Dublin, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The "Sodium Borohydride Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts - 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.
The sodium borohydride market is expected to experience a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period from 2023 to 2031.
Several factors are driving the growth of this market:
- Diverse Applications: Sodium borohydride is extensively used in various industries, including pharmaceuticals, textiles, and pulp & paper. Its versatility and stable performance contribute to its growing demand.
- Pharmaceutical Industry: The rising demand for sodium borohydride in the pharmaceutical sector is a significant driver of market growth. It is used in the synthesis of drugs, such as antiviral agents and anticancer drugs, improving the efficacy and quality of pharmaceutical products.
- Textile Industry: Sodium borohydride plays a crucial role in the textile industry as a bleaching and dyeing agent. It is employed in the reduction of various dyes, resulting in vibrant and long-lasting coloration in fabrics.
- Pulp & Paper Industry: Sodium borohydride is used as a bleaching agent in the pulp & paper industry. It helps in the removal of residual lignin and enhances the quality of paper production.
- Chemical Synthesis and Metal Recovery: Sodium borohydride is also applied in chemical synthesis processes, particularly in the production of fine chemicals, pharmaceutical intermediates, and specialty chemicals. Additionally, it is used for metal recovery processes for the purification and recycling of metals.
However, there are challenges and concerns associated with the market:
- Environmental and Safety Concerns: Sodium borohydride is considered a hazardous material due to its reactivity with water and potential release of flammable gases. Strict safety regulations are necessary for handling and transportation.
- Raw Material Availability: The availability of raw materials for sodium borohydride production can be a challenge, affecting market growth.
- Crude Oil Prices: A decrease in crude oil prices can impact the competitiveness of bio-based materials like sodium borohydride.
In terms of market segmentation, the sodium borohydride market can be divided based on factors like type (powders, pellets, solutions, granules), purity (below 95%, 95% to 98%, above 98%), and end-use (pulp & paper, pharmaceutical, metal reduction, fuel cells, others).
The Asia Pacific is expected to be the fastest-growing market during the forecast period, primarily driven by China's industrial growth and expanding end-use industries.
Competition in the sodium borohydride market is intense, with key players focusing on strategies such as product innovation and development to gain a competitive edge.
As the demand for sodium borohydride continues to rise across industries, competition is expected to intensify, leading to further advancements in product offerings and overall market growth.
Companies Mentioned
- Vertellus Holdings LLC
- Kemira Oyj
- Jiangsu Huachang Chemical Co. Ltd.
- Nantong Hongzhi Chemical Co. Ltd.
- Montgomery Chemicals
Key Topics Covered:
1. Preface
2. Executive Summary
3. Sodium Borohydride Market: Competitive Analysis
3.1. Market Positioning of Key Sodium Borohydride Market Vendors
3.2. Strategies Adopted by Sodium Borohydride Market Vendors
3.3. Key Industry Strategies
3.4. Tier Analysis 2022 Versus 2031
4. Sodium Borohydride Market: Macro Analysis & Market Dynamics
4.1. Introduction
4.2. Global Sodium Borohydride Market Value, 2021 - 2031, (US$ Million)
4.3. Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Key Challenges
4.3.4. Key Opportunities
4.4. Impact Analysis of Drivers and Restraints
4.5. See-Saw Analysis
5. Sodium Borohydride Market: By Type, 2021-2031, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2022 Versus 2031
5.3. Market Segmentation
5.3.1. Powders
5.3.2. Pellets
5.3.3. Solutions
5.3.4. Granules
6. Sodium Borohydride Market: By Purity, 2021-2031, USD (Million)
6.1. Market Overview
6.2. Growth & Revenue Analysis: 2022 Versus 2031
6.3. Market Segmentation
6.3.1. Below 95%
6.3.2. 95% to 98%
6.3.3. Above 98%
7. Sodium Borohydride Market: By End-Use, 2021-2031, USD (Million)
7.1. Market Overview
7.2. Growth & Revenue Analysis: 2022 Versus 2031
7.3. Market Segmentation
7.3.1. Pulp & Paper
7.3.2. Pharmaceutical
7.3.3. Metal Reduction
7.3.4. Fuel Cells
7.3.5. Others
8. North America Sodium Borohydride Market, 2021-2031, USD (Million)
9. UK and European Union Sodium Borohydride Market, 2021-2031, USD (Million)
10. Asia Pacific Sodium Borohydride Market, 2021-2031, USD (Million)
11. Latin America Sodium Borohydride Market, 2021-2031, USD (Million)
12. Middle East and Africa Sodium Borohydride Market, 2021-2031, USD (Million)
13. Company Profiles
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