Sodium Borohydride Market Revenue Share, Insights & Future Outlook

Sodium Borohydride Market

Global Sodium Borohydride market size is estimated to be worth US$ 639.9 million in 2022 and is forecast to a readjusted size of US$ 897.5 million by 2028 with a CAGR of 5.8% during the review period. Key drivers of the sodium borohydride market include the growing application in the pulp and paper industries. The rising R&D initiatives in pharmaceutical research will drive the sodium borohydride market forward in the coming years. The potential benefits of storing hydrogen in fuel cells will expand the market during the review period. However, huge costs and detrimental effects of sodium borohydride on health will hinder the market growth in the upcoming years.

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TRENDS INFLUENCING THE GLOBAL SODIUM BOROHYDRIDE MARKET

Usage in the pulp and paper industry

Pulp and paper processing is seeing a huge demand due to the booming need for the packaging industry. It is mainly used as a reductive bleaching compound and for removing color in mechanical pulp processing. The compound promotes high yield, and recyclability and is optimum for packaging materials, tissue papers, newspaper prints, and directory papers. Such factors will augment the growth of the sodium borohydride market during the forecast period.

Pharmaceutical drug application

Sodium borohydride is used extensively in pharmaceutical drug production and research. Its extra purification and brightening properties help in antibiotic production. Carbonyl compounds are reduced with alcohol, aldehydes that aid in the final drug product. The ever-expanding pharmaceutical sector will create lucrative opportunities for the growth of the sodium borohydride market in the near future.

Hydrogen storage capacity

The depletion of fossil fuels and shift toward renewable sources of energy due to climate emergency has renewed the focus on sustainable energy storage methods. Sodium Borohydride has the capacity to store hydrogen in fuel cells for later use. It is highly stable, has excellent reactivity to water, and can be easily extracted from other natural resources. Hence hydrogen energy will provide immense opportunities for the sodium borohydride market in the coming decades.

Ill effects of the chemical compound

Exposure to sodium borohydride can increase toxicity in the lungs leading to shortness of breath. It can burn the skin and cause irritation to your eyes or nose. The entire nervous system can be severely affected along with diseases such as pulmonary edema. Then there are issues related to high pricing. These will hamper the growth of the sodium borohydride market during the review period.

SODIUM BOROHYDRIDE MARKET SHARE ANALYSIS

Based on application, the pulp and paper industry will grow the highest in the Sodium Borohydride Market share due to the growing global demand for natural and recyclable packaging.

Based on region, Europe is the largest segment in the sodium borohydride market share with 47% global market capture. This is due to the rapidly growing pharmaceutical industry.

Sodium Borohydride Market By Type
• Powder Type
• Solution Type
• Granules Type
• Pellets Type

Sodium Borohydride Market By Application
• Pulp & Paper
• Pharmaceuticals
• Metal Reduction
• Fuel Cell

Sodium Borohydride Market By Company
• Kemira
• Vertellus
• Guobang Pharmaceutical
• MC
• Huachang
• Nantong Hongzi
• JSC Aviabor

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This release was published on openPR.