Sodium Borohydride Market is Predicted to Reach US$2.57 Billion by 2029 with Growing CAGR of 5.6% - Adroit Market Research
Sodium Borohydride Market Global Overview with Growth Opportunities to Reach CAGR of 5.6% and Key Offerings for Pharmaceuticals & Agro-Chemicals Sector.
/EIN News/ -- Dallas, Texas, Sept. 30, 2022 (GLOBE NEWSWIRE) -- According to latest estimates, from period 2022 to 2029, the global sodium borohydride market is anticipated to grow 5.6% year on year and record revenue of US$2.57 Billion by 2029.
Energy storage has become extremely crucial for todays’ modern world and sodium borohydride is now looked as the newest and most interesting concepts is the internal hybridization achieved. The most common application of Sodium borohydride is sodium-ion capacitors. This has increased the demand for Sodium borohydride driving the global sodium borohydride market.
Owing to factors such as increasing population across the world, technology developments, growing desire to attain better living standards, growing consumption of energy resources has increased the need of alternative clean energy resources. Also, the rising need of energy is causing depletion of fossil fuels and the need of investigating for new and renewable energy sources. This is giving rise to the demand of Sodium borohydride furthering the global Sodium borohydride market.
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Owing to benefits such as low cost, high hydrogen density, sodium borohydride has gained extensive importance as a promising hydrogen storage medium.
Despite due to beneficial physical properties, the sodium borohydride market is experiencing limited growth due to its efficiency in practical implementation. The key factors such as high thermodynamic stability and slow hydrogen exchange kinetic have hampered the practical use of sodium borohydride restraining the global sodium borohydride market.
Key Players of sodium borohydride market:
Kemira, Anhui Jin'ao Chemical, Jiangsu Huachang Chemical, Shandong Guobang Pharmaceutical, Zhangjiagang City Jinyuan Biochemical, Montgomery Chemicals, Vertellus Specialty Materials, Shaanxi Hanjiang Pharmaceutical Group, and Nantong Hongzhi Chemical among others.
New innovations have been made promoting H2 release and tuning the thermodynamics of the thermal decomposition of solid NaBH4. These latest innovations have offered positive growth outlook to the global sodium borohydride market and the practical use of the compound. The sodium borohydride is now used as viable hydrogen storage carriers for mobile applications.
Sodium borohydride is potentially used in the field of energy and regarded as a hydrogen storage material. Sodium borohydride is seen as efficient H2 generator, performing fuel of DLFCs, and also plays a vital role as the precursor of several boron-based materials. Although, sodium borohydride is greatly used as a clean source of energy and had fuelled the expansion of global sodium borohydride market, the sodium borohydride market is reeling with certain problems such as storage, transportation and safely usage problems.
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Despite significant improvements in terms of kinetics, storage capacities, and reversibility, borohydrides reported so far have shown to be suitable for implementation and practical application, uncertainties in market demand and raw material supply hampered the global sodium borohydride market.
2022-2029 Type Overview
Caplets-based sodium borohydride
Powder-based sodium borohydride
Aqueous solution
Granular-based sodium borohydride
Organic solution
2022-2029 Application Overview
Organic chemical purification
Pharmaceuticals & agro-chemicals
Pulp and paper
Metal recovery
Textiles
Others
Also, recycling, drying, separation, and other sub-processes are required in each step which is necessary for a good yield and efficient reactions. Thus due to complexity of the processes the cost of sodium borohydride fuel is high limiting its market demand.
Furthermore, electrochemical methods are implemented to achieve low-cost production of sodium borohydride. Electrochemical methods are efficient and cost-effective as opposed to thermochemical methods giving rise to demand of production of sodium borohydride.
The global Sodium borohydride is classified into key segments such as solid-state batteries, hypergolic fuel (energetic material), hydrogen storage, direct liquid fed fuel cell on the basis of application. Among these, the solid-state batteries segment is expected to grow rapidly or more annually going forward, and its share of the total Sodium borohydride market is increasing.
The key players in this global sodium borohydride market are Kemira, Anhui Jin'ao Chemical, Jiangsu Huachang Chemical, Shandong Guobang Pharmaceutical, Zhangjiagang City Jinyuan Biochemical, Montgomery Chemicals, Vertellus Specialty Materials, Shaanxi Hanjiang Pharmaceutical Group, and Nantong Hongzhi Chemical among others.
2022-2029 Regional Overview:
| Regions | Sub-Regions |
| North America | U.S, Canada |
| Europe | Germany, France, UK, Rest of Europe |
| Asia Pacific | China, India, Japan, Rest of Asia Pacific |
| South America | Mexico, Brazil, Rest of South America |
| Middle East and South Africa |
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