Sodium Thiocyanate Market Insights and Forecast -2027

Sodium thiocyanate is a colorless, inorganic salt having the chemical formula NaSCN. It is deliquescent in nature and is considered to be a major source of thiocyanate anion. Sodium thiocyanate is produced by the reaction of sulfur and cyanide and is highly soluble in water, ethanol and also in acetone. It has a rhombic crystal system and on thermal decomposition sodium thiocyanate produces fumes of sulfur dioxide, cyanides and oxides of nitrogen. Due to its high reactivity, sodium thiocyanate is used in several end-user industries such as pharmaceutical, construction, fiber and others.

Market scope and structure Analysis:

COVID-19 scenario analysis:

The outbreak of the novel COVID-19 pandemic across the globe has affected the global sodium thiocyanate market to a great extent.

• The applications of sodium thiocyanate in the construction industry decreased significantly. This is because of the economic slowdown caused by the pandemic that led to the steep downfall in the construction industry all over the world. As a result, the demand for sodium thiocyanate in the construction industry decreased exponentially, thereby affecting the market.
• However, the demand for sodium thiocyanate has increased significantly in the pharmaceutical industry during the pandemic as demand for drugs increased around the world. 

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The major factor that contributed to the growth of the sodium thiocyanate market is its extensive use in the pharmaceutical industry. Sodium thiocyanate acts as a raw material and as a chemical intermediate for a wide range of pharmaceutical products to prevent cyanide poisoning and pityriasis versicolor. 

On the other hand, sodium thiocyanate is utilized in the construction industry as well. It is used as a hardening accelerator for concrete and cement mixes. Due to the rapid urbanization across the world, the demand of sodium thiocyanate in the construction industry is expected to increase significant in the forecasted period. Moreover, sodium thiocyanate is also used in the fiber industry as a spinning solvent for polyacrylnitril. It is also used for the manufacture of several herbicides and pesticides used in the agricultural sector, thus the development in the agricultural sector has fueled the growth of the sodium thiocyanate market. However, sodium thiocyanate may cause hazardous effects on the human body which include pulmonary disorder and eye and skin infection on prolonged exposure. Thus the safety issues related to the handling of the compound might act as a restraining factor for the market.

In terms of market size, the Asia-Pacific region holds the largest share of the global sodium thiocyanate market owing to the rapid developments of the pharmaceutical and construction industries of the region. It is followed by the North America region with high demand for sodium thiocyanate in developed nation’s like the U.S. 

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the global sodium thiocyanate industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global sodium thiocyanate market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global sodium thiocyanate market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global sodium thiocyanate market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Sodium Thiocyanate Market research report:

• What are the leading market players active in the sodium thiocyanate market?
• What the current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?