Potassium Cyanide Market Size, Share, Growth, and Industry Analysis, By Type (Content ≥99% and Content 98%-99%), By Application (Ore-Dressing, Plating, Chemical Synthesis, Pharmaceutical, And Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast From 2022 To 2030

Updated On: 11 September 2023

Potassium Cyanide Market Report Overview

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The global potassium cyanide market size was USD 33 million in 2021 and is projected to touch USD 40 million by 2028, exhibiting a CAGR of 2.7% during the forecast period. 

Potassium cyanide is a white-colored fine powder extracted with the help of the dissolution of anodic gold in the aqueous form of its solution. It is followed by the crystallization process and displays a great solubility of water, and is made of fine gold. This compound is colorless and is similar to the appearance of sugar. It is water soluble and highly toxic. The moisture present in it emits small amounts of hydrogen cyanide owing to hydrolysis, which smells like bitter almonds. It tastes bitter and acrid with a burning sensation.

Potassium cyanide is widely used in the synthesis of organic compounds for preparing carboxylic acids and nitriles, specifically in the von Richter rearrangement reaction. It is used as a photographic fixer in the collodion process’s wet plate. Additionally, it reveals and stabilizes the image making it no longer light sensitive. Modern photographers may incline toward the fixers that are less toxic and often opt for sodium thiosulfate. It is produced by treating the chemical compound with an aqueous solution. 

COVID-19 Impact: Difficulty in Manufacturing to Hamper Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with potassium cyanide experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The unforeseen event of the pandemic prompted the execution of strict lockdown rules across various countries resulting in aggravations in the import and product exercises of the product. Nonetheless, the expansion sought after for excellent items in the market expanded the interest in the potassium cyanide market development during the pandemic. In any case, the market was principally hit by various impediments in the midst of the COVID-19 pandemic, such as the absence of capable labor force accessibility and postponement or end of activities attributable to finish lockdown. Additionally, the flood in the execution of manufacturing and processing of chemicals globally is expected to build up the market figures post-COVID-19. 

LATEST TRENDS

"Rising Per Capita Income Coupled With Higher Demand for Gold to Drive Market Trends"

The demand for gold potassium cyanide has been increasing over the last few years, and the trend is anticipated to continue throughout the projected period. This is due to the rise of the electronic sector in many countries, including the growth of the fashion industry. Consumer attention is likely to shift from silver to gold in the near future since gold is anticipated to be a significant investment source. Additionally, the market for gold ornaments is projected to be driven by rising disposable income in the Asia-Pacific area and high disposable income in the North American and European regions. As a result, market is expected to increase rapidly over the course of the forecasted period.

Potassium Cyanide Market Segmentation

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• By Type Analysis

By type, the market is segmented into content ≥99% and content 98%-99%. 

• By Application Analysis

Based on application, the market is classified into ore-dressing, plating, chemical synthesis, pharmaceutical, electronics, and others. 

Electronic devices are likely to lead the segment owing to the rising demand for the gold potassium cyanide for producing various items that include flexible printing of semiconductors, electronic chips, and circuit boards.

DRIVING FACTORS

"Rising Adoption of Technological and Electronic Products to Aid Maximum Growth"

The main factor responsible for the gold potassium cyanide market growth is the rising demand for technological and electronic products. The demand for the product is increasing as a result of technological developments in the creation of safety technologies and entertainment systems in a variety of electronic gadgets. The fashion industry is thriving as a result of factors including changing lifestyles along with increased per capita income and quick urbanization. The demand for the product is fueled by the use of gold plating in a variety of products, such as clothing and footwear.

"Market to Witness Growth by Higher Product Demand from the Electroplating Industry"

Potassium cyanide is widely used in extracting silver or gold from low-grade ores. It is used in the extracting, electroplating, and fumigation process for gold and silver from ores. It is used to make textiles, plastics, and papers. Additionally, this compound is used in metallurgy for metal cleaning, removing gold from its ore, electroplating, and metal cleaning. It is also used to exterminate vermin and pests in buildings and ships. It is used as an electroplating agent in jewelry, machine parts, and watches. 

RESTRAINING FACTORS

"Side Effects Associated With the Chemical to Affect Market Growth"

Higher exposure to potassium cyanide may result in various health issues such as dizziness, anxiety, headache, confusion, and unconsciousness. Additionally, the extreme influence of this chemical may result in the death of the consumer. It may cause allergies or infections in the users.  This factor is most likely to impede the market growth. It may also cause nose bleeding, sore nose, and fluctuation in the count of blood cells. These factors are anticipated to affect the potassium cyanide market growth. 

Potassium Cyanide Market Regional Insights

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"Asia Pacific to Lead the Market Owing To the Expanding Electronics Industry"

Asia Pacific is anticipated to dominate the global market owing to the increasing electronics and electrical industry in emerging countries such as India, Japan, and China. These countries are forecasted to observe maximum growth due to technological advancements in the electronics sector.

North America is likely to hold a significant part of the potassium cyanide market share owing to the expanding fashion industry coupled with the increasing disposable income. 

Europe is likely to follow North America in terms of growth due to changing consumer behavior and lifestyle. Additionally, the changing preferences of the consumer are also anticipated to surge growth in the region. 

KEY INDUSTRY PLAYERS

"Companies to Emphasize On Long-Term Growth Strategies"

The market is fragmented into various sized industries, including regional and global industries. The market revenues and shares are likely to be driven by the constant investment on research and development of the product. Technological advancements are being adopted to gain steady growth in the market. The companies are focused on achieving mergers and acquisitions to enhance the product portfolio. Many companies also launched new products to gain the regional market share. Gaining a regional market will help the player’s further gain the global market. Organic and inorganic growth strategies are adopted by major companies to gain long-term growth. 

List of Market Players Profiled

• Evonik (Germany)
• Anhui Shuguang Chemical (China)
• Hebei Chengxin (China)
• Nippon-Soda (Japan)
• Hindusthan Chemicals (India)

REPORT COVERAGE

The report offers accurate information about the market insights. It represents an analysis of a competitive edge that seems significant for the formation of business plans. The report defines various paths for the growth and development of the industry. Market segmentation is depicted in the report and highlights the important factors of the sector with various growth opportunities, competitive landscape, and growth strategies of the major key players. The market report focuses on various growth prospects and the factors that may limit the growth of the market. Additionally, this market report represents the key players of the market and their headquarters. The report offers a deep insight into the potassium cyanide market.