Sodium Thiocyanate Prices

Sodium Thiocyanate Prices December 2023

The sodium thiocyanate prices in China for Q4 2023 reached 1175 USD/MT in December. While October saw price increases due to strong demand from the chemical and construction sectors, November marked a downturn as these industries faced challenges. In spite of government efforts, demand remained weak, but a tight supply landscape and poor weather led to a price rebound in December.

Sodium Thiocyanate Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Sodium Thiocyanate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of sodium thiocyanate pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of sodium thiocyanate at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of sodium thiocyanate price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing sodium thiocyanate price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Sodium Thiocyanate Market Analysis

The global sodium thiocyanate market size reached US$ 1002.3 Thousand Tonnes in 2023. By 2032, IMARC Group expects the market to reach US$ 1622.7 Thousand Tonnes, at a projected CAGR of 5.50% during 2023-2032.

• The textile industry heavily depends on sodium thiocyanate for dyeing and printing applications because of its role as a key agent in fixing the dyes onto the fabrics. As the textile sector expands globally to meet the rising demand for clothing and textiles mainly in emerging markets the need for sodium thiocyanate increased proportionally. In a report published by Niti Ayog, it is mentioned that India is the second largest manufacturer of textiles and clothing in the world and also the second largest exporter of textiles and apparel with a share of 5% of global trade while China has approximately 38% of global textile and clothing trade. The sustained growth in the textile industry continues to drive significant demand for sodium thiocyanate positioning it as a vital component in textile and manufacturing processes thereby driving its market growth.
• Sodium thiocyanate plays an important role in any personal sector as a pesticide and fungicide, which helps in pest management and disease control in crops. With the growing imperative of enhanced agricultural productivity to meet escalating global demands the utilization of sodium thiocyanate is projected to increase. According to a report by the Centre of Agriculture and Bioscience International, worldwide and estimated 20% to 40% of crop yield is lost to pests and diseases which includes the loss of staple cereals like rice wheat and maize and tuber crops like potatoes and sweet potatoes which directly impacts the food security and nutrition while losses in key commodity crops. Agricultural stakeholders nowadays seek efficient solutions to address evolving challenges like pest resistance and environmental concerns. The demand for sodium thiocyanate is expected to rise hence driving its market growth.
• Sodium thiocyanate is a versatile substance used in the pharmaceutical industry for various processes such as drug formulation, purification, and synthesis. Its significance in drug development and the expansion of the pharmaceutical sector drives its demand. The increasing healthcare needs, research and development advancements, and expanding patient populations are primary factors behind the growing demand for sodium thiocyanate, making it a critical component in pharmaceutical manufacturing.

Sodium Thiocyanate News

The report covers the latest developments, updates, and trends impacting the global sodium thiocyanate market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in sodium thiocyanate production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the sodium thiocyanate price trend.

Latest developments in the sodium thiocyanate industry:

• In 2023, Nouryon has expanded its office footprint and launched a Global Service Center in Mumbai, India, with a focus on business development and global growth plans. The new center will employ nearly 350 employees and reinforce Nouryon's commitment to talent development and growth in India and globally.
• In 2022, Nouryon, a global specialty chemicals leader, has entered into a definitive agreement to acquire ADOB Fertilizers, a leading supplier of chelated micronutrients, foliars, and other specialty fertilizers. The acquisition will enable Nouryon to expand its product portfolio and broaden its offerings for customers in the crop nutrition market, with ADOB's capabilities complementing Nouryon's existing capabilities in crop nutrition. 

Product Description

Sodium thiocyanate is a versatile chemical compound mainly known for its industrial and pharmaceutical applications. This colorless, hygroscopic salt is highly soluble in water, ethanol, and acetone which makes it an ideal component for various chemical processes. Industrially, sodium thiocyanate is often used as a precursor to other thiocyanates that are important in the production of herbicides, fungicides, and other agricultural chemicals. Sodium thiocyanate also serves as an important reagent in the polymer and textile industries, mainly facilitating processes such as vulcanization of rubber and fiber synthesis. In pharmaceuticals, sodium thiocyanate is employed in the synthesis of a range of medicinal products. The broader spectrum of its applications sodium thiocyanate underscores its significance in multiple sectors reflecting its integral role in modern industrial practices.

Regional Coverage

The report provides a detailed analysis of the sodium thiocyanate market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the sodium thiocyanate price trend.

Global Sodium Thiocyanate Price

The report offers a holistic view of the global sodium thiocyanate pricing trends in the form of sodium thiocyanate price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into sodium thiocyanate historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into sodium thiocyanate price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed sodium thiocyanate demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Sodium Thiocyanate Price

The European market struggled during Q4 2023, experiencing fluctuating prices influenced by various factors. Initial price hikes in October were fueled by average demand across the insecticide industry during the time for barley harvest. However, this positive trend reversed in the quarter end as the chemical and construction sectors faced persistent challenges. The construction industry, already in a prolonged downturn, saw significant contraction across key segments like housebuilding,  commercial, and civil engineering projects. Additionally, industrial activities in the Eurozone continued to decline, further reducing the product need. As a result, the European market faced ongoing difficulties, with prices reflecting the subdued economic activity.

This analysis can be extended to include detailed sodium thiocyanate price information for a comprehensive list of countries.

North America Sodium Thiocyanate Price

The North American market encountered a mixed performance in Q4 2023. Early in the quarter, the U.S. agriculture industry faced challenges due to adverse weather, leading to reduced demand for insecticides. Moreover, the market rebounded mid-quarter, driven by rising demand, especially in the construction sector across the U.S. and Mexico. The booming hotel construction in the U.S. and the growing nearshoring trend in Mexico played pivotal roles in this resurgence. Besides this, the United States industrial sector showed signs of a slowdown, resulting in a mild product shortage by November, exacerbated by depleting stocks, which led to a successive rise in sodium thiocyanate rates.

Specific sodium thiocyanate historical data within the United States and Canada can also be provided.

Middle East and Africa Sodium Thiocyanate Price

The report explores the sodium thiocyanate pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on sodium thiocyanate prices for countries can also be provided.

Asia Pacific Sodium Thiocyanate Price

In the Asia-Pacific region, the prices displayed a mix trends throughout Q4 2023. Initially, the market saw an increase in prices driven by robust demand in the chemical and construction sectors, buoyed by a positive manufacturing outlook in China. However, this upward trend was disrupted in November as the construction and manufacturing sectors faced difficulties, leading to a price decline. Despite efforts by Chinese authorities to stimulate these industries, demand remained weak. By December, adverse weather conditions and a tight supply led to a significant rebound in prices. The market dynamics were influenced by fluctuating demand, shifting economic conditions, and inventory management strategies by regional manufacturers.

This sodium thiocyanate price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Sodium Thiocyanate Price

The analysis of sodium thiocyanate prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of sodium thiocyanate pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting sodium thiocyanate price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The sodium thiocyanate price charts ensure our clients remain at the forefront of the industry.