Sodium Borohydride Market, Technology & Innovation Trends, 2016 – 2024

Sodium borohydride market will witness growth on the account of its application to produce sodium dithionite, a reducing agent used in wood pulp and bleaching industries. Sodium dithionite is also used to produce alcohols by reducing aldehydes and ketones which are used to manufacture various antibiotics. Growing antibiotics demand in the underdeveloped countries of Asia Pacific and Middle East & Africa will propel the global sodium borohydride market in the coming years.

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Sodium Borohydride Market size is estimated to grow at a moderate rate from 2016 to 2024 owing to the growth in wood pulp, textile, and pharmaceuticals industries.

Extensive usage as a bleaching agent in wood pulp and textiles industry will be a major driver for the global sodium borohydride market in the coming years. Pulp and paper industry is likely to grow on the account of increasing demand from the packaging industry. Environmental sustainability of pulp-based packaging material for food products will be a major boosting factor. Rising worldwide pulp consumption and growing textiles industry owing to changing consumer preference for natural fiber based textiles will also augment the industry growth.

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The product is also used in the synthesis of gold nanoparticles, which are used in various fields such as electron microscopy, chemotherapy, radiotherapy, medical research etc. Gold nanoparticles industry is expected to grow by over 25% CAGR in the forecast period which will drive the sodium borohydride market.

Safety issues pertaining to the handling and usage of the product may hamper the sodium borohydride market growth during the forecast period as companies will look for safer alternatives. The chemical has been deemed hazardous and can cause skin and eye irritation, as well as severe gastro-intestinal and pulmonary disorders. Flammability of the product also increases the storage concerns and may have an adverse effect on sodium borohydride market growth.

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Based on geography, the sodium borohydride market is segmented into five regions viz. North America, Europe, Asia pacific, Middle east and Africa and Latin America. Of these regions, North America holds a major share in the sodium borohydride market while Asia Pacific is the largest producer. These two regions will likely hold a considerable share by 2024.

Since the product demand is directly linked with the antibiotics consumption, the Asia pacific region being the most populous region in the world with low quality healthcare has the highest scope for the sodium borohydride market.

Major companies operating in the sodium borohydride market are The Dow Chemical Company, Vertellus Specialities, Kemira, and Montgomery Chemicals. Market participants also include Shandong Guobang Pharmaceutical Industry, Nantong Hongzhi Chemicals, Zhangjiagang Jinyuan Biochemical, Jiangsu Huachang Chemical, Qingdao KYX, Anhui Jin'ao Chemical, Shanghai Shenyu Pharmaceutical & Chemical, Guangxi Guilin Pharmaceutical and others.

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