Sodium Borohydride Demand Surges in Developing Countries
The sodium borohydride market is projected to grow from US$ 1.38 billion in 2024 to US$ 2.1 billion by 2031, with a CAGR of 6.2%. This growth is fueled by increasing demand for sodium borohydride in pharmaceuticals, wastewater treatment, and eco-friendly industrial applications. The powder segment, which accounts for 65% of the market share in 2024, is particularly popular due to its versatility and ease of use across various industries. North America is expected to dominate the market, driven by the pharmaceutical industry's growth and innovations in drug discovery. Additionally, sodium borohydride's role as a bleaching agent in the pulp and paper industry is contributing significantly to its demand.