Sodium Borohydride Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1256
Sodium Borohydride Market size is estimated to grow at a moderate rate from 2016 to 2024 owing to the growth in wood pulp, textile, and pharmaceuticals industries.
Extensive usage as a bleaching agent in wood pulp and textiles industry will be a major driver for the global sodium borohydride market in the coming years. Pulp and paper industry is likely to grow on the account of increasing demand from the packaging industry. Environmental sustainability of pulp-based packaging material for food products will be a major boosting factor. Rising worldwide pulp consumption and growing textiles industry owing to changing consumer preference for natural fiber based textiles will also augment the industry growth.
Sodium borohydride is also used as a hydrogen storage agent due to high hydrogen density, low cost, and relative air stability. With the current global trend to use alternative and clean energy rising, use of hydrogen as a clean fuel is being considered by many countries. Although this trend will lead to increased product use, but commercial and large-scale use of hydrogen as fuel is still far away due to technological limitations. Scope for the product to be used as hydrogen storage agent by energy and automobile industry is mostly at the research phase and will provide a plethora of opportunities for sodium borohydride market growth in the coming years.
Sodium borohydride market will witness growth on the account of its application to produce sodium dithionite, a reducing agent used in wood pulp and bleaching industries. Sodium dithionite is also used to produce alcohols by reducing aldehydes and ketones which are used to manufacture various antibiotics. Growing antibiotics demand in the underdeveloped countries of Asia Pacific and Middle East & Africa will propel the global sodium borohydride market in the coming years.
The product is also used in the synthesis of gold nanoparticles, which are used in various fields such as electron microscopy, chemotherapy, radiotherapy, medical research etc. Gold nanoparticles industry is expected to grow by over 25% CAGR in the forecast period which will drive the sodium borohydride market.
Safety issues pertaining to the handling and usage of the product may hamper the sodium borohydride market growth during the forecast period as companies will look for safer alternatives. The chemical has been deemed hazardous and can cause skin and eye irritation, as well as severe gastro-intestinal and pulmonary disorders. Flammability of the product also increases the storage concerns and may have an adverse effect on sodium borohydride market growth.
Pulp and paper, pharmaceuticals, textiles, electronics, fine chemicals, and agrochemicals industries are the main end users. Pulp and paper industry and pharmaceuticals occupy the major chunk of its user base and will positively influence the sodium borohydride market. Pulp and paper industry will witness growth due to increased use of tissue and other paper based toiletries owing to increasing awareness about personal hygiene and cleanliness. The reduction in stationery applications in the digitally advanced countries is offset by other trending applications such as packaging, printing, household utensils, etc. Increased focus on healthcare has led to higher investments in medical research and development of antibiotics and cancer treatment which, in turn, will help the sodium borohydride market growth.
Although global textiles and clothing industry have been facing challenges due to volatile raw material and labor prices, 2017 presents a better picture with firmer and more stable demand as well as increasing exports and stable producer prices. Currently sodium borohydride market in electronics industry is small but it is expected to grow during the forecast period because of the growing research and development of gold nanoparticles and its commercial acceptance. Consumption of gold nanoparticles in electronics industry generated a revenue of over USD 280 million in 2014 which will increase substantially during the forecast timespan. Its use in other industries such as fine chemicals and agrochemicals is also expected to grow at a steady pace during the forecast period.
Based on geography, the sodium borohydride market is segmented into five regions viz. North America, Europe, Asia pacific, Middle east and Africa and Latin America. Of these regions, North America holds a major share in the sodium borohydride market while Asia Pacific is the largest producer. These two regions will likely hold a considerable share by 2024. Since the product demand is directly linked with the antibiotics consumption, the Asia pacific region being the most populous region in the world with low quality healthcare has the highest scope for the sodium borohydride market. Over production capacity in China coupled with growing paper and pulp manufacturing in South East Asia Countries will boost the sodium borohydride market in Asia Pacific. Scope for the product in Latin America and Middle east and Africa regions is also expected to rise because of the rapidly improving healthcare facilities in these regions.
Major companies operating in the sodium borohydride market are The Dow Chemical Company, Vertellus Specialities, Kemira, and Montgomery Chemicals. Market participants also include Shandong Guobang Pharmaceutical Industry, Nantong Hongzhi Chemicals, Zhangjiagang Jinyuan Biochemical, Jiangsu Huachang Chemical, Qingdao KYX, Anhui Jin'ao Chemical, Shanghai Shenyu Pharmaceutical & Chemical, Guangxi Guilin Pharmaceutical and others.
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