Sodium Cyanide Market Increased Competition to Deliver Unique and Better Product to Increase Expenditure

Sodium cyanide (NaCN) is an inorganic poisonous solid with high affinity for metals. It is used as a raw material in pharmaceuticals, dyes and pigments, agrochemicals, and metal industries. It is also used as an insecticide due to its toxicity and finds application in analytical testing. The International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold, also referred to as the Cyanide Code, is a voluntary program designed to assist the global gold mining industry. It also helps the producers and transporters of cyanide used in gold mining in improving cyanide management practices, and to publicly demonstrate their compliance with the Cyanide Code through an independent and transparent process.

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Among end users, the mining industry segment accounts for the largest share in the global sodium cyanide market. NaCN is used in mining for extraction of gold and other expensive metals. Gold being a least reactive metal shows high affinity for cyanide, causing it to oxidize and dissolve in the presence of oxygen and water. Moreover, the chemical industry segment was the fastest growing segment in the global sodium cyanide market in 2017, owing to a wide range of applications of NaCN in chemical synthesis. Cyanuric chloride, cyanogen chloride, and various types of nitriles are some of the extensively used chemical compounds that are derived from NaCN through various reactions.

Asia Pacific accounted for a significant market share in the global sodium cyanide market in 2017, owing to increasing mining activities in the region. For instance, according to U.S. Geological Survey 2013, China was the leading mined-gold-producing country in the world and gold production in the country was expected to increase 2.5%, annually.

However, difficulty in transport, handling, and storage of NaCN is expected to hinder growth of the sodium cyanide market. The National Industrial Chemicals Notification and Assessment Scheme (NICNAS) has assessed the environmental risks of NaCN and made recommendations for reducing the risks from its transport and use in mining. Moreover, numerous regulations with respect to use of NaCN are hampering the market growth. Transport of NaCN should be conducted according to the requirements specified in the Australian Code for the Transport of Dangerous Goods by Road and Rail (7th edition – ADG7) and the associated State/Territory legislation that gives it effect.

Key players operating in the global sodium cyanide market are focused on adopting various growth strategies such as expansion of production capacity in order to enhance their market share. For instance, in 2014, Australia-based Gold Reagents Pty Ltd increased its sodium cyanide solution production capacity from 64 kilo tons to 78 kilo tons.

Major players operating in the global sodium cyanide market include, Cyanco, E. I. DuPont, Australian Gold Reagents, Orica, Evonik, Taekwang Industrial, Tongsuh Petrochemical, Anhui Shuguang Chemical, Korund, Yingkou Sanzheng, Sasol Polymers, Unique Chemical, Tiande Chemical, Lukoil, Hebei Chengxin, Sinopec, and DSM.

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