Sodium Cyanide Market Growth Is Driven by Increasing Gold Production Worldwide

 

Sodium cyanide is used as a raw material in various end-use industries, such as agrochemicals, pharmaceuticals, dyes and pigments, and metal industries. It is a highly poisonous and thus widely used in the chemical and mining industries. Due to its toxicity, sodium cyanide is also used as an insecticide and finds application in analytical testing. Sodium cyanide is also used in mining of gold and other expensive metals. Thus, there is an increasing demand for sodium cyanide in mining industry. 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.

This in turn is expected to augment the sodium cyanide market growth. For gold extraction, the most used extraction technique is the Merrill-Crow process, which uses lixiviants as sodium or potassium cyanide for gold leaching at alkaline conditions. Growth of the sodium cyanide market, in the Asia Pacific, is mainly driven by the increasing mining activities in this region, especially in China, as China is the largest gold producer in the world. According to the World Gold Council (gold.org), in 2020, China was the largest producer in the world and accounted for around 11% of total global production.

People are looking to invest more in gold due to the fluctuating prices, creating high demands for gold. However, companies are experiencing difficulties in meeting global gold demands. Thus, there is an increasing demand for sodium cyanide due to the increasing gold production, driving the sodium cyanide market growth. To meet the increasing demand, the CyPlus Idesa joint venture between Mexico's Grupo Idesa and Germany's Evonik officially opened new 40,000 tonne/year sodium cyanide plant at Coatzacoalcos in Veracruz, Mexico. Mexico is one of the leading producer of silver in the world and ranks among the top producers of gold.

Sodium cyanide releases a highly toxic chemical asphyxiant, hydrogen cyanide gas, interferes with the body's ability to use oxygen. Exposure to sodium cyanide can be rapidly fatal. This in turn is expected to restrain the growth of the sodium cyanide market. Moreover, difficulty in storing, handling, and transport of sodium cyanide is expected to hamper the market growth. Furthermore, stringent rules and regulations regarding the use of sodium cyanide are restraining the sodium cyanide market growth. Sodium cyanide must be transported in accordance with specified codes and requirements of state/territory legislation.