ALBANY, N.Y, Aug. 3, 2020 /PRNewswire/ -- Sodium cyanide is precursor to several compounds in the chemical and pharmaceutical industries. They are also used in electroplating and as insecticides. A large chunk of revenue in the sodium cyanide market has come from widespread use in mining applications to extract gold and numerous other precious metals from their ores. It is utilized in 90% of global gold production.
Analysts at Transparency Market Research affirm that in order to maximize revenue gains, manufacturers in the global sodium cyanide market should invest in consolidating their regional and global supply chains. The analysts further contend that tailoring their products to meet the demand for the chemical industry will expand avenues for them.
The global sodium cyanide market stood at ~US$ 2.2 Bn in 2018, and is projected to clock a CAGR of ~4% during 2019 – 2027.
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Key Findings of Sodium Cyanide Market Report
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Sodium Cyanide Market: Key Driving Factors and Promising Avenues
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Sodium Cyanide Market: Key Challenges
The toxicity level of sodium cyanide is debatable which has concerned end users, including the mining industry. Moreover, cyanide oxidizes when it comes in contact with oxidants, or even with air decomposes. The compound becomes a deadly poison if consumed in high dose. Concerns from mining spillovers also come under the scanner of regulatory agencies. Hence, players in the sodium cyanide market have to face impediments in complying with stringent environmental regulations pertaining to handling, storage, and transport.
Sodium Cyanide Market: Competitive Dynamics
The top players held approximately 70% share of the market in 2018. The list includes Cyanco, Orica Limited, The Chemours Company, and Evonik Industries AG. This accounts for a fairly consolidated landscape. Top players are leaning on strengthening their distribution facilities and boosting production facilities in order to consolidate their positions. Several players are eyeing new revenue streams in developing regions of the world.
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Sodium Cyanide Market: Regional Landscape
Geographically, China, India, and Japan have seen wide-scale utilization of sodium cyanide in gold mining. Revenues in the sodium cyanide market are bolstered by extensive production of the chemical in Asia Pacific and the Middle East and Africa. They are the leading exporters. The rise in demand for making range of medical products in China has also spurred prospects in the Asia Pacific market.
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The Sodium Cyanide Market can be segmented as follows:
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