Calcium formate can retard setting time of concrete and improve stability and other characteristics of construction chemicals. It enhances workability, durability and strength of concrete mixes. Calcium formate also plays an integral part in production of cement and strengthening of reinforced cement concrete structures. Global consumption of calcium formate is concentrated majorly in concrete admixtures, grouts, mortars and plasters which are witnessing substantial increase in demand on back of rising urbanization and infrastructure development activities worldwide.
The Global calcium formate Market is estimated to be valued at US$ 860 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the calcium formate are SIDLEY CHEMICAL CO., LTD., Zouping Fenlian Biotech Co., Ltd., American Elements, Wujiang yingchuang chemical co., ltd., Minerals Technologies Inc., Cerne Calcium Company, LANXESS, Perstorp Holding AB, Chongqing Chuandong Chemical (Group) Co. Ltd., Zibo ruibao chemical Co., LTD., Henan Botai Chemical Building Material Co., Ltd., Shandong Baoyuan Chemical Co. Ltd, Jiangxi Kosin Frontier Technology Co., Ltd. The demand for calcium formate is increasing across industries like construction chemicals, animal feed, leather, etc on account of its physical and chemical properties. There have been several technological advancements in production process, new applications development and product innovation which is driving the market growth.
Market Trends:
The Global Calcium Formate Market Size is witnessing rising demand from bio-based and green chemical applications. Many key players are investing in R&D to develop environment friendly and sustainable products using calcium formate. Advancements in nano-technology and development of nano-particle based calcium formate compounds with enhanced strength and durability is also a major trend.
Market Opportunities:
Immense potential in construction sector globally due to ongoing infrastructure projects presents lucrative opportunities. Focus on developing countries will be high growth area. Increase in meat consumption and growth of animal feed industry also provides opportunities for calcium formate suppliers. Development of value added products will further boost the market.
Impact of COVID-19 on Calcium Formate Market
The COVID-19 pandemic has impacted the growth of the global calcium formate market. During the initial lockdown phases in 2020, production facilities were temporarily shut down due to supply chain disruptions. This adversely affected the market's growth. However, with operations resuming gradually, the demand is expected to rise over the coming years.
Pre-COVID, the market was growing at a steady pace due to the increasing use of calcium formate as a de-icing agent at airports. It was also widely used as a feed additive in the animal feed industry and as a concrete setting accelerators. However, during the pandemic, with reductions in air and land travel, the demand from the de-icing application reduced significantly.
Post-COVID, the market is anticipated to observe an upsurge. With vaccination drives underway globally, economic activities are recovering. This will boost the demand from the transportation and construction industries over the forecast period. Manufacturers are also exploring new growth opportunities, such as its usage in oil & gas drilling and cementitious grouts. Furthermore, governments across nations are investing heavily in infrastructure development projects. This will further aid the market expansion.
Europe presently accounts for the largest share of the global calcium formate market in terms of value. Stringent winter conditions necessitate substantial de-icing activities at airports across Germany, France, the UK, etc. Propelling the regional demand. Meanwhile, Asia Pacific is recognized as the fastest growing regional market. Factors such as rising meat consumption, increasing road and airport construction, coupled with warm weather conditions are fueling the regional market growth. Countries like China and India are major producers and consumers of calcium formate.
Get more insights on This Topic- Calcium Formate Market
