Sodium Cyanide Market Analysis :
Sodium cyanide is a chemical that is used as a reagent in the mining industry for the extraction of many minerals such as gold and silver from their ores. In addition, it is used as a flotation reagent in the mining industry. The processing of gold and silver accounts for almost two-thirds of sodium cyanide application. Sodium cyanide is used in a wide range of chemicals to prevent insects and pets in agricultural farms. Moreover, sodium cyanide is used as an intermediate in the manufacturing of vitamins, jeweler, adhesives, computer electronics, fire retardants, airplane brakes, cosmetics, dyes, nylon, nail polish remover, paints, pharmaceuticals, Plexiglas, rocket propellant, and table salt. Thus, multiple advantages associated with sodium cyanide boost the growth of the global market.
COVID-19 impact analysis
The global market for sodium cyanide is severely impacted by the outbreak of the COVID-19 pandemic. The decline in industrial activities of paper, paint, and others due to pandemic hampers the sodium cyanide market growth. With the lockdown imposed across the globe, the activities in transportation sector are almost ceased causing decline in the demand for sodium cyanide. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap. Thus, insufficiency in raw material supply will further affect the production rate of sodium cyanide, thus negatively impacting the growth of the sodium cyanide supply chain management.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis:
The expansion of the pharmaceutical industry is the major driving factor for the sodium cyanide market. In addition, sodium cyanide is widely used in electroplating applications. Thus, rising use in electroplating activities gas augmented the demand for sodium cyanide, thereby augmenting the growth of the market. Moreover, sodium cyanide exhibits high potential to replace a wide range of petroleum-based chemicals and can decrease the dependency on petroleum. Furthermore, it is an organic chemical making it an suitable chemical compound in manufacturing of chemical products. Furthermore, it is used in gold extraction process and precious metals, which notably contributes toward the growth of market. However, volatility in prices of raw materials and high production costs are the major restraints of the market.
The global sodium cyanide trends are as follows:
New product launches to flourish the market
New products that exhibit improved capabilities have been launched by leading market players. For instance, Taekwang developed sodium cyanide that offers improved capability in electroplating process of gold and silver. Furthermore, manufacturers have taken necessary steps to improve the accuracy of new products and overall functionality. In addition, market players are seeking opportunities to expand their range of sodium cyanide products in different segments. Partnerships, acquisitions, and agreements are the key strategies adopted by the major players to strengthen their position in the competitive landscape.
Surge in usage in healthcare and industrial applications
Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. A small quantity of sodium cyanide possesses wide applications in the pharmaceutical industry due to its therapeutic effect. It is further used to extract gold and other precious metals from their ores. Moreover, it is used for electroplating. Other applications such as fumigation, utilization in refinement of silver, steel hardening process, and dye production are predicted to fuel the demand for sodium cyanide during the forecast period.
Key benefits of the report
- This study presents the analytical depiction of the global sodium cyanide industry along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the sodium cyanide market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
Questions answered in the global sodium cyanide market research report:
- Which are the leading market players active in the global sodium cyanide market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What should be the response of the sodium cyanide market players amid the COVID-19 pandemic?
- What are the projections for the future that would help in taking further strategic steps?
- What is the outlook of the industry?
- What are the emerging key segments in the sodium cyanide market?
- What are the major changes and assessments in market dynamics?
Sodium Cyanide Market Report Highlights
| Aspects | Details |
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 Key Market Players | Evonik Industries AG, Hongye Holding Group Corporation, Asian Chemtech Private Limited, Hindusthan Chemicals Company, Cyanoco, The Chemours Company, Mercury Chemicals Pte Ltd., Orica Ltd., Taekwang Industries, Avonchem Ltd. |
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