Calcium Formate Market Analysis Growth Status in 2020 Size, Share Analysis
by Bhagyashri Bhole in Accuracy in Media
Rapid expansion of construction industry around the globe will be the primary driving force behind the growth of this market. According to a study published by Oxford Economics, the global construction industry is expected to grow at about 3.9% annually till 2030, with majority of this growth slated to occur in the three major economies of the US, China, and India, accounting for nearly 57% of the growth. Furthermore, the study reveals that output from construction will increase by a staggering 85% in the next decade at a value of around USD 15.5 trillion by 2030. Calcium formate is an integral component in the production of concrete and cement-based products. Thus, with the expected rise in construction activities around the world, the demand for the compound will rise correspondingly.
The Global Calcium Formate Market size is set to touch USD 627.1 million by 2026, registering a CAGR of 4.2% during the forecast period, the market was valued at USD 451.2 Million in 2018.
According to the Fortune Business Insights 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, 2019-2026”.
The report also contains an in-depth analysis and evaluation of the factors, trends, and dynamics that will influence the market in the forecast period. Besides this, it provides a thorough research based on which businesses can formulate their strategies to excel in this market.
List of Best Companies Operating in the Calcium Formate Market are;
- Chongqing Chuandong Chemical (Group) Co., Ltd.
- American Elements
- GEO Specialty Chemicals
- Henan Botai Chemical Building Materials Company Ltd.
- Zibo Ruibao Chemical Co., Ltd.
- Shandong Baoyuan Chemical Co.,Ltd
- Jiangxi Kosin Organic Chemical
- Sidley Chemical Co.,Ltd
Multi-Utility Nature of Calcium Formate to Boost Growth Prospects
Calcium formate structure makes it a white crystalline solid that is free-flowing and odourless. Its unique properties have made it a highly demanded compound across the industrial spectrum. For example, in the leather tanning industry, calcium formate speeds up the percolation of chrome in the leather. This is also why leather is one of the leading segments in the market with a 18.3% share, as per Calcium Formate Market trends. Addition of the compound in cement makes cement hard, strong, and more durable, making it a hot cake in the cement industry. Moreover, the compound also works well in low temperature and prevents corrosion in metal substrates. Another application of calcium ethanoate is in flue gas desulphurization, where the compound has shown the capacity to remove nearly 95% of oxides of sulphur from fuel oil. This multi-applicability is expected to enhance the potential of this market in the approaching decade.
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Asia-Pacific to Hold a Commanding Position in the Market; Europe to Grow Healthily
Asia-Pacific is projected to dominate the Calcium Formate Market share owing to the explosion of construction activities in China and India and a flourishing cement and steel industry in Japan. Europe is anticipated to experience a stable growth period owing to the increasing demand for calcium ethanoate in the feed industry. North America, Latin America, Africa, and the Middle East will exhibit a relatively modest CAGR due to low demand for the compound in their construction industries.
Increasing Research into Safety of Calcium Formate to Promote Innovation
Competition in this market is still at its nascent stage as safety in using the compound is still being researched and the results are promising. For example, the International Labor Organization (ILO) found that ingestion of calcium formate in a healthy body does not lead to its accumulation and is, in fact, metabolized by the body at a quick pace. These are positive signs for players to increase their investment in R&D activities in manufacturing this compound and establishing their presence in the market.