Calcium Formate Market Expected to Reach USD 964.78 Million By 2032

Posted 2023-09-11 08:47:42

Market Overview: The global calcium formate market had a valuation of USD 580.84 million in 2022 and is projected to reach USD 964.78 million by 2032, with a revenue compound annual growth rate (CAGR) of 5.8% over the forecast period. This growth is primarily fueled by increasing demand for calcium formate across various sectors such as chemical, animal feed, and construction industries.

Construction Sector: One of the primary consumers of calcium formate is the construction sector, where it serves as an accelerator in mortar and concrete formulations. This accelerates the setting process and enhances early concrete strength, leading to faster construction. The drive for sustainable construction methods and eco-friendly materials is boosting the demand for calcium formate in this sector.

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Animal Feed Industry: Another significant end-user is the animal feed industry, which utilizes calcium formate as an additive to improve intestinal health, growth potential, and overall animal health. It aids in digestive tract development and reduces diarrhea, particularly in young animals. Rising meat and dairy product demand, especially in emerging economies, is propelling the need for calcium formate in the animal feed sector.

Chemical Sector: The chemical sector is another prominent user of calcium formate, using it as a feedstock for the synthesis of sodium formate, formic acid, and other derivatives. Increased demand for formic acid and its derivatives in various applications, including leather tanning, oilfield chemicals, and pharmaceuticals, is driving the demand for calcium formate in the chemical industry.

Challenges: However, challenges such as the availability of cheaper substitutes and the price volatility of raw materials used in calcium formate production could potentially limit market revenue growth.

Government Regulations: Various regulatory bodies oversee the use of calcium formate in different applications:

The European Commission has set maximum residue limits (MRLs) for calcium formate in food contact materials and articles intended for human consumption.
The Food and Drug Administration (FDA) in the United States regulates calcium formate's use in foods, drugs, cosmetics, and other products for human use.
Health Canada's Pest Management Regulatory Agency sets MRLs and safety standards for calcium formate-containing ingredients in pest control products in Canada.
The U.S. Environmental Protection Agency (EPA) regulates calcium formate's use in agricultural and industrial applications through its Pesticide Registration Program.
The Occupational Safety and Health Administration (OSHA) establishes safety standards for workers exposed to calcium formate in industrial or commercial settings.

Key Insights: Type Outlook:

Calcium formate, an organic calcium and formic acid salt, finds extensive application in various industries. It is categorized into feed grade and industrial grade based on product type.
In 2022, the feed grade segment dominated the global calcium formate market in terms of revenue. It is frequently used as a feed ingredient for livestock, particularly pigs and poultry, to enhance their health, growth, and overall performance.
The industrial grade segment is expected to experience significant growth during the forecast period due to its diverse applications in construction, leather, pharmaceuticals, and chemicals.

Application Outlook:

Calcium formate is utilized in multiple sectors, leading to the segmentation of the market based on applications.
The feed additives segment held the largest revenue share in 2022, driven by its use in promoting livestock health, growth, and nutrient absorption.
The construction chemicals segment is expected to have the highest revenue CAGR during the forecast period, with applications in concrete acceleration, hardening, and desiccation.
The leather tanning industry also benefits from calcium formate as a masking agent and quality enhancer.
Calcium formate is anticipated to find applications in food, oil & gas, and pharmaceuticals, serving as a pH regulator, preservative, de-icing agent, and buffer.

Regional Outlook:

Asia-Pacific is expected to dominate the calcium formate market during the forecast period, primarily due to increased demand from construction and animal feed industries in countries like China, India, and Japan.
North America is projected to experience significant growth, driven by increased construction activities and the expanding animal feed industry.
Europe is expected to grow moderately, with rising demand in the food sector and continued use in construction.
The calcium formate market's geographical expansion is influenced by various end-use industries and regional economic factors.

Competitive Landscape:

The global calcium formate market is highly consolidated, with a few major players accounting for a significant share of market revenue.
Key companies in the market include Perstorp Holding AB, Zibo Ruibao Chemical Co. Ltd., LANXESS Corporation, Geo Specialty Chemicals, Inc., Chongqing Chuandong Chemical (Group) Co., Ltd., Henan Botai Chemical Building Materials Co., Ltd., and Shandong Baoyuan Chemical Co., Ltd.

Strategic Developments and New Product Launches:

Market players are actively expanding their production capacity, developing cost-effective production processes, and acquiring complementary businesses to strengthen their market position.
For instance, Perstorp Holding AB expanded its calcium formate production capacity to meet growing demand in the construction industry.
Zibo Ruibao Chemical Co. Ltd. developed a new production process for calcium formate to enhance competitiveness.
LANXESS Corporation acquired Chemtura Corporation to expand its product portfolio.
Various companies have launched new calcium formate products tailored for specific applications, such as ProPhorce™ SR by Perstorp Holding AB, GeoSet™ by Geo Specialty Chemicals, Inc., and Botai CA by Henan Botai Chemical Building Materials Co., Ltd.

Segments Covered in the Report:

The report offers historical data, revenue growth forecasts at the global, regional, and country levels, and analyzes market trends in product type, application, and region segments from 2019 to 2032.
The global calcium formate market is segmented based on product type (feed grade and industrial grade), application (feed additives, construction chemicals, leather tanning, and others), and region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).
Key companies profiled in the report include Perstorp Holding AB, Zibo Ruibao Chemical Co. Ltd, LANXESS Corporation, Geo Specialty Chemicals Inc, Chongqing Chuandong Chemical (Group) Co. Ltd, Henan Botai Chemical Building Materials Co. Ltd, and Shandong Baoyuan Chemical Co. Ltd.

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