Sodium Borohydride Market by Regional Analysis, Key Players and Forecast 2024
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.
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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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