Jun 1, 2025
IndexBox has just published a new report: China – Cyanides, Cyanide Oxides And Complex Cyanides – Market Analysis, Forecast, Size, Trends And Insights.
Driven by rising demand in China, the cyanides and cyanide oxides market is set to experience a slight increase in performance, with a projected CAGR of +1.1% in volume and +1.2% in value from 2024 to 2035. This growth trend is expected to continue, reflecting the market’s positive outlook in the coming years.
Market Forecast
Driven by rising demand for cyanides and cyanide oxides in China, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market volume to 11K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.2% for the period from 2024 to 2035, which is projected to bring the market value to $24M (in nominal wholesale prices) by the end of 2035.
Consumption
China’s Consumption of Cyanides, Cyanide Oxides And Complex Cyanides
In 2024, consumption of cyanides, cyanide oxides and complex cyanides decreased by -69.7% to 9.8K tons, falling for the ninth consecutive year after three years of growth. Overall, consumption faced a sharp shrinkage. Cyanides and cyanide oxides consumption peaked at 164K tons in 2015; however, from 2016 to 2024, consumption remained at a lower figure.
The size of the cyanides and cyanide oxides market in China dropped dramatically to $21M in 2024, reducing by -71.9% 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). Over the period under review, consumption faced a precipitous decrease. The most prominent rate of growth was recorded in 2018 when the market value increased by 4.5% against the previous year. Over the period under review, the market reached the peak level at $371M in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.
Production
China’s Production of Cyanides, Cyanide Oxides And Complex Cyanides
In 2024, approx. 230K tons of cyanides, cyanide oxides and complex cyanides were produced in China; flattening at the previous year’s figure. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 0.6% against the previous year. Cyanides and cyanide oxides production peaked at 230K tons in 2022; however, from 2023 to 2024, production remained at a lower figure.
In value terms, cyanides and cyanide oxides production amounted to $451M in 2024 estimated in export price. In general, production, however, saw a pronounced decline. The growth pace was the most rapid in 2022 with an increase of 12% against the previous year. Over the period under review, production attained the peak level at $613M in 2013; however, from 2014 to 2024, production failed to regain momentum.
Imports
China’s Imports of Cyanides, Cyanide Oxides And Complex Cyanides
For the fourth consecutive year, China recorded growth in overseas purchases of cyanides, cyanide oxides and complex cyanides, which increased by 11% to 3K tons in 2024. Overall, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of 90%. Over the period under review, imports reached the maximum in 2024 and are expected to retain growth in years to come.
In value terms, cyanides and cyanide oxides imports totaled $21M in 2024. Over the period under review, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 162%. Over the period under review, imports reached the peak figure in 2024 and are likely to see gradual growth in the immediate term.
Imports By Country
In 2023, South Korea (2.1K tons) constituted the largest cyanides and cyanide oxides supplier to China, accounting for a 78% share of total imports. Moreover, cyanides and cyanide oxides imports from South Korea exceeded the figures recorded by the second-largest supplier, Japan (391 tons), fivefold.
From 2013 to 2023, the average annual rate of growth in terms of volume from South Korea stood at +33.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.3% per year) and Germany (-9.5% per year).
In value terms, South Korea ($16M) constituted the largest supplier of cyanides, cyanide oxides and complex cyanides to China, comprising 81% of total imports. The second position in the ranking was taken by Germany ($1.9M), with a 9.7% share of total imports.
From 2013 to 2023, the average annual growth rate of value from South Korea totaled +36.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.6% per year) and Japan (+4.7% per year).
Import Prices By Country
The average cyanides and cyanide oxides import price stood at $7,430 per ton in 2023, declining by -2.7% against the previous year. In general, import price indicated a tangible expansion from 2013 to 2023: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, cyanides and cyanide oxides import price increased by +22.5% against 2020 indices. The pace of growth was the most pronounced in 2016 when the average import price increased by 44%. As a result, import price reached the peak level of $7,691 per ton. From 2017 to 2023, the average import prices remained at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Germany ($10,676 per ton), while the price for Japan ($3,618 per ton) was amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Germany (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports
China’s Exports of Cyanides, Cyanide Oxides And Complex Cyanides
In 2024, overseas shipments of cyanides, cyanide oxides and complex cyanides increased by 12% to 223K tons, rising for the ninth consecutive year after two years of decline. Over the period under review, exports enjoyed a prominent expansion. The pace of growth was the most pronounced in 2017 when exports increased by 28%. Over the period under review, the exports reached the maximum in 2024 and are likely to continue growth in the immediate term.
In value terms, cyanides and cyanide oxides exports amounted to $471M in 2024. Overall, exports continue to indicate a prominent expansion. The most prominent rate of growth was recorded in 2023 with an increase of 34% against the previous year. Over the period under review, the exports hit record highs in 2024 and are expected to retain growth in the immediate term.
Exports By Country
Russia (28K tons), Niger (16K tons) and Zimbabwe (16K tons) were the main destinations of cyanides and cyanide oxides exports from China, together comprising 30% of total exports.
From 2013 to 2023, the biggest increases were recorded for Niger (with a CAGR of +78.1%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, the largest markets for cyanides and cyanide oxides exported from China were Russia ($68M), Zimbabwe ($37M) and Niger ($36M), together comprising 30% of total exports.
In terms of the main countries of destination, Niger, with a CAGR of +69.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices By Country
The average cyanides and cyanide oxides export price stood at $2,333 per ton in 2023, jumping by 17% against the previous year. Overall, the export price, however, showed a perceptible curtailment. Over the period under review, the average export prices attained the peak figure at $3,028 per ton in 2013; however, from 2014 to 2023, the export prices remained at a lower figure.
Average prices varied noticeably for the major external markets. In 2023, amid the top suppliers, the countries with the highest prices were Indonesia ($2,467 per ton) and Burkina Faso ($2,467 per ton), while the average price for exports to India ($2,011 per ton) and Mali ($2,152 per ton) were amongst the lowest.
From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Russia (-0.9%), while the prices for the other major destinations experienced a decline.
