The global sodium borohydride market is dominated by
very few players, thus making the competitive landscape fairly
consolidated, observes Transparency Market Research. As of 2015,
Kemira led the overall market with a stellar share of 38.3%.
Vertellus Specialty Materials and Montgomery Chemicals have also been
identified as important players in the market. These companies are
expected to dominate the global market with their aggressive
marketing strategies and intensive research and development.
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According to the research report, the global sodium
borohydride market is expected to reach a valuation of US$2.1 bn by
the end of 2024 as compared to US$1.3 bn in 2015. Between the
forecast years of 2016 and 2024, the global market is estimated to
rise up at a CAGR of 5.3%.
North America to Acquire Share of 34.5% in Global
Market by 2024
The end users of sodium borohydride are industries
such as pulp and paper, pharmaceuticals, textiles, metal recovery,
organic chemical purification, and others such as electronic products
and agrochemicals. Out of these segments, the paper and pulp industry
is expected to constitute a major chunk of the global market. The
overall paper and pulp industry is expected to be propelled by the
rising demand for packaging products. This emerging trend is expected
to contribute significantly to the increasing uptake of sodium
borohydride in the coming years. The report states that the paper and
pulp industry is expected to progress at a CAGR of 4.7% between 2016
and 2024.
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In terms of geography, the global sodium borohydride
market is segmented into regions such as North America, Asia Pacific,
Europe, Latin America, and the Middle East and Africa. Of these
regions, North America holds a major share in the overall market.
Despite a marginal slump, this regional market is estimated to boast
a share of 34.5% by the end of 2024 in the global market. The
flourishing paper and pulp industry in North America is expected to
boost the region’s consumption of sodium borohydride in the near
future.
Increasing Focus on Healthcare Industry Indicates
Rise in Uptake of Sodium Borohydride
The key growth driver for the global sodium
borohydride market is the soaring demand for this raw material in the
pharmaceutical industry. The increasing focus on the healthcare
industry is anticipated to increase the investments in the research
and development of antibiotics, which in turn, is expected have a
positive reflection on the demand for sodium borohydride. The
researchers also attribute the progress of the global sodium
borohydride market on the booming paper and pulp industry. “The
global paper and pulp industry is expected to progress at a pace of
1.5%-2% every year, which is anticipated to be the major driving
force for the sodium borohydride market,” states the lead author of
this research report.
Safety Issues in Handling Sodium Borohydride to
Challenge Market Growth
The steady growth rate of the global sodium
borohydride market is likely to face a few hurdles during the
forecast period. For instance, the overall market will be challenged
by the growing awareness about the hazardous impact of sodium
borohydride on human health. It is a well-known fact that if safety
regulations pertaining to handling chemicals are not followed it can
lead to irritation to eyes, respiratory tract, and skin. Thus, in
light of dangers pertaining to the handling of this chemical,
manufacturers could opt for safer alternatives.
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This review is based on Transparency Market
Research’s report, titled “Sodium Borohydride Market - Global
Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 -
2024.”
The global sodium borohydride market has been
segmented as follows:
Sodium Borohydride Market - End-use Analysis
- Pharmaceuticals
- Pulp & Paper
- Metal Recovery
- Textiles
- Oranic Chemical Purification
- Others (agrochemicals, electronic products etc.)
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