The changing dynamics augur well for this market as calcium format 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 this market.
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%.
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The Global Calcium Formate 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, titled “Calcium Formate Market Size, Share & Industry Analysis, By Type (Feed Grade, Industrial Grade), By Application (Feed, Construction, Leather, Chemical, and Others), and Regional Forecast, 2020-2027”.
List of Key Companies Profiled in the Calcium Formate Market Report:
- Chongqing Chuandong Chemical (Group) Co., Ltd. (China)
- Jiangxi Kosin Organic Chemical (China)
- Zibo Ruibao Chemical Co., Ltd. (China)
- GEO Specialty Chemicals (USA)
- Perstorp (Sweden)
- Sidley Chemical Co., Ltd. (China)
- Shandong Baoyuan Chemical Co., Ltd. (China)
- Henan Botai Chemical Building Materials Company Ltd. (China)
- American Elements (USA)
- LANXESS (Germany)
Declining Sales & Profits to Hamper Companies’ Investment Plans amid COVID-19:-
The outbreak 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. 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. With the automotive industry facing an unparalleled demand crunch amid COVID-19, Lanxess’s divesture from the leather business seems prudent. In another example, Sweden-based Perstop AB reported a staggering drop of 32% in its net sales, amounting to SEK 2.08 billion in July 2020, as the company took drastic measures to tackle COVID-19. These adverse developments are likely to stall the adoption of calcium methanoate during the current year.
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Key Questions Answered:-
- Why Choose Fortune Business Insights?
- What are the key demands and trends shaping the market?
- What are the key opportunities in the market?
- What are the key companies operating in the market?
- Which company accounted for the highest market share?
- What is the market size and growth rate of the global and regional market by various segments?
- What is the market size and growth rate of the market for selective countries?
- Which region or sub-segment is expected to drive the market in the forecast period?
- What Factors are estimated to drive and restrain the market growth?
Surging Construction Activities to Power the Market in Asia Pacific:
Asia Pacific, with a market size of USD 251.4 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.
- November 2019: Perstorp announced plans to invest in a new facility in Gujarat, India, to produce Pentaerythritol (Penta). The plant will allow Perstorp to meet the rising demand in Asia for its Penta products as well as produce and distribute calcium formate in the country.
- September 2019: CPS Performance Materials, a portfolio company under Arsenal Capital Partners, announced the acquisition of GEO Specialty Chemicals. The acquisition will allow CPS to add GEO’s diverse chemicals and materials for diverse industries such as water treatment and paints & coatings to its specialty chemicals portfolio.
Browse Detailed Summary of Research Report With TOC:
The report 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.
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