarat Alkalies and Chemicals Limited, PJSC LUKOIL, Taekwang
Industry Co, Ltd., American Elements, and Wesfarmers Limited.
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