Global Sodium Borohydride Market Projected to Reach USD 2,849.19 Million by 2030, With a Sustainable CAGR Of 7.49% | Growth Market Reports
PUNE, India, Sept. 14, 2022 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global Sodium Borohydride Market" by Types (Powder Type, Granule Type, Solution Type, and Pellets Type), Purity (Below 98% Purity and Above 98% Purity), Applications (Pulp & Paper, Pharmaceuticals, Metal Reduction, Fuel Cell, and Others), and Regions: Size, Share, Trends and Opportunity Analysis, 2021-2030," the market was estimated at USD 1,487.84 Million in 2021 and is anticipated to reach USD 2,849.19 Million by 2030, expanding at a CAGR of 7.49% during the forecast period. The global sodium borohydride market is expected to expand at a significant growth rate owing to the rising demand for sodium borohydride for various industrial applications.
Key Market Players Profiled in the Report
- Vertellus
- American Elements
- Ascensus
- SHILPA CHEMSPEC INTERNATIONAL PRIVATE LIMITED
- Midas Pharma GmbH
- Tokyo Chemical Industry Co. Ltd. (TCI)
- SimSon Pharma Limited
- Merck KGaA
- Spectrum Chemical
- Montgomery Chemicals LLC
- Jiangsu Huachang Chemical Co. Ltd
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players that covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the Global Sodium Borohydride Market
Based on types, the global sodium borohydride market is segmented into powder type, granule type, solution type, and pellets type. The granule type segment is projected to hold a key share of the market, owing to the rising use of granule type in various industrial applications since it acts as a mild reducing agent.
On the basis of purity, the market is bifurcated into below 98% purity and above 98% purity. The above 98% purity is projected to hold a key market share in the coming years owing to the wide use of the purity type in pharmaceutical research & development. The purity level is extensively used in advancements and inventions of new drugs in fuel cell applications.
Based on applications, the global sodium borohydride market is segmented into pulp & paper, pharmaceuticals, metal reduction, fuel cell, and others. The pulp & paper segment is expected to dominate the market during the forecast period due to the rising use of sodium borohydride in various pulp & paper applications as a bleaching agent.
In terms of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific held a significant market share of the market in 2021 and is projected to expand at a significant CAGR during the forecast period, due to the rising adoption of sodium borohydride across industries in the region. The presence of a large pool of patients suffering from the polycystic ovarian syndrome, digestive issues, and lifestyle-related ailments boosts the demand for sodium borohydride supplements.
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Key Takeaways from the Study:
- Sodium borohydride, as a reducing agent, is widely used in laboratories as it aids in reducing a wide spectrum of organic carbonyls.
- The compound is an effective processing ingredient and has various applications in pharmaceutical, pulp & paper, textile, electronics, and agrochemicals industries.
- The Department of Energy's (DOE) Hydrogen, Fuel Cells, and Infrastructure Technologies Program conducts a technical assessment of the progress of R&D in the area of hydrolysis of sodium borohydride for onboard vehicle hydrogen storage.
- The increasing demand for hydrogen fuel cells from the automotive and electronics & semiconductors has a positive impact on the sodium borohydride market.
- The rising usage of sodium borohydride as a bleaching agent in the paper & pulp industry is expected to drive the market.
- Sodium borohydride is known as a source of hydrogen, due to its high hydrogen storage capacity (more than 10.8% by weight) depending on the hydration coefficient.
Read 299 Pages Research Report with Detailed ToC on "Global Sodium Borohydride Market" by Types (Powder Type, Granule Type, Solution Type, and Pellets Type), Purity (Below 98% Purity and Above 98% Purity), Applications (Pulp & Paper, Pharmaceuticals, Metal Reduction, Fuel Cell, and Others), and Regions (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030"
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Key Segments Covered
By Types
- Powder Type
- Granule Type
- Solution Type
- Pellets Type
By Purity
- Below 98% Purity
- Above 98% Purity
By Applications
- Pulp & Paper
- Pharmaceuticals
- Metal Reduction
- Fuel Cell
- Others
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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