Sodium Borohydride Market 2022-2032: Analyzed by Business Growth, Development Factors and Future Prospects
H.C. Brown and his boss Schlesinger discovered sodium borohydride at University of Chicago in 1942. Sodium Borohydride is also known as sodium tetrahydriodoborate and is considered to be one of the most adaptable reducing agent across the industrial verticals. It is upright reducing agent with selective reduction and stable performance. Some of the major applications include wastewater treatment, pharmaceutical synthesis among others. Thus sodium borohydride market is expected to foray ahead with a higher single-digit CAGR over the assessment period.
Based on the increase in sodium borohydride demand among the industries, for instance increase in the adoption of the sewage treatment plant by food and beverage industries among others, along with the production of various antibiotics in pharmaceutical industry has driven the demand of the chemical. The growing trend of use of sodium borohydride as bleaching agent in the pharmaceutical industry with high sustainability rate it is expected to increase the growth of the market.
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Sodium Borohydride Market: Key Players
Being a moderately consolidated market, players have dominant presence across regions through streamlined distribution networks. GJ Chemical, Midas Pharma GmbH, Montogomery Chemicals, Kemira, JSC Aviabor, Shanghai Shenyu Pharmaceutical & Chemical Co. Ltd., Vertellus etc. are amongst the prominent players in Sodium Borohydride market accounting for over 65% of the market revenues.
Common organic growth strategies of stabilized price points, more sustainable product and additional allied chattels have been witnessed across the regional players. Moreover, acquisitions and establishing long term supply contracts with the industries and municipalities are providing an upper edge to the market players.
Sodium Borohydride Market: Regional Outlook
Based on regional split, the report “Sodium Borohydride Market” takes into account six prominent regions including North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa. Of these, Asia Pacific collectively accounts for nearly 38% of the sodium borohydride market share. Since the product demand is directly associate with the antibiotic production.
Further, Asia Pacific is expected to turn out as the most promising region under sodium borohydride market owing to increase in paper and pulp manufacturing industries. Also, associated with increasing healthcare infrastructure, the region would witness high growth rate over the assessment period (2020-2030).
Americas collectively accounts for one fourth of the market share in 2019 and is expected to rise with a higher single digit CAGR. Middle East & Africa accounts for nominal shares under sodium borohydride market.
The Sodium Borohydride Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand , Rest of South Asia & Oceania)
- Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)