Sodium borohydride is an inorganic compound that is sold in a white crystalline powder form or in an aqueous solution. This compound is widely used in laboratories and in other technical applications. The purpose of sodium borohydride is to act as a versatile reducing agent. The research report states that the global sodium borohydride market was valued at US$1.3 bn in 2015 and expected to be worth US$2.1 bn by the end of 2024. During the forecast years of 2016 and 2024, the global market is estimated to progress at a CAGR of 5.3%.
The global sodium borohydride market is expected to be driven by the increasing emphasis on the healthcare sector. The focus on developing antibiotics to treat a wide range of diseases is expected to play an important role in the development of the overall market. The pharmaceutical industry uses sodium borohydride for chemicals reactions to produce antibiotics. The growth of the global market will also be attributable to the booming pulp and paper industry as well.
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Pulp and Paper becomes Driving Force behind Flourishing Sodium Borohydride Market
On the basis end use, the global sodium borohydride market is segmented into pulp and paper, pharmaceutical, metal recovery, textiles, organic chemical purification, and others. Out of these, the paper and pulp industry is expected to lead the global market. The demand for sodium borohydride in the paper and pulp will remain high due the rising demand for paper in the packing industry. The pharmaceutical industry is also expected to offer the global market several lucrative opportunities. The growing research and development of vaccines and drugs for treating and preventing diseases is expected to drive the growth of the overall market.
North America Market to Show Continued Growth during Forecast Period
In terms of geography, the global sodium borohydride market is categorized into North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Out of these regions, North America held the largest share in the global sodium borohydride market in 2015. This share was a result of the flourishing pulp and paper and pharmaceutical industry in North America. The rise of manufacturing activity is also anticipated to keep the spirits up of the regional market. Analysts anticipate that, Asia Pacific and Europe will follow this lead in the coming years. Asia Pacific is projected to be the strongest contender in the global market due to the rising pharmaceutical activities in emerging economies such as India and China. In the meanwhile, the Middle East and Africa is expected be the fastest-growing market for sodium borohydride due to increased emphasis on the pharmaceutical sector. Soaring pharmaceutical activities to develop of various medicinal drugs to solving complex medical issues and use of recycled paper, especially in Asia Pacific region will be the key factors fuelling the uptake of sodium borohydride.
Some of the key players operating in the global sodium borohydride market are Kemira, Vertellus Specialty Materials, Zhangjiagang City Jinyuan Biochemical Co., Ltd., Montgomery Chemicals, Nantong Hongzhi Chemical Co., Ltd., Shandong Guobang Pharmaceutical Co., Ltd., Shaanxi Hanjiang Pharmaceutical Group Co., Ltd, Ltd., Anhui Jin’ao Chemical Co., Ltd., and Jiangsu Huachang Chemical Co. Currently, the global market is being led by Kemira, which has made the competitive landscape quite consolidated.