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, 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%.
The calcium formate market is witnessing steady growth, driven by its increasing application across various industries. As a multifunctional chemical compound, calcium formate is used extensively in industries such as construction, leather tanning, animal feed, and chemicals. The growing demand for faster construction activities and efficient industrial processes has propelled the calcium formate market. This report provides an analysis of the market size, share, key drivers, and segmentation that impact the calcium formate industry globally.
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Segmentation Analysis:
The calcium formate market can be segmented based on application, end-user industry, and geography.
By Application:
- Cement and Concrete Additives: Calcium formate accelerates the setting and hardening of concrete, making it an essential additive in the construction sector.
- Animal Feed Additive: It is used as a feed additive to improve the health and growth of livestock, particularly in pigs and poultry.
- Leather Tanning: Calcium formate is used in the leather industry to enhance leather properties.
- Chemical Industry: As an intermediate or pH regulator in various chemical reactions, calcium formate plays a crucial role in industrial chemical processes.
By End-User Industry:
- Construction: The largest consumer segment of calcium formate, driven by infrastructural projects and the global demand for faster and more efficient construction materials.
- Animal Husbandry: The use of calcium formate as a feed additive is expanding with the increase in meat consumption and livestock farming.
- Leather: The global demand for high-quality leather products supports the use of calcium formate in leather tanning processes.
- Chemicals and Pharmaceuticals: Calcium formate's role in various chemical processes and as a preservative in the pharmaceutical industry is gaining traction.
By Geography:
- Asia-Pacific: The Asia-Pacific region dominates the calcium formate market, particularly due to rising demand in construction and animal feed industries in China and India.
- Europe: Europe is a significant market for calcium formate due to its well-established leather and construction industries, with Germany being the key player.
- North America: Steady demand from the construction and chemicals sectors drives the market in North America.