The global Sodium Borohydride Market size was USD 1.23 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.5% during the forecast period. Rising demand for Bleaching Agents and rapid growth in the paper & pulp industry and increasing adoption in the pharmaceutical sector are key factors driving market revenue growth.
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Top Leading Players:
Competitive landscape of the global sodium borohydride market is fairly consolidated with some major companies operating on global and regional levels. Major companies are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footprint in the global market. Some major companies in the market report include Zhangjiagang Jinyuan Biochemical Co., Ltd., Jiangsu Huachang (Group) Co., Ltd., JSC Aviabor, Vertellus, Dow, Kemira, GJ Chemical, Midas Pharma GmbH, and Merck KGaA.
Sodium Borohydride Market Upcoming Growth:
- Increasing demand from the pharmaceutical industry: Sodium borohydride is widely used as a reducing agent in the synthesis of pharmaceutical intermediates and active pharmaceutical ingredients (APIs). The growing demand for pharmaceuticals, driven by factors like population growth, aging populations, and advancements in healthcare, can drive the demand for sodium borohydride.
- Growth in the pulp and paper industry: Sodium borohydride is used in the bleaching process of pulp and paper production. As the demand for paper and paper products continues to grow, particularly in emerging economies, the sodium borohydride market is expected to experience growth.
- Rising demand for clean energy and hydrogen storage: Sodium borohydride has potential applications in hydrogen storage for fuel cell systems and as a chemical hydrogen carrier. With increasing focus on clean energy and the development of hydrogen infrastructure, the demand for sodium borohydride in these applications may contribute to market growth.
- Water treatment applications: Sodium borohydride is utilized in water treatment processes for the removal of heavy metals, such as chromium, from wastewater. As environmental regulations and concerns over water pollution increase, the demand for sodium borohydride in water treatment applications may grow.
- Technological advancements and product innovation: Ongoing research and development efforts in the chemical industry can lead to the development of new applications and formulations of sodium borohydride. Technological advancements and product innovations can drive market growth by offering improved performance, cost-effectiveness, and environmental sustainability.
It's important to note that the aforementioned factors are based on trends up to September 2021, and the actual growth of the sodium borohydride market in 2023 may be influenced by various additional factors and industry dynamics.
Key questions covered in the global Sodium Borohydride Market report:
- What is the expected market size of the global Sodium Borohydride Market during the forecast period?
- What factors are expected to hamper global Sodium Borohydride Market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2021 and 2028?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Polyvinyl Alcohol market?
Segments covered in the report:
Type Outlook (Revenue, USD Billion;2019-2032)
- Powder
- Pellets
- Solutions
- Granules
Application Outlook (Revenue, USD Billion; 2019-2032)
- Pulp & Paper
- Pharmaceuticals
- Metal Reduction
- Fuel Cells
- Reducing Agents
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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