Analysis by Type (Feed, and Industrial Grade); by Application (Feed Additives, Tile & Stone Additives, Concrete Setting, Drilling Fluids, Textile Additives, Leather Tanning, and Flue Gas Desulfurization); and by End-Use Industry (Construction, Animal Husbandry, Power Generation, Chemicals, and Leather & Textile) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
Buy Now
The global calcium formate market is estimated to garner a revenue of ~USD 300 million by the end of 2033 by growing at a CAGR of ~3% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 200 million in the year 2022. The growth of the market can be attributed to growing construction activities across the globe, followed by the surging use of calcium formate in the cement industry. Calcium formate increases the hydration level of tricalcium silicate in the cement, and it is expected to boost the market’s growth in the upcoming years. As of 2022, there were approximately 3,784,290 construction companies in the US, a about 4% rise from 2021. Calcium formate is a component of cement additives, concrete accelerators, tile adhesives, and cement-based mortars. The increased use of cement in the building industry has increased the demand for calcium formate. Moreover, it is a cement additive used in the construction industry to shorten the setting time and toughen cement products. Along with other things, cement is also used to create concrete, slabs, sheets, adhesives, bricks, and blocks. Inhibitors, PH regulators, corrosion protection for construction and infrastructure substrates, and cementing for oil drilling are further uses for calcium formate. China, one of the world's top manufacturers and consumers of cement, uses it mostly in the production of concrete. As a result, the growing demand for cement in the building industry is what is driving the global market for calcium formate.
The demand for calcium formate as a feed additive is anticipated to soar in the next few years as governments throughout the world implement regulations on health enhancers used in animal feed. Utilizing nutrient-dense feed improves the digestive health of the animals. To ensure healthy animal growth, this has affected the usage of chemicals and preservatives. Studies predict that sales of calcium formate in the animal feed and sillage treatment businesses would grow at a significant amount in the forecast period. Additionally, the demand for meat and poultry has increased, which offers opportunities for producers of calcium formate.
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~3% |
|
Base Year Market Size (2022) |
~ USD 200 Million |
|
Forecast Year Market Size (2033) |
~ USD 300 Million |
|
Regional Scope |
|
Growth Drivers
Growth in Construction of Buildings All Around the Globe Tile adhesives, cement-based mortars, and calcium formate are used as cement additives and concrete accelerators. The increase in cement usage by the building sector is anticipated to have a significant positive impact on the global calcium formate market's demand.
To speed up setting and increase the hardness of cement products, calcium formate is used as an additive in the construction sector. Concrete, adhesives, slabs, sheets, and bricks are just a few of the goods that can be made from cement. As an inhibitor, PH regulator, corrosion protection for building and infrastructure substrates, and for cementing oil drilling, calcium formate is also utilized. According to an estimate, around 3500 buildings are expected to build every day by contractors across the globe.
Growing Risk of Pathogenic Bacteria in Animals- Worldwide, rabies accounts for about 59,000 death each year. Dog rabies is still a common disease in many nations, and exposure to rabid dogs still accounts for over 90% of human exposures to rabies and 99% of all human rabies deaths globally, despite evidence to the contrary.
Growing Urban Population - Around 4.4 billion people, or 56% of the world's population, reside in cities. By 2050, approximately 7 out of 10 people are expected to live in cities, with the urban population predicted to more than double its current level.
Surge in Demand for Crop Growth Fertilizers - Fertilizers are supplemental materials that are given to the crops to boost productivity. Farmers use them regularly to improve crop yields. These chemical fertilizers include nitrogen, potassium, and phosphorus, which are crucial elements needed by plants. They also increase the soil's fertility and its capacity to retain water. Thus, the rising use and demand for fertilizers is also a significant factor that is estimated to spur the growth of the market in the coming years. For instance, six crops account for two-thirds of the world's fertilizer demand, with corn, wheat, and soybeans making up roughly around 35% of that total.
Challenges
The calcium formate market is segmented and analyzed for demand and supply by end-use industry into construction, animal husbandry, power generation, chemicals, and leather & textile. Out of these, the construction segment is expected to garner the largest revenue by the end of 2033, backed by growing construction activities. Also, there has been a rise in the construction of office spaces, hotels, and more, which is also expected to boost the segment’s growth. The major six cities in India saw a net absorption of about 30 million square feet of office space in 2020.
In a similar vein, the global calcium formate market is segmented by type into feed grade, and industrial grade. Out of these, the feed grade segment is anticipated to spur market expansion owing to the rising use of calcium formate in feed, followed by rising demand for high-quality animal feed that is predicted to boost the segment’s growth in the market. The 2019 Alltech Global Feed Survey found that, compared to 2018, the world's feed production rose by 3% in 2019
Our in-depth analysis of the global calcium formate market includes the following segments:
|
By Type |
|
|
By Application |
|
|
By End User Industry |
|
The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033, owing to the growing chemical industry in the region. In the Asia Pacific region, small and medium-sized businesses in the domestic chemicals sector were anticipated to post more than 15% revenue growth in FY22 as a result of improved domestic demand and increased realization owing to high chemical prices. Asia Pacific is one of the most significant markets for the global calcium formate market. The Asia Pacific region accounted for the biggest market share for calcium formate in 2020. The rapidly expanding usage of calcium formate as a cement additive, coupled with radically growing usage as a major substance in various kinds of putties, adhesives and sealants, and so on is estimated to drive the growth of the calcium formate market in the region during the forecast period. Moreover, the surge in chemical, leather, textile, and animal husbandry sectors in countries such as India, Japan, China, and South Korea has also boosted demand for the substance in the Asia Pacific region.
Furthermore, the Europe region is expected to witness significant growth in the upcoming years owing to increased disposable income and the presence of major market participants in the region's nations. Furthermore, the animal feed industry's consistent growth and an increase in new construction projects, are further expected to contribute to the market’s growth. The significant use of calcium formate in the leather tanning industry is another factor driving market expansion in Europe.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major factors expected to drive the growth of the market are growing urban population, rising disposable income, growing risk of pathogenic bacteria in animals, and others.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2023 – 2033.
Ans: Initial capital investment, high price, and stringent government regulations are some of the major factor are expected to hinder the growth of the market.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Perstorp, GEO Specialty Chemicals, Inc, Chongqing Chuandong Chemical (Group) Co, Ltd, and more.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end-use industry, and by region.
Ans: The construction segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
