Sodium Borohydride Market Size Study:
Sodium Borohydride market was valued at USD 452 million in 2017 and is expected to generate revenue of USD 794 million by end of 2025, growing at a CAGR of 7.28 % from 2017 to 2025.
Sodium borohydride is an inorganic compound sold as a white crystalline powder or in an aqueous solution. This compound is widely used in laboratories and other technical applications. The function of sodium borohydride is to act as a polyvalent reducing agent.
Growth Drivers and Restraints of Sodium Borohydride Market:
It is expected that the global market for sodium borohydride will be driven by the growing importance given to the health sector. The focus on the development of antibiotics to treat a wide range of diseases should play an important role in the development of the market in general. The pharmaceutical industry uses sodium borohydride in chemical reactions to produce antibiotics. The growth in the global market is also due to the growth of the pulp and paper industry.
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Sodium Borohydride Market Geographical Presence:
Geographically, the world market for sodium borohydride is divided between North America, Asia-Pacific, the Middle East and Africa, Europe, and Latin America. Among these regions, North America had the largest share of the global sodium borohydride market in 2015. This participation was the result of the flourishing pulp and paper and pharmaceutical industry in the region. The boom in manufacturing activity also maintains the spirit of the regional market. Analysts predict that Asia-Pacific and Europe will follow the demand in North America in the coming years.
Asia Pacific is expected to be the largest competitor in the global market due to the increase in pharmaceutical activities in emerging economies such as India and China. Meanwhile, the Middle East and Africa region is expected to be the fastest growing sodium borohydride market due to the greater emphasis in the pharmaceutical sector. The growth of pharmaceutical activities to develop various medicines, solve complex medical problems and use recycled paper, particularly in the Asia-Pacific region, will be the main factor that will favor the absorption of sodium borohydride in the years ahead.
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Montgomery Chemicals, Zhangjiagang City Jinyuan Biochemical Co., Ltd., Shandong Guobang Pharmaceutical Co., Ltd., Nantong Hongzhi Chemical Co., Ltd., Anhui Jin’ao Chemical Co., Ltd., Shaanxi Hanjiang Pharmaceutical Group Co., Ltd, and Jiangsu Huachang Chemical Co are a few of the major players of the market.
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