Sodium Cyanide Market Overview:
Sodium cyanide is used as a reagent in the mining industry for the extraction of minerals, mainly gold and silver. Gold and silver processing accounts for almost two-thirds of sodium cyanide applications. In some areas, where there is a shortage of hydrogen cyanide, sodium cyanide can be used as an intermediate because it is easier to transport and store. In addition to its use in the mining industry, sodium cyanide is used as an intermediary in the manufacture of vitamins, jewelry, adhesives, electronic products, flame retardants, air brakes, cosmetics, dyes, nylon, nail polish remover, paints, pharmaceutical products, rockets and table salt.
Sodium Cyanide Market Size and Growth Rate:
According to the research report, the Sodium Cyanide Market Size reaches USD XX Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.1% during forecast period
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Sodium Cyanide Market Drivers and Restraints:
The demand for flotation reagents, such as sodium cyanide, has increased due to the deterioration in the quality of gold and silver ores. Sodium cyanide, being inexpensive, is widely used in the extraction of gold. In addition, the price of gold has fluctuated constantly in recent years. As a result, manufacturers are focusing on extracting gold from the deepest mines in danger of extinction. As a result, there has been an increase in the demand for sodium cyanide.
There has also been an increase in local and foreign investment in regions, such as Latin America, which are driving the demand for reagents, such as sodium cyanide for the extraction of gold and silver.
There are many regulations regarding the use of sodium cyanide. Agencies, such as the International Cyanide Management Code, have defined a specific limitation on the use of this product. An excessive amount of sodium cyanide is detrimental to human consumption and, as a result, there is a growing interest in the use of safer alternatives.
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Sodium Cyanide Market Geographical Analysis:
The world market for sodium cyanide is dominated by the Asia-Pacific region. More than half of the demand for sodium cyanide comes from this region. Throughout the world, China is the largest producer of this chemical. Australia has a significant number of manufacturers of sodium cyanide after China, and the region has experienced growth in the market of mineral reagents. Latin America also has a significant participation in the world market for sodium cyanide. Countries such as Chile, Peru and Colombia have seen an increase in the demand for mining reagents. There are not many manufacturers of sodium cyanide in Europe; however, in the coming years, the region is expected to grow in relation to the current number. Therefore, its dependence on imports from Asia-Pacific, mainly from China and South Korea. The Middle East and Africa, especially South Africa, have also made a significant contribution to the world market for sodium cyanide. North America is expected to register moderate growth during the forecast period.
Global Sodium Cyanide Market Key Players:
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