Gold Potassium Cyanide Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

During the time frame of the forecast, the gold potassium cyanide market is expected to register a CAGR of over 3%.

The gold potassium cyanide market was negatively impacted by the COVID-19 pandemic. Due to nationwide lockdowns, strict social distancing measures, disruptions in the supply chain, and worldwide shutdowns of factories and industries, the electronics market suffered, which in turn affected the growth of the gold potassium cyanide (KCN) market. Manufacturers operating in countries under lockdown were forced to shut down entire production facilities, while the global impact on employment, income, and general consumption negatively impacted demand for consumer electronics, which in turn negatively affected the growth of the gold potassium cyanide market.

Key Highlights

• Over the next five to ten years, the growth of the gold potassium cyanide market will be affected by how much gold is used for electroplating and how much demand there is for electronic equipment and other technological products.
• On the flip side, the fact that GPC is a highly toxic substance as well as the fluctuation in its price are major challenges expected to hinder the market growth of gold potassium cyanide during the forecast period. Also, the COVID-19 pandemic was likely to cut short-term demand for GPC because it would cause a sharp drop in commercial production in many end-user industries.
• Significant investment in R&D activities will create new opportunities in the market.
• Asia-Pacific is expected to have the largest share of the global market. This is because countries like China, Japan, and South Korea are making more progress in their electronic industries, and India and China are increasing their demand for precious metals like gold, which makes up a big part of the global demand for gold.

Gold Potassium Cyanide Market Trends

Growing Demand from Electronics and Metal Plating Industries

• Gold potassium cyanide (KCN) is an important gold source used in electrolytic gold plating and electroplating of other metals. KCN also finds applications in electronic devices because of its excellent properties.
• Gold electroplating is mostly carried out to obtain long-lasting decorative finishes and, in some cases, to improve electric contact and conductivity. Jewelry, fancy goods such as handbags, optical frames, power compacts, and costumes, jewelry pen cases, and plumbing fixtures are a few applications of gold electroplating. Since the COVID-19 strike, global gold jewelry demand has slowed, resulting in a 7% decrease in consumption in the first quarter of 2022.However, in Q2 2022, the demand for gold jewelry was 4% higher year over year at 453 t, which is still below the pre-pandemic quarterly levels.
• The properties of electroplated gold coatings are high conductivity, excellent resistance to corrosion, low contact resistance, and a remarkable ability to form very good thermocompression bonds.
• Due to these properties, the electronic industry has a strong relationship with KCN. KCN has become a valuable element in the fabrication of microelectronic and electronic devices such as calculators, transistors, and diodes.
• Larger items such as heat sinks, heaters, springs, wire connectors, and printed circuits are the common applications for gold potassium cyanide.
• In the short term, the outbreak of COVID-19 in all regions was expected to reduce demand for gold potassium cyanide from the metal and electronic industries.

Asia-Pacific Region to Dominate the Market

• Asia-Pacific is expected to have the most of the world's market because China, Korea, and Japan have very advanced electronics industries, and countries like India are buying more precious metals like gold.
• Electronic component manufacturing Industries have been consuming KCN for different applications, such as flexible printed circuits and printed circuit boards, semiconductors, diodes, and other electronic chips that are used in electronic devices.
• According to the World Gold Council (WGC), China will be the world's largest consumer of gold in 2022. In 2021, China's gold consumption will rise by 56% year on year compared to the previous year.The annual gold consumption was 960.12 tons in 2021.
• The luxury watches and jewelry segment stands out and is also the fastest-growing segment in the consumption of gold. This reason is expected to increase the demand for KCN in the Asia-Pacific region.
• Increasing urbanization and growing connectivity, as well as the use of advanced technology in making safety technologies and infotainment systems, are all things that are driving up the demand for KCN from different electronic devices.
• Growth in the aerospace, metal plating, and electronic end-user industries in the Asia-Pacific region is expected to drive the market for gold potassium cyanide in the years to come.
• In the coming years, the market for gold potassium cyanide is likely to be driven by the continued growth of the medical industry and the rising demand from the auto, aerospace, and defense industries.

Gold Potassium Cyanide Market Competitor Analysis

The gold-potassium cyanide market is highly fragmented. Some of the major companies are Alfa Aesar, Thermo Fisher Scientific, Spectrum Chemical Manufacturing Corp., Bangalore Refinery, METALOR Technologies SA, and LEGOR GROUP S.p.A., among others.

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