Cyanides And Cyanide Oxides Market

The cyanides and cyanide oxides market is projected to experience an upward trend in consumption from 2022 to 2030, with a forecasted increase in both volume and value. Consumption reached 685K tons in 2022, with an anticipated CAGR of +2.4% in volume and +4.3% in value. The Netherlands, Canada, and South Korea were the top consumers in 2022. Production and imports also showed positive growth in 2022, while exports saw a slight decline. The highest producers were China, the United States, and South Korea, while China, the United States, and South Korea were the top exporters. Prices fluctuated by country, with Mexico having the highest import price and Russia the highest export price. Overall, the market is expected to continue growing in the immediate term.

Market Forecast

Driven by rising demand for cyanides and cyanide oxides worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.4% for the period from 2022 to 2030, which is projected to bring the market volume to 827K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.3% for the period from 2022 to 2030, which is projected to bring the market value to $2.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Cyanides, Cyanide Oxides And Complex Cyanides

In 2022, the amount of cyanides, cyanide oxides and complex cyanides consumed worldwide reached 685K tons, with an increase of 2% compared with the year before. Over the period under review, consumption, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the consumption volume increased by 5.7%. Over the period under review, global consumption reached the maximum volume at 754K tons in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

The global cyanides and cyanide oxides market revenue soared to $1.7B in 2022, picking up by 21% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a slight contraction. Global consumption peaked at $2B in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the Netherlands (53K tons), the United States (38K tons) and South Korea (37K tons), together comprising 19% of global consumption. Canada, China, Peru, Belgium, Burkina Faso, Turkey, the Czech Republic, Kazakhstan, Indonesia and Tanzania lagged somewhat behind, together comprising a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Belgium (with a CAGR of +12.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($236M) led the market, alone. The second position in the ranking was held by Canada ($84M). It was followed by South Korea.

In the Netherlands, the cyanides and cyanide oxides market expanded at an average annual rate of +6.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Canada (+9.0% per year) and South Korea (+3.0% per year).

The countries with the highest levels of cyanides and cyanide oxides per capita consumption in 2022 were the Netherlands (3,043 kg per 1000 persons), Belgium (2,131 kg per 1000 persons) and the Czech Republic (2,006 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Belgium (with a CAGR of +12.1%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cyanides, Cyanide Oxides And Complex Cyanides

Global cyanides and cyanide oxides production expanded markedly to 646K tons in 2022, with an increase of 6.4% against 2021. Over the period under review, production continues to indicate a slight expansion. The pace of growth was the most pronounced in 2017 with an increase of 6.9%. Over the period under review, global production attained the peak volume in 2022 and is expected to retain growth in the immediate term.

In value terms, cyanides and cyanide oxides production rose markedly to $1.3B in 2022 estimated in export price. In general, production, however, showed a mild shrinkage. The most prominent rate of growth was recorded in 2014 when the production volume increased by 9%. As a result, production attained the peak level of $1.6B. From 2015 to 2022, global production growth failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (206K tons), the United States (156K tons) and South Korea (126K tons), with a combined 76% share of global production. The Netherlands, Belgium, the Czech Republic and Russia lagged somewhat behind, together comprising a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Russia (with a CAGR of +25.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cyanides, Cyanide Oxides And Complex Cyanides

In 2022, overseas purchases of cyanides, cyanide oxides and complex cyanides decreased by -7.6% to 510K tons, falling for the second consecutive year after two years of growth. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 11%. Global imports peaked at 558K tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cyanides and cyanide oxides imports rose notably to $1.2B in 2022. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when imports increased by 13%. As a result, imports reached the peak of $1.4B. From 2014 to 2022, the growth of global imports remained at a lower figure.

Imports By Country

In 2022, Canada (36K tons), Peru (32K tons), the Netherlands (26K tons), Burkina Faso (23K tons), Turkey (23K tons), Kazakhstan (21K tons), Indonesia (18K tons), Tanzania (17K tons), Mexico (14K tons), Cote d'Ivoire (13K tons), Lao People's Democratic Republic (12K tons) and Ghana (12K tons) represented the major importer of cyanides, cyanide oxides and complex cyanides in the world, constituting 49% of total import. Sweden (11K tons) held a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Lao People's Democratic Republic (with a CAGR of +40.9%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest cyanides and cyanide oxides importing markets worldwide were Canada ($95M), Peru ($62M) and Turkey ($58M), with a combined 18% share of global imports. Burkina Faso, Kazakhstan, Indonesia, Mexico, Tanzania, the Netherlands, Lao People's Democratic Republic, Ghana, Cote d'Ivoire and Sweden lagged somewhat behind, together accounting for a further 28%.

In terms of the main importing countries, the Netherlands, with a CAGR of +26.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average cyanides and cyanide oxides import price amounted to $2,372 per ton, with an increase of 14% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. Global import price peaked at $2,738 per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($3,063 per ton), while Sweden ($914 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cyanides, Cyanide Oxides And Complex Cyanides

In 2022, shipments abroad of cyanides, cyanide oxides and complex cyanides decreased by -3.4% to 471K tons for the first time since 2016, thus ending a five-year rising trend. The total export volume increased at an average annual rate of +2.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 21%. The global exports peaked at 488K tons in 2021, and then declined slightly in the following year.

In value terms, cyanides and cyanide oxides exports skyrocketed to $1.1B in 2022. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports By Country

The shipments of the three major exporters of cyanides, cyanide oxides and complex cyanides, namely China, the United States and South Korea, represented more than two-thirds of total export. Russia (21K tons), Georgia (8.5K tons) and the Czech Republic (7.4K tons) held a little share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Russia (with a CAGR of +25.2%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest cyanides and cyanide oxides supplying countries worldwide were China ($347M), the United States ($320M) and South Korea ($194M), with a combined 79% share of global exports. Russia, the Czech Republic and Georgia lagged somewhat behind, together comprising a further 9.7%.

Among the main exporting countries, Russia, with a CAGR of +24.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average cyanides and cyanide oxides export price amounted to $2,321 per ton, picking up by 22% against the previous year. In general, the export price, however, recorded a mild descent. Over the period under review, the average export prices attained the peak figure at $2,769 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Russia ($3,179 per ton), while China ($2,000 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.5%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform