Sodium Borohydride Market, Technology & innovation trends, Evaluations by 2016 – 2024.

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.

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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.

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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.

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

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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. 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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