The global sodium cyanide category is anticipated to grow at a CAGR of 6.15% from 2023 to 2030. It is driven by growing demand for precious metals such as silver and gold, growth in the need for chemical intermediaries by the agriculture and pharmaceutical sectors, and expansion of various end-user sectors due to rising consumer demand and rapid industrialization. In addition,sodium cyanide is widely utilized in the electroplating, a crucial process in electronics and automobile industries. Rising living standards and increasing consumer spending have increased demand for consumer durables and cars, which has led to a rise in electroplating applications and, in turn, increased market demand for the product. However, the detrimental impact of the product on environment and human health due to its toxicity is expected to hinder the growth of the global category during the projected timeframe. Sodium cyanide prevents oxygen from reaching tissues, resulting in tissue hypoxia due to its binding to the ferric iron of oxidized cytochrome oxidase.
Key technologies that are trending in the sodium cyanide industry include distributed control systems (DCS), digitization, green chemistry, blockchain, and robotics & automation.Chemical manufacturing uses sensors to gather real-time data on numerous manufacturing process variables, such as temperature, pressure, and flow rate, and utilize it to monitor and manage the production process. DCS is utilized to assess sensor data and modify process settings in real-time to achieve optimum process performance. In addition, technologies such as digitalization has made it possible for chemical plants to remotely operate their facilities, monitor production processes in real-time, and perform preventive maintenance. This results in higher output, less downtime, and enhanced security. Furthermore, chemical manufacturers can now employ processes that are greener and more sustainable. For instance, advancements in catalysis technology have made it feasible to conduct chemical reactions at lower temperatures and pressures, which has decreased energy usage.
The category for sodium cyanide exhibits a moderately consolidated landscape, with over 59.9% of the market share being held by the top 10 players in the industry. Key players in the industry are utilizing a range of tactics in an effort to improve their market share, such as intense research & development (R&D) projects, strategic partnerships, mergers and acquisitions, and technical advancements. The application of the product offered in the category is being improved by renowned businesses that are recognized for their innovative concepts and superior products. The analysis of the category also reveals a vibrant and healthy atmosphere characterized by a continuous search for fresh opportunities for growth and innovation. Businesses can explore and take advantage of latest trends and technology in this conducive environment. Buyers in the category possess low power to negotiate as the market is dominated by a restricted number of players which leads to less price variation.
Order your copy of the Sodium Cyanide Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Raw materials (caustic soda, ammonia, hydrogen cyanide, etc.), labor, energy, equipment & machinery, and packaging & transportation constitute the key cost components in this category. One major factor influencing the price of sodium cyanide is the cost of the raw materials used in its manufacturing. The cost of production can be directly impacted by the changes in the prices of raw materials, particularly hydrogen cyanide. In addition, pricing is heavily influenced by supply and demand dynamics, just like with any other commodity. Prices are likely to rise in situations where there is a limited supply and a high demand for it. Conversely, low prices may result from an oversupply situation. Furthermore, the production process of sodium cyanide is energy intensive. Manufacturers vary their prices in response to changes in energy costs to account for higher or lower backend costs, which ultimately affects the final consumer. In the US, the price of sodium cyanide ranges between USD 165 per kg - 175 per kg.
Asia-Pacific region dominates the global sodium cyanide category, holding substantial share of revenue. The mining sector (where sodium cyanide is used for extraction of precious metals) in the region is anticipated to begin a new phase of expansion in the coming years with rising capital expenditure for projects. Gradually, the sector is emerging from its downturn as the global economy begins to revive. Given the substantial contribution of the mining sector to the GDP of economies in the region, governments are concentrating on implementing reforms, policies, and regimes that would facilitate its expansion. Reviewing the proximity of supplier’s warehouse to the location of delivery, assessing if a supplier is a signatory to international cyanide management code, evaluating if the supplier offers the product in the required form (liquid / dry), and comparing the pricing of the product by different suppliers in the industry are some of the best sourcing practices considered in this category.
Sodium Cyanide Procurement Intelligence Report Scope
• Sodium Cyanide Category Growth Rate: CAGR of 6.15% from 2023 to 2030
• Pricing Growth Outlook: 5% - 10% increase (Annually)
• Pricing Models: Cost-plus pricing, Competition-based pricing
• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence
• Supplier Selection Criteria: Industries served, years in service, revenue generated, employee strength, geographic service provision, form of sodium cyanide, type of packaging, risk management, regulatory compliance, lead time, and others
• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
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Key Companies
• Anhui Anqing Shuguang Chemical Group Co., Ltd.
• Australian Gold Reagents Pty Ltd
• Cyanco International, LLC
• CyPlus GmbH
• Draslovka Holding
• Hebei Chengxin Co., Ltd.
• Korund Ltd.
• Nippon Soda Co., Ltd.
• Orica Limited
• Taekwang Industrial Co., Ltd.
• The Chemours Company LLC
• Tongsuh Petrochemical Corporation Ltd.
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization.
Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
