June 18, 2024
Calcium Formate Market

Calcium Formate Market is Estimated to Witness High Growth Owing to Rising Industrial Applications

Calcium formate is an inorganic salt obtained by the neutralization reaction between formic acid and calcium hydroxide or calcium carbonate. It is available in powder, granules and liquid forms. Calcium formate has good thermal stability, non-corrosive properties and acts as an effective de-icer, preservative and curing agent. It is used as a construction material additive in concrete, grout and cement to reduce setting time and increase early strength development. In the food industry, calcium formate functions as an acidity regulator and preservative.

The global Calcium Formate Market is estimated to be valued at US$ 860 million in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Calcium Formate market are SIDLEY CHEMICAL CO., LTD., Zouping Fenlian Biotech Co., Ltd., American Elements, Wujiang yingchuang chemical co., ltd., Minerals Technologies Inc., Cerne Calcium Company, LANXESS, Perstorp Holding AB, Chongqing Chuandong Chemical (Group) Co. Ltd., Zibo ruibao chemical Co., LTD., Henan Botai Chemical Building Material Co., Ltd., Shandong Baoyuan Chemical Co. Ltd, Jiangxi Kosin Frontier Technology Co., Ltd.

The rising demand from de-icing and construction applications presents significant growth opportunities in the global calcium formate market. Growing infrastructural development activities, especially in Asia Pacific and Middle East & Africa are propelling the product demand.

Owing to advantages such as cost-effectiveness, non-corrosive properties and safe handling, calcium formate is increasingly replacing conventional construction materials in various countries worldwide. The market players are focusing on capacity expansion plans and global footprint to cater to the growing worldwide demand.

Market drivers

The key driver for calcium formate market is its rising application as a construction material additive. Calcium formate provides multiple benefits in concrete such as faster setting, higher early strength and better workability. It enhances concrete properties allowing reduced curing time. Additionally, calcium formate is an effective de-icer for airports, roads and railway lines. It lowers the freezing point of water and melts ice formation faster than conventional de-icers. The growing infrastructure and construction industry primarily in developing nations is fueling the demand for calcium formate.

PEST Analysis

Political: Calcium formate is widely used in construction sector as concrete setting accelerator. Any government policies regarding infrastructure development and real estate sector will impact the demand for calcium formate.

Economic: Global steel production and cement industries are closely linked with economic growth and investments in infrastructure. Fluctuations in economic conditions influence demand for cement and consequently calcium formate which is used as setting accelerator.

Social: Increasing population and rapid urbanization in developing regions is augmenting the demand for housing and commercial buildings which utilizes significant amount of concrete. This drives the consumption of calcium formate.

Technological: Advancements in concrete admixtures development has led to replacement of conventional calcium chloride with eco-friendly calcium formate which is non-corrosive and exhibits better moisture resistance. Emergence of novel applications in feed additives and de-icing also support the market growth.

The market in Asia Pacific region accounted for the largest share in terms of value in 2024 led by China, India and Southeast Asian countries. Ongoing infrastructure projects, rising construction spending and expanding cement industry drive the consumption of calcium formate.

North America followed by Western Europe are the other major geographical markets. Presence of key players, favorable policies and recovery in construction activities post COVID-19 pandemic are fueling the demand from these regions. Meanwhile, Central and Eastern Europe, Middle East & Africa and Latin America are projected as fastest growing regional markets between 2024-2031 due to accelerating investments in real estate and transportation infrastructure development.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it