The Global Hydrogen Cyanide Market size is expected to reach $1.3 billion by 2030, rising at a market growth of 2.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 941.5 Kilo Tonnes experiencing a growth of 1.7% (2019-2022).
With the strong demand from the gold extraction and chemical sector, the need for hydrogen cyanide in Asia-Pacific, primarily in China, has increased faster. Therefore, the Asia Pacific segment generated $292.6 million revenue in the market in 2022. Such factors will likely expand the demand for the market in China during the forecast period. As a result, the country is expected to experience an increase in the need for hydrogen cyanide in the production of adiponitrile and sodium cyanide during the projection time due to the rising demand for adiponitrile in the production of nylon 6-6 and the expanding use of sodium cyanide in the mining industry. Some of the factors impacting the market are technological advancements for hydrogen cyanide production, increase in demand for hydrogen cyanide from the agricultural sector and health and safety risks associated with hydrogen cyanide.
Advances in catalyst technology have led to more efficient and selective hydrogen cyanide production processes. Catalysts facilitate the reaction between ammonia and methane, two primary raw materials for hydrogen cyanide production. Improved catalysts enhance the yield and reduce by-products, contributing to cost-effectiveness. Electrochemical processes provide a greener approach, allowing for the direct synthesis of hydrogen cyanide from precursor molecules without the need for traditional chemical intermediates. Additionally, Methionine is a feed additive that helps optimize animal feed conversion efficiency. This is particularly important in the agricultural sector, where feed efficiency directly influences the cost-effectiveness of livestock and poultry production. Adherence to regulatory standards in animal nutrition is paramount. The use of methionine in animal feed produced with hydrogen cyanide must comply with safety and quality regulations to ensure the well-being of animals and the safety of the food supply. Therefore, due to the technological advancements contribute significantly to the expansion of the market and as a result, the increased demand for hydrogen cyanide from the agricultural sector expands the market's growth.
However, Hydrogen cyanide is highly toxic, and its inhalation can lead to rapid poisoning. Even at low concentrations, HCN can be lethal, affecting the respiratory system and causing respiratory failure. Exposure to hydrogen cyanide can irritate the eyes, leading to redness, tearing, and potential long-term damage. Eye protection is crucial when handling or working in environments with hydrogen cyanide. Hydrogen cyanide is flammable and can form explosive mixtures in the air. Proper storage and transportation practices, including suitable containers and controlled environments, are necessary to prevent accidents and fires. Due to the above factors will hamper the market growth in the coming years.
Based on application, the market is fragmented into sodium cyanide & potassium cyanide, adiponitrile, acetone cyanohydrin, cyanogen chloride, and others. In 2022, the adiponitrile segment held the highest revenue share in the market. The demand for adiponitrile directly correlates with the demand for hydrogen cyanide. As hydrogen cyanide is a crucial raw material in the production of adiponitrile, any shifts in the market, whether due to technological advancements, regulatory changes, or industry trends, can influence the production and application of adiponitrile. Increasing demand for nylon production, growth in the automotive and electronics industries, and applications in textiles and purchaser goods. Additionally, advancements in chemical synthesis applied sciences, and the upward push of sustainable initiatives contribute to the market's growth.
On the basis of product, the market is segmented into hydrogen cyanide liquid and hydrogen cyanide gas. The hydrogen cyanide gas segment acquired a substantial revenue share in the market in 2022. Its use is in several industrial methods, like manufacturing artificial fibers, plastics, and pharmaceuticals. Additionally, it is employed in the mining industry for gold extraction. The developing demand for this merchandise and purposes contributes to expanding the hydrogen cyanide gasoline segment. However, strict rules and security issues may additionally restrict its growth and require cautious handling and monitoring.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.1 Billion |
| Market size forecast in 2030 | USD 1.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 2.2% from 2023 to 2030 |
| Number of Pages | 293 |
| Number of Tables | 530 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product, Application, Region |
| Country scope |
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| Companies Included | Air Liquide S.A., Evonik Industries AG (RAG-Stiftung), INEOS Group Holdings S.A., Sumitomo Chemical Co., Ltd., Ascend Performance Materials LLC (SK Capital and Partners), Kuraray Co., Ltd., Asahi Kasei Corporation, Mitsubishi Gas Chemical Company, Inc., Cyanco International, LLC (Cerberus Capital Management, L.P.) and Cornerstone Chemical Company (Littlejohn & Co., LLC) |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. The moderate growth in the production of sodium cyanide and adiponitrile in the region drives the market in North America. They are increasing demand from chemical industries for manufacturing acrylonitrile, pharmaceutical applications, and mining processes. Additionally, the growing emphasis on renewable energy and the viable utilization of hydrogen cyanide in strength storage options contribute to market growth. Stringent security guidelines and environmental worries are also influencing factors.
Free Valuable Insights: Global Hydrogen Cyanide Market size to reach USD 1.3 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Air Liquide S.A., Evonik Industries AG (RAG-Stiftung), INEOS Group Holdings S.A., Sumitomo Chemical Co., Ltd., Ascend Performance Materials LLC (SK Capital and Partners), Kuraray Co., Ltd., Asahi Kasei Corporation, Mitsubishi Gas Chemical Company, Inc., Cyanco International, LLC (Cerberus Capital Management, L.P.) and Cornerstone Chemical Company (Littlejohn & Co., LLC).
By Product (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
This Market size is expected to reach $1.3 billion by 2030.
Technological advancements for hydrogen cyanide production are driving the Market in coming years, however, Health and safety risks associated with hydrogen cyanide restraints the growth of the Market.
Air Liquide S.A., Evonik Industries AG (RAG-Stiftung), INEOS Group Holdings S.A., Sumitomo Chemical Co., Ltd., Ascend Performance Materials LLC (SK Capital and Partners), Kuraray Co., Ltd., Asahi Kasei Corporation, Mitsubishi Gas Chemical Company, Inc., Cyanco International, LLC (Cerberus Capital Management, L.P.) and Cornerstone Chemical Company (Littlejohn & Co., LLC).
In the year 2022, the market attained a volume of 941.5 Kilo Tonnes experiencing a growth of 1.7% (2019-2022).
The Hydrogen Cyanide Liquid segment is generating the highest revenue in the Market, By Product in 2022; thereby, achieving a market value of $789.6 million by 2030.
The North America region dominated the Market, By Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $448.9 million by 2030.
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