With their solid emphasis on cutting-edge research and astute marketing strategies, a few companies have come to hold a sway over the global sodium borohydride market. Kemira, among them, held a significant leading share of 38.3% in 2015. Others that accounted for noteworthy shares are Montgomery Chemicals and Vertellus Specialty Materials. This has made the competitive landscape fairly consolidated. Going forward, the market structure will see little change owing to the same companies progressing at a rapid clip on account of their continued thrust on creating better products and marketing those effectively.
A study by Transparency Market Research states that the market for sodium borohydride will expand at a steady 5.3% CAGR between 2016 and 2024. At this pace, it will likely become worth US$2.1 bn by 2024-end from US$1.3 bn in 2015.
Paper and pulp industry, which is being majorly fuelled by packaging products, is a major end user of sodium borohydride. The segment is expected to register a 4.7% CAGR from 2016 to 2024, finds our report. From a geographical standpoint, North America is leading the global sodium borohydride market. The market in the region is being primarily boosted by the flourishing paper and pulp industry and is projected to hold a considerable share of 34.5% by 2024-end.
Market Fuelled Majorly by Pharmaceutical Industry
The pharmaceutical industry is at the forefront of driving demand in the global market for sodium borohydride. This is because it is an important raw material used in formulating pharmaceutical products. “The rising focus on the healthcare industry has led to higher allocations on research and development of antibiotics. This trend is predicted to positively impact the uptake for sodium borohydride,” explains the lead author of our report. He also adds that the booming paper and pulp industry is another major contributor to the revenue in the market. Textiles, organic chemical purification, metal recovery, and others, including agrochemicals and electronic products are contributors to the market too.
Safety Concerns Act As a Drag on Market Growth
Despite the end use industries stoking growth in the market for sodium borohydride, it is likely to face headwinds from the rising knowledge about the hazards it poses to human health. If not handled carefully, keeping in mind the safety regulations, it can lead to irritations in the skin, respiratory tract, and eyes. This has coaxed manufacturers to adopt safer alternatives. However, the market will likely overcome such setbacks owing to the strong demand from emerging economies in Asia Pacific and the Middle East owing to the burgeoning pharmaceutical industries in the region and relatively lax regulations.
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This review is based on the findings of a TMR report, titled, “Sodium Borohydride Market (End Use – Pharmaceuticals, Pulp and Paper, Metal Recovery, Textiles, Organic Chemical Purification, Agrochemicals, and Electronic Products) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016–2024.”