Dominated by a handful of vendors, the global sodium
borohydride market features a moderately consolidated competitive
landscape, says Transparency Market Research (TMR). During 2015,
leading chemicals company, Kemira, held the largest share in the
global sodium borohydride market, accounting for a massive 38.3%.
Montgomery Chemicals and Vertallus Specialty Materials are of the
some other leading market vendors. These companies are likely to
dominate the overall market, by virtue of their efforts in research
and development and their aggressive business strategies. A number of
vendors are establishing partnerships, collaborations, and mergers to
strengthen their hold over the global market.
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The global market for sodium borohydride was pegged
at US$1.3 bn during 2015, according to a study by TMR. Expanding at a
healthy CAGR of 5.3% between 2016 and 2024, the global sodium
borohydride market is expected to be worth US$2.1 bn by the end of
2024.
North America Garners Greater Demand for Sodium
Borohydride
By end use, the global market for sodium borohydride
is segmented into textiles, pulp and paper, agrochemicals, organic
chemical purification, pharmaceuticals, electronic products, and
metal recovery. The market is likely to be led by the paper and pulp
industry. Accounting for a significant portion of the overall market,
the paper and pulp segment will expand at a healthy CAGR of 4.7%
during the forecast period. The rising demand for high quality
packaging products has been propelling the growth of this segment.
By geography, the global sodium borohydride market
has been segmented into Latin America, the Middle East and Africa,
North America, Asia Pacific, and Europe. Of these, North America
surfaced as the dominant segment of the global market for sodium
borohydride. Although the market for sodium borohydride in this
region can witness a minor setback, it might manage to achieve a
substantial 34.5% by 2024, predict analysts. The prosperous paper and
pulp industry in this region is the key growth driver of the North
America market.
R&D Projects in Pharmaceuticals Aid Expansion
One of the primary catalysts of the global market for
sodium borohydride is the augmenting need for raw materials,
particularly in the pharmaceutical industry. The development of
antibiotic drugs by pharmaceutical companies involves the use of
sodium borohydride. As the incidence of innumerable diseases and
disorders has been spiraling upwards, the global market for sodium
borohydride is slated for expansion. As the healthcare industry is
receiving greater acknowledgement, investments in R&D projects
are mounting. The global sodium borohydride market is likely to
benefit from these developments. The advancement of the
pharmaceutical industry in emerging economies of the Middle East and
Africa, Latin America, and Asia Pacific is also lending a hand to the
growth of the global sodium borohydride market.
On the flip side, the rising awareness about the
hazards posed by sodium borohydride to human health can slacken the
pace of growth in the market. Strict compliance to safety regulations
applicable to this chemical can also arrest growth. If handled
carelessly, sodium borohydride can harm the skin, eyes, and
respiratory tract. As a result, a number of manufacturers might
prefer the use of safer alternatives. However, the development of new
drugs that address the medical needs of the global patient pool can
foster the growth of the market.
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@
The information presented in this review is based on
a Transparency Market Research report, titled, “Sodium Borohydride
Market (End Use - Pharmaceuticals, Pulp and Paper, Metal Recovery,
Textiles, Organic Chemical Purification, Agrochemicals, and
Electronic Products) - Global Industry Analysis, Size, Share, Growth,
Trends, and Forecast 2016 - 2024.”
Key segments of the Global Sodium Borohydride
Market
Global Sodium Borohydride Market, by End-use
- Pharmaceuticals
- Pulp & Paper
- Metal Recovery
- Textiles
- Organic Chemical Purification
- Others (agrochemicals, electronic products etc.)
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