Global Sodium Borohydride Market Overview:
Sodium borohydride is an effective and selective speciality reducing agent used in the manufacture of pharmaceutical products. It is used for the reduction of metal ions, carbonyls and peroxides, as well as for the purification and elimination of the oxidation, odour and colour of organic chemical precursors. Sodium borohydride is a less expensive metal hydride and is an effective and economical reducing agent with many applications in the synthesis of intermediates used in the manufacture of medicines and fine chemicals, pharmaceutical products, recovery and preparation of catalysts, precious metals and rare earth, among others.
Global Sodium Borohydride Market was valued at USD 450 million in 2015 and is expected to generate revenue of USD 792 million by end of 2023, growing at a CAGR of 7.18 % from 2015 to 2023.
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Global Sodium Borohydride Market Drivers and restraints:
The rapid growth of research and development activities related to medicine and the thriving paper and cellulose industry has increased the need for reducing agents for various end-use applications in many parts of the world. The research and development of sodium borohydride is increasing due to the growth in the pulp and paper industry. In turn, this is expected to have a positive impact on the market in the coming years, since the product has a wide application in the purification of organic chemicals, which in turn should stimulate the global market. The increase in research and development activities in the pharmaceutical industry for inventing new medical drugs and the use of sodium borohydride as a hydrogen carrier in a fuel cell is expected to offer major opportunities for the market across the globe. It is well known that safety standards for handling chemicals, if not met, can be harmful to human health. In this sense, manufacturers prefer to opt for safe alternatives for the handling of chemical products. The sodium borohydride market is likely to expect hurdles owing to the growing awareness of the high cost of these products and its side effect on human health.
Global Sodium Borohydride Market-Geographical segmentation:
By region, the sodium borohydride market is segmented between the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. The thriving pulp and paper industry in North America is expected to stimulate market demand. The Asia-Pacific region is expected to be an important market due to the growth of industrial activities and the research and development of alternative energies. North America and Europe have a significant participation in the market due to the rapid growth of the pharmaceutical and chemical industries. It is also expected that the sodium borohydride market in the Middle East and Africa will increase slowly due to the improvement of economic conditions in these regions.
Key Players in Global Sodium Borohydride Market:
Key stakeholders identified in the global market are Zhangjiagang City, Jinyuan Biochemical Co., Ltd., Jiangsu Huachang Group, Ltd. LLC, The Dow Chemical Company, Nantong Hongzhi Chemical Co., Ltd., Montgomery Chemicals, and Kemira.
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