The global calciumformate market size is projected to reach USD 628.5 million by 2027, exhibitinga 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 “CalciumFormate Market Size, Share & Industry Analysis, By Type (Feed Grade,
Industrial Grade), By Application (Feed, Construction, Leather, Chemical, and
Others), and Regional Forecast, 2024-2032”.
Source
Thiscompound 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.
The reportstates that the global market value stood at USD 469.4 million in 2019 and also
offers the following:
Ø Microscopic analysis of the impactof the COVID-19 outbreak on the market;
Ø Granular study of the factors andtrends shaping the market;
Ø Detailed evaluation of the regionaldynamics influencing the market; and
Ø Comprehensive profiling of andin-depth research into the key market players and their strategies.
Market Restraint
DecliningSales & Profits to Hamper Companies’ Investment Plans amid COVID-19
The outbreak of the COVID-19 pandemic has had graveimplications for 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 reportingunprecedented loss of revenue, which in turn has forced them to rethink their
investment plans. For instance, in August 2020, the Germany-based specialty
chemicals company, Lanxess, sold off its organic leather chemicals business for
USD 230 million to TFL Ledertechnik GmbH to reduce its dependence on the
automotive industry.
SurgingConstruction Activities to Power the Market in Asia Pacific
Asia Pacific, with a market size of USD 251.4 millionin 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.
CompetitiveLandscape
SteadyExpansion of Presence in Fledgling Markets by Key Players to Stir Competition
Key players in this market are intensely focused onstrategically 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.
