Key Highlights of Global Sodium Borohydride Market
- The global sodium borohydride marketwas valued at US$ 1,577 Mn in 2018 and is anticipated to expand at a CAGR of 2% during the forecast period
- The global sodium borohydride market is driven with the increasing popularity and growth of sodium borohydride in paper and pulp industry across the globe
- North America accounts for major share of the global sodium borohydride market, led by high demand for sodium borohydride among pharmaceutical manufacturers
Key Drivers of Global Sodium Borohydride Market
- The global sodium borohydride market is expected to be driven by the increasing emphasis on the healthcare sector. The pharmaceutical industry uses sodium borohydride for chemicals reactions to produce antibiotics.
- 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 growing research and development of vaccines and drugs for treating and preventing diseases is expected to drive the growth of the overall market.
- The growth of the global market will also be attributable to the booming pulp and paper industry as well due the rising demand for paper in the packing industry.
Increasing Use of Sodium Borohydride in Pharmaceutical Industry to Boost the Market
- The market for sodium borohydride is increasing due to increasing demand from pharmaceutical industries, as they act as an important raw material used in making various pharmaceutical products.
- Increasing efforts in research and developments for antibiotics as a reason for growing awareness in the healthcare sector.
- Additionally, the demand for innovative technology such as hydrogen on demand has significantly grown, thus making huge opportunities for sodium borohydride market in the coming years.
- Furthermore, expanding paper and pulp industry requiring sodium borohydride at a significant quality has contributed to increase the revenue in the market. Increasing demand for Electronic products and agrochemicals with organic chemical purification, textile, and metal recovery have contributed to grow the market.
- These are the driving factors that will boost the demand for sodium borohydride in the coming years.
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Harmful Effects on Health to Hamper Global Sodium Borohydride Market
- Regardless of various benefit of sodium borohydride and its astonishing performance in the global market. There are certain restrains that may hinder its growth during the forecast period.
- The use of sodium borohydride has various hazardous impact on health such as irritation on skin, eyes, and respiratory tract that needs to be taken care with which the market could grow effectively. High prices are also increasing concerns for the market to grow efficiently. However, these restrains can be overcome for the market to grow at its full potential since high demand can be seen from emerging economies in Asia Pacific and Middle East regions.
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North America Dominates Global Sodium Borohydride Market
- North America held the largest share of more than36% of the global sodium borohydride market in World’s major pharmaceutical and pulp & paper industries are located in North America which is the major factor for consumption of sodium borohydride in this region. The sodium borohydride market in this region is expected stable growth in next few year followed by Europe.
- However, Asia Pacific is expected to grow at highest CAGR compare to other regions during the forecast period. It is estimated to grow at CAGR of more than 6%in terms of value during the forecast period. China is projected to be one of the largest consumers of sodium borohydride market in the next eight years. Countries in Asia Pacific are likely to be the fastest-growing markets for sodium borohydride during the forecast period. Increasing investment of pharmaceutical companies in Asia coupled with rising awareness for recycle paper are expected to be the key factors propelling the growth of sodium borohydride market in Asia Pacific. Overall, the sodium borohydride market in Asia pacific is expected to be most attractive than other regions in the next few years.
Consolidated Nature of Global Sodium Borohydride Market
- The global market for sodium borohydride has shown a consolidated market as the leading player Kemira held leading share in 2018. Montgomery Chemicals and Vertellus Specialty Materials are the other two companies that have a remarkable significance in the market. These companies put great emphasis on using advanced research techniques and various strategic marketing strategies, as analyzed by Transparency Market Research (TMR).
- Thus, have the power to influence the marketing as per their needs that has made the market consolidated. Moreover, these companies will significantly progress in coming time to enhance the product quality and availability and marketing strategies in new ways.