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
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.
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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.