Theglobal 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%.
Thesechanging 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 the market for calcium formate.
Source:
Thereport states that the global market value stood at USD 469.4 million 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
Theoutbreak of the COVID-19 pandemic has had grave implications 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.
Asa result, companies in this market are reporting unprecedented 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.
