Well-Established Players Account for ~70 Percent Growth Share of the Sodium Borohydride Market: TMR Insights
- The expanding demand for bleaching agents, especially across the paper and pulp industry, will help in increasing the growth rate of the sodium borohydride market between 2019 and 2027
- The global market for sodium borohydride is expected to expand at a CAGR of 5.2 percent during the assessment period of 2019-2027
ALBANY, N.Y., July 20, 2021 /PRNewswire/ -- The escalating demand from various industries, including the packaging industry, pharmaceutical industry, packaging industry, and others will bring good growth prospects for the sodium borohydride market across the forecast period of 2019-2027. The increasing influence of sodium borohydride among a large number of sectors and businesses will prove to be a game-changer for the global market.
Sodium borohydride, also known as sodium tetrahydridoborate and sodium tetrahtdroborate, is an inorganic compound available in the form of an aqueous solution or white crystalline powder. It is helpful in a variety of technical and laboratory applications. The chemical formula of sodium borohydride is NaBH4. It is an affordable metal hydride that serves as an excellent reducing agent. It can also be used for storing hydrogen as it acts as a hydrogen carrier. The advantages associated with sodium borohydride will have a positive impact on the growth of the sodium borohydride market.
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Transparency Market Research (TMR) has conducted an expansive analysis on all the factors associated with the sodium borohydride market. The TMR experts, according to their market analysis of sodium borohydride, expect it to record a CAGR of 5.2 percent across the assessment period of 2019-2027. The global market for sodium borohydride was pegged at US$ 1577 mn in 2018 and is prognosticated to reach a value of US$ 2498 mn by 2027, the end year of the forecast period.
The swelling demand for sodium borohydride across the healthcare sector will serve as an excellent growth-generating factor. The healthcare industry is evolving rapidly. Many countries are focusing on improving the healthcare infrastructure. This aspect will indirectly benefit the sodium borohydride market to a considerable extent. Such developments bode well for the growth of the sodium borohydride market.
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Key Findings of the Report
Heightening Need for Antibiotics to Add Extra Stars of Growth to the Sodium Borohydride Market
The growing awareness about the importance of antibiotics among a substantial chunk of the populace will bring considerable growth opportunities for the sodium borohydride market. The increasing prevalence of chronic diseases and other disorders is leading to an increase in the demand for antibiotics. As sodium borohydride is used expansively in the production of antibiotics, the global market will observe a profitable growth trajectory during the tenure of 2019-2027.
Research and Development Activities to Play a Major Role in the Growth of the Sodium Borohydride Market
The players in the sodium borohydride market always focus on research and development activities. These activities help the players derive new formulations and insights. All the activities eventually assist in boosting the revenues of the players in the sodium borohydride market, ultimately sowing the seeds of growth.
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Sodium Borohydride Market: Key Growth Drivers
- The evolving role of sodium borohydride in fuel cell technology will invite profitable growth for the sodium borohydride market
- The rise in the demand for vaccine development across the globe due to the COVID-19 outbreak has resulted in an increase in the demand for sodium borohydride, which brings good growth prospects.
- The emergence of hydrogen as a sustainable energy alternative will invite exponential growth as sodium borohydride has good hydrogen storage capacity and is stable. Thus, the growing need for renewable energy around the globe will lay a red carpet of growth across the sodium borohydride market.
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