Calcium Formate Market Leaders
The global calcium formate market size is estimated to grow from USD 545 million in 2020 to USD 713 million by 2025, at a CAGR of 5.5% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application areas of calcium formate ranging from leather and textile to the construction industry. Increasing demand from APAC will further drive the growth of the global calcium formate market.
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Browse 204 market data Tables and 54 Figures spread through 196 Pages and in-depth TOC on “Calcium Formate Market by Grade, Application ( Feed Additives, Tile & Stone Additives, Concrete Setting, Leather Tanning, Drilling Fluids, Textile Additives, Flue gas desulfurization), End-use Industry, and Region – Global Forecast”
Recent Developments in Calcium Formate Market Industry
- In February 2020, LANXESS completed the acquisition of Itibanyl Produtos Especiais Ltda. (IPEL). With the acquisition, LANXESS is strengthening its position as one of the world’s leading manufacturers of antimicrobial active ingredients and formulations.
- In November 2019, PMC Group acquires of Lanxess’ Organotin Specialties Business Assets. The Business included Lanxess’ global organotin catalyst, organotin specialties and intermediates product lines.
- In November 2019, Perstorp, invested in the construction of a new Pentaerythritol (Penta) production facility in Gujarat, India. The Gujarat plant will produce Penta, including the renewable grades of Voxtar, providing up to a 60% reduced carbon footprint. Commercial production is planned to start in Q1 2022.
- In July 2019, ProPhorce™ Valerins is the latest innovation by Perstorp in the field of animal nutrition. It consists of glycerol esters of valeric acid. Research have shown that this product significantly improves broiler performance even when compared to industry standards such as butyric acid
- In January 2019, Perstorp reshaped the organization with the three new Business Areas; Specialty Polyols & Solutions, Advanced Chemicals and Animal Nutrition. The main objective for the re-organization is to better address customer demands for supply reliability and focused innovation.
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Lanxess (Germany), Perstorp (Sweden), Chongqing Chuandong Chemical (Group) Co. Ltd. (China), Geo Specialty Chemical Inc.(Ohio), and Zibo Ruibao Chemical Co. Ltd. (China), American Elements (US), Henan Botai Chemical Building Material Co. Ltd. (China), Shandong Baoyuan Chemical Co. Ltd. (China), Jiangxi Kosin Organic Chemical Co. Ltd (China) and Sidley Chemical Co. Ltd (China) among others are the leading calcium formate manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2017 and 2020 to earn a competitive advantage in the calcium formate market.
LANXESS (Germany) is the largest player in the market. In February 2020, LANXESS completed the acquisition of Itibanyl Produtos Especiais Ltda. (IPEL). With the acquisition, LANXESS is strengthening its position as one of the world’s leading manufacturers of antimicrobial active ingredients and formulations. In November 2019, PMC Group acquires of Lanxess’ Organotin Specialties Business Assets. The Business included Lanxess’ global organotin catalyst, organotin specialties and intermediates product lines.
Perstorp Group (Sweden) is ranked second in the calcium formate market. In November 2019, Perstorp, invested in the construction of a new Pentaerythritol (Penta) production facility in Gujarat, India. The Gujarat plant will produce Penta, including the renewable grades of Voxtar, providing up to a 60% reduced carbon footprint. Commercial production is planned to start in Q1 2022. Also, in July 2019, ProPhorce Valerins is the latest innovation by Perstorp in the field of animal nutrition. It consists of glycerol esters of valeric acid. Research have shown that this product significantly improves broiler performance even when compared to industry standards such as butyric acid.
Calcium Formate Market & New Revenue Pockets
MarketsandMarkets expects the global calcium formate market size to grow from USD 545 million in 2020 to USD 713 million by 2025, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. The growth of the animal husbandry, construction, and leather & textile industries plays a key role in driving the calcium formate market. The increased consumption of calcium formate in end-use industries is due to their potential advantages such as reduction in the setting time, increased hardness, and increasing solution stability of various resins.
Calcium formate is an odorless, free flowing white crystalline solid. It is available in two grades i.e., feed grade and industrial grade. Calcium formate is used in different end-use industries such as construction, Leather & textile, power generation, chemicals, animal husbandry and others.
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Between the two grades available for calcium formate, the industrial grade segment is the larger grade during the forecast period in the global calcium formate market. The demand for industrial grade calcium formate is driven by its use in numerous applications such as cement & tile additive, flue gas desulfurization agent and feed additives. Moreover, increasing use of industrial grade calcium formate in feed, construction and chemical industries is driving the global calcium formate market.
The concrete setting application segment of the calcium formate market is growing rapidly due to the use of calcium formate as an accelerator, thus increasing the strength of the cement mortar. Calcium formate is used as a concrete additive to accelerate the solidification of the concrete i.e., it decreases the setting time and increases the rate of early strength growth.
The construction end-use industry segment of the calcium formate market is growing rapidly due to the use of calcium formate as cement accelerator, production of concrete and cement based mortar, cement blocks & sheets, and other cement based products required in the construction industry. Calcium formate enhances the properties in cement such as increased hardness and less setting time, inhibition of corrosion of metal substrates and prevention of efflorescence. Thus, increasing consumption of cement in the construction industry is driving the market for calcium formate.
APAC is projected to be the fastest-growing market for calcium formate and is expected to offer significant growth opportunities to the overall market during the forecast period. The growth of the APAC market can be attributed to the rapidly increasing consumption of calcium formate in the construction industry, leather & textile industry and animal husbandry in countries such as China, India, Japan, China, and South Korea.
