H.C. Brown and his boss Schlesinger discovered sodium borohydride at University of Chicago in 1942. Sodium Borohydride is also known as sodium tetrahydriodoborate and is considered to be one of the most adaptable reducing agent across the industrial verticals. It is upright reducing agent with selective reduction and stable performance. Some of the major applications include wastewater treatment, pharmaceutical synthesis among others. Thus sodium borohydride market is expected to foray ahead with a higher single-digit CAGR over the assessment period.
Based on the increase in sodium borohydride demand among the industries, for instance increase in the adoption of the sewage treatment plant by food and beverage industries among others, along with the production of various antibiotics in pharmaceutical industry has driven the demand of the chemical. The growing trend of use of sodium borohydride as bleaching agent in the pharmaceutical industry with high sustainability rate it is expected to increase the growth of the market.
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COVID-19 Impact Insights
COVID-19 pandemic has enforced countries across the globe to enforce strict social distancing and lockdowns, disturbing the global economic curve majorly affecting the developing nations. This in result has disrupted almost every market and sodium borohydride market has also been affected largely. COVID-19 pandemic has presented enormous commotions in the import export of chemicals that includes sodium borohydride. Plant shut downs in China, U.S. in the second quarter of 2020 has reduced the production scale of sodium borohydride. However, constantly upgrading work place safety policies by the organizations along with the strategic initiatives by various governments across the globe, COVID-19 guidelines for worker safety would help the sodium borohydride market to hit back strongly with a better CAGR in the near future.
Segmentation Analysis of Sodium Borohydride Market
The global sodium borohydride market is bifurcated into four major segments: purity, form, end use, and region.
On the basis of purity, sodium borohydride market has been segmented as follows:
On the basis of form, sodium borohydride market has been segmented as follows:
- Dry powder
On the basis of end use, sodium borohydride market has been segmented as follows:
- Pharmaceutical Industry
- Textile Industry
On the basis of geographic regions, sodium borohydride market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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Sodium Borohydride Market: Regional Outlook
Based on regional split, the report “Sodium Borohydride Market” takes into account six prominent regions including North America, Europe, Latin America, East Asia, South Asia and Oceania and Middle East & Africa. Of these, Asia Pacific collectively accounts for nearly 38% of the sodium borohydride market share. Since the product demand is directly associate with the antibiotic production.
Further, Asia Pacific is expected to turn out as the most promising region under sodium borohydride market owing to increase in paper and pulp manufacturing industries. Also, associated with increasing healthcare infrastructure, the region would witness high growth rate over the assessment period (2020-2030).
Americas collectively accounts for one fourth of the market share in 2019 and is expected to rise with a higher single digit CAGR. Middle East & Africa accounts for nominal shares under sodium borohydride market.
Sodium Borohydride Market: Key Players
Being a moderately consolidated market, players have dominant presence across regions through streamlined distribution networks. GJ Chemical, Midas Pharma GmbH, Montogomery Chemicals, Kemira, JSC Aviabor, Shanghai Shenyu Pharmaceutical & Chemical Co. Ltd., Vertellus etc. are amongst the prominent players in Sodium Borohydride market accounting for over 65% of the market revenues.
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