by The calcium formate market has garnered significant attention in recent years owing to its increasing use in construction and animal feed applications. Calcium formate finds widespread usage as an additive in concrete mixtures to accelerate the setting and hardening process. It also acts as a corrosion inhibitor for steel reinforcement in concrete. In the animal feed industry, calcium formate is used as a preservation agent and feed acidifier to improve feed efficiency and nutrient absorption in poultry and livestock.
The Global calcium formate market is estimated to be valued at US$ 860 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the calcium formate market are SIDLEY CHEMICAL CO., LTD., Zouping Fenlian Biotech Co., Ltd., American Elements, Wujiang yingchuang chemical co., ltd., Minerals Technologies Inc., Cerne Calcium Company, LANXESS, Perstorp Holding AB, Chongqing Chuandong Chemical (Group) Co. Ltd., Zibo ruibao chemical Co., LTD., Henan Botai Chemical Building Material Co., Ltd., Shandong Baoyuan Chemical Co. Ltd, Jiangxi Kosin Frontier Technology Co., Ltd.
The Global Calcium Formate Market Size is anticipated to witness lucrative growth opportunities in the construction sector driven by increasing infrastructural activities globally. Technological advancements in production techniques are helping improve the quality and efficiency of calcium formate.
Technological developments such as the use of biocatalytic methods for production have led to rising demand for calcium formate as a sustainable and eco-friendly preservative in the animal feed industry.
Market Drivers
The growth of the construction industry, especially in developing nations, is a key factor driving the demand for calcium formate. The rising urbanization and investments in infrastructure development projects augment the consumption of concrete, thereby propelling the calcium formate market. Additionally, the burgeoning animal feed industry owing to the growing demand for meat and dairy products worldwide contributes to the sales of calcium formate.
Challenges in Calcium Formate Market
The calcium formate market faces several challenges that restrain its growth potential. Calcium formate is highly water-soluble and hygroscopic in nature, which requires careful handling and storage. Presence of even minor moisture can deteriorate the quality of the product. Transportation and logistics of calcium formate also pose difficulties due to its reactive properties. Stringent environment regulations pertaining to VOC emissions during production and use of calcium formate add to compliance costs. Substitute products like calcium chloride and sodium formate compete with calcium formate in certain application areas like de-icing.
SWOT Analysis
Strength: Wide application scope in construction, oil & gas drilling, food processing industry. Easy availability of raw materials.
Weakness: Highly water soluble and hygroscopic nature makes handling and storage difficult.
Opportunity: Growing infrastructure spending and drilling activities can boost demand. Innovation in safer handling technologies can widen consumer base.
Threats: Strict environmental norms increase compliance costs. Threat from substitute products.
Geographical Regions
Europe accounts for the largest share of the global calcium formate market, both in terms of value and volume. Countries like Germany, France, UK, and Italy are the major markets. The flourishing construction industry and extensive oil & gas drilling activities drive the European calcium formate market.
Fastest Growing Region
Asia Pacific region is expected to be the fastest growing market for calcium formate during the forecast period. Expanding construction sector due to rapid urbanization and industrialization in China and India offers immense opportunities. Increasing oil & gas exploration projects also propel the Asia Pacific calcium formate market. Substitution of toxic calcium chloride by eco-friendly calcium formate gains traction in the region.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
