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. 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.
The report states that the globalmarket 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 HamperCompanies’ Investment Plans amid COVID-19
The outbreak of the COVID-19 pandemichas 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. As a 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.
Regional Insights
Surging Construction Activities toPower the Market in Asia Pacific
Asia Pacific, with a market size of USD251.4 million in 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.
Competitive Landscape
Steady Expansion of Presence inFledgling Markets by Key Players to Stir Competition
Key players in this market areintensely focused on strategically 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.
