The global calcium formate market size was USD 469.4 million in 2019 and is projected to reach USD 628.5 million by 2027, exhibiting a CAGR of 4.0% during the forecast period. Increasing cement production is likely to emerge as a central growth driver for this market, finds Fortune Business Insights™ in its report, titled “Calcium Formate Market Size, Share & Industry Analysis, By Type (Feed Grade, Industrial Grade), By Application (Feed, Construction, Leather, Chemical, and Others), and Regional Forecast, 2024-2032”. The International Energy Agency (IEA) estimates that 4.1Gt of cement was produced worldwide in 2019, with China accounting for nearly 55% of the global production, followed by India at 8%. By 2030, according to the World Cement Association, China’s production is forecasted to contract to 35%, while India’s is set to double to 16%. These changing dynamics augur well for this market as calcium formate is an essential component in cement manufacturing. This compound acts as a setting accelerator for cement, working as an additive to boost strength of the cement mortar. Thus, rising demand for cement, especially in developing economies, will provide the necessary fuel for the growth of this market.
Market Segments:
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By Application
- Construction: The construction segment is the largest contributor to the calcium formate market. It is widely used in concrete accelerators, tile adhesives, and cement formulations, where it enhances the setting process.
- Animal Feed: The demand for calcium formate as an animal feed additive is rising due to its role in promoting gut health and improving feed efficiency, particularly in poultry and swine production.
- Leather Tanning: Calcium formate is used in the leather industry as a tanning agent, where it plays a vital role in improving the quality and durability of leather products.
- Other Applications: Includes applications in chemicals, pharmaceuticals, and coatings.
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By End-User Industry
- Construction Industry
- Animal Husbandry
- Leather & Textile Industry
- Chemical Industry
Regional Insights:
Surging Construction Activities to Power the Market in Asia Pacific
Asia Pacific, with a market size of USD 251.4 million in 2019, is anticipated to dominate the calcium formate market share during the forecast period. The main reason attributable for the prolific market growth in the region is the rapid expansion of building and construction activities in India and China. For example, the India Brand Equity Foundation (IBEF) predicts that India will emerge as the third-largest construction industry by 2025.
Competitive Landscape:
Steady Expansion of Presence in Fledgling Markets by Key Players to Stir Competition
Key players in this market are intensely focused on strategically expanding their presence in booming markets in the developing regions around the world. In implementing this strategy, companies are entering into partnerships and undertaking acquisitions with regional players to establish operations in emerging economies.
Industry Developments:
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November 2019: Perstorp announced plans to invest in a new facility in Gujarat, India, to produce Pentaerythritol (Penta). The plant will allow Perstorp to meet the rising demand in Asia for its Penta products as well as produce and distribute calcium formate in the country.
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September 2019: CPS Performance Materials, a portfolio company under Arsenal Capital Partners, announced the acquisition of GEO Specialty Chemicals. The acquisition will allow CPS to add GEO’s diverse chemicals and materials for diverse industries such as water treatment and paints & coatings to its specialty chemicals portfolio.
Key Market Trends (2024-2032):
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Growth in Construction Activities: The global construction industry is expected to witness rapid growth, especially in developing regions like Asia-Pacific and Latin America. This trend will drive the demand for calcium formate as it is used as an additive in cement and other construction materials.
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Increased Use in Animal Feed: As livestock farming continues to expand, especially in Asia and Europe, the use of calcium formate as a feed additive is expected to rise. It improves nutrient absorption and gut health, making it an essential component in animal husbandry.
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Sustainability and Green Chemistry: The push towards sustainable construction materials and eco-friendly chemicals is expected to drive innovations in calcium formate production, with a focus on reducing environmental impact.
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Technological Advancements: Improvements in calcium formate production processes, such as enhanced purity levels and lower production costs, will contribute to market growth. New applications in energy storage and environmental solutions may also emerge.
Get More Information: https://www.fortunebusinessinsights.com/industry-reports/calcium-formate-market-101683
List of Key Companies Profiled in the Calcium Formate Market Report:
- Chongqing Chuandong Chemical (Group) Co., Ltd. (China)
- Jiangxi Kosin Organic Chemical (China)
- Zibo Ruibao Chemical Co., Ltd. (China)
- GEO Specialty Chemicals (USA)
- Perstorp (Sweden)
- Sidley Chemical Co., Ltd. (China)
- Shandong Baoyuan Chemical Co., Ltd. (China)
- Henan Botai Chemical Building Materials Company Ltd. (China)
- American Elements (USA)
- LANXESS (Germany)
