Global Sodium Borohydride Market: Drug Development Projects in Pharmaceutical Industry to Foster Growth, says TMR
Dominated by a handful of vendors, the global sodium borohydride market features a moderately consolidated competitive landscape, says Transparency Market Research (TMR). During 2015, leading chemicals company, Kemira, held the largest share in the global sodium borohydride market, accounting for a massive 38.3%. Montgomery Chemicals and Vertallus Specialty Materials are of the some other leading market vendors. These companies are likely to dominate the overall market, by virtue of their efforts in research and development and their aggressive business strategies. A number of vendors are establishing partnerships, collaborations, and mergers to strengthen their hold over the global market.
The global market for sodium borohydride was pegged at US$1.3 bn during 2015, according to a study by TMR. Expanding at a healthy CAGR of 5.3% between 2016 and 2024, the global sodium borohydride market is expected to be worth US$2.1 bn by the end of 2024.
North America Garners Greater Demand for Sodium Borohydride
By end use, the global market for sodium borohydride is segmented into textiles, pulp and paper, agrochemicals, organic chemical purification, pharmaceuticals, electronic products, and metal recovery. The market is likely to be led by the paper and pulp industry. Accounting for a significant portion of the overall market, the paper and pulp segment will expand at a healthy CAGR of 4.7% during the forecast period. The rising demand for high quality packaging products has been propelling the growth of this segment.
By geography, the global sodium borohydride market has been segmented into Latin America, the Middle East and Africa, North America, Asia Pacific, and Europe. Of these, North America surfaced as the dominant segment of the global market for sodium borohydride. Although the market for sodium borohydride in this region can witness a minor setback, it might manage to achieve a substantial 34.5% by 2024, predict analysts. The prosperous paper and pulp industry in this region is the key growth driver of the North America market.
R&D Projects in Pharmaceuticals Aid Expansion
One of the primary catalysts of the global market for sodium borohydride is the augmenting need for raw materials, particularly in the pharmaceutical industry. The development of antibiotic drugs by pharmaceutical companies involves the use of sodium borohydride. As the incidence of innumerable diseases and disorders has been spiraling upwards, the global market for sodium borohydride is slated for expansion. As the healthcare industry is receiving greater acknowledgement, investments in R&D projects are mounting. The global sodium borohydride market is likely to benefit from these developments. The advancement of the pharmaceutical industry in emerging economies of the Middle East and Africa, Latin America, and Asia Pacific is also lending a hand to the growth of the global sodium borohydride market.
On the flip side, the rising awareness about the hazards posed by sodium borohydride to human health can slacken the pace of growth in the market. Strict compliance to safety regulations applicable to this chemical can also arrest growth. If handled carelessly, sodium borohydride can harm the skin, eyes, and respiratory tract. As a result, a number of manufacturers might prefer the use of safer alternatives. However, the development of new drugs that address the medical needs of the global patient pool can foster the growth of the market.
The information presented in this review is based on a Transparency Market Research 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.”
Key segments of the Global Sodium Borohydride Market
Global Sodium Borohydride Market, by End-use
- Pulp & Paper
- Metal Recovery
- Organic Chemical Purification
- Others (agrochemicals, electronic products etc.)
Global Sodium Borohydride Market, by Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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