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Impact Assessment of COVID-19 Outbreak on Gold Potassium Cyanide Market
Gold potassium cyanide or potassium gold cyanide is a water soluble white powder. Gold potassium cyanide is obtained by the anodic dissolution of gold in an aqueous solution of the compound potassium cyanide, followed by crystallization of the entire mixture. In addition, the gold potassium cyanide mixture contains approximately 68% fine gold which appears to be a fine powder that is readily soluble in water.
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Gold potassium cyanide is an important gold source used in electrolytic gold plating. It is one of the most common gold compounds employed in the electroplating industry. The recent method of recovering gold from potassium gold cyanide is to convert the gold cyanide ion to metallic gold after which the reclaimed gold is converted back to gold potassium cyanide. The primary application of gold potassium cyanide is in the electroplating of metals. It is employed in the electroplating of electronic parts, costume jewelry, watches and pens. In addition, gold potassium cyanide is used in the decorative plating of jewelry.
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The key driver of gold potassium cyanide is its use in the plating of various electronic equipment, in the plating of watches and in the decorative plating of costume jewelry. In addition, potassium gold cyanine also finds its application in the electroplating of various other metals besides electronics. Key players in the gold potassium cyanide market undertake continuous research and development activities. This has enabled the development of finished metal salts and finishing and plating baths.
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The growth in the electronic industry in various regions, including the growth in the fashion industry has been boosting the demand for gold potassium cyanide over the past few years and the trend is expected to continue over the projected period. In the near future, consumer focus is expected to shift from silver to gold since gold is anticipated to be a major investment source. In addition, growing disposable income of people in the Asia Pacific region and the high disposable income of consumers in the North American and European region are likely to drive the gold ornaments market. Owing to this, the gold potassium cyanide market is anticipated to witness high growth during the projected period.
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Owing to the high growth in the electronics industry, the demand for gold potassium cyanide has been growing at a high rate in the Asia Pacific region especially in emerging countries such as India and China. Japan has been experiencing stable growth in the electronics industry owing to emerging innovations and new technologies in the electrical and electronics industry. This in turn is expected to boost the demand for gold potassium cyanide in the next few years.
The growing disposable income of consumers in the Asia Pacific region coupled with the rise in the electrical and electronics industry in the region is likely to boost the market for gold potassium cyanide. In addition, the recent growth in the fashion industry and the changing life style of consumers along with the high disposable income of consumers in the North American and the European region is anticipated to further propel the jewelry industry in the near future. This in turn is expected to drive the demand for gold potassium cyanide during the projected period.
Some of the key companies in the gold potassium cyanide market include GFS Chemicals, Prominex Precious Mineral Resources, Bangalore Refinery Private Limited and Sreenivasa Industries among others. These companies involve themselves in extensive research and development with the main aim of introducing innovative methods of manufacturing gold potassium cyanide.
