The global calciumformate market size 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, 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
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The report states that the global market value stood at USD 469.4million in 2019 and also offers the following:
- Microscopic analysis of the impact of the COVID-19 outbreak on the market;
- Granular study of the factors and trends shaping the market;
- Detailed evaluation of the regional dynamics influencing the market; and
- Comprehensive profiling of and in-depth research into the key market players and their
strategies.
Market Restraint
Declining Sales & Profits to Hamper Companies’ InvestmentPlans amid COVID-19
The outbreak of the COVID-19 pandemic has had grave implicationsfor the global chemicals industry, which are hurting the calcium formate market
growth. Lockdowns, social distancing, and trade restrictions have caused
massive disruptions in supply chain networks, while severe economic downturn
has impacted demand and consumption. As a result, companies in this market are
reporting unprecedented loss of revenue, which in turn has forced them to
rethink their investment plans.
Regional Insights
Surging Construction Activities to Power the Market in AsiaPacific
Asia Pacific, with a market size of USD 251.4 million in 2019, isanticipated 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 Playersto Stir Competition
Key players in this market are intensely focused on strategicallyexpanding 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.
