Rockville , June 22, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, The Calcium Formate market is expected to witness a valuation of US $ 804.7 Million by the end of 2033 and is predicted to witness a CAGR of 4.2% during the forecast period.
Since calcium formate is commonly utilised in leather tanning, the sales of luxury goods derived from leather are expected to increase as more high net worth individuals throughout the world drive the market. On the long run, it is anticipated that rising animal-derived product demand and the expanding global population would likewise increase calcium formate use.
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Other factors that could affect market potential over the next ten years include rapid industrialization and urbanisation, high infrastructure development spending, rising use of additives in construction applications, and rising use of calcium compounds like calcium methanoate, calcium citrate, calcium sulphate, etc.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2033) | US$ 804.7 Million |
| Growth Rate (2023-2033) | 4.2% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 42 Tables |
| No. of Figures | 75 Figures |
Key Companies Profiled in this Report
- Shandong Baoyuan Chemical Co.
- Zouping Fenlian Chemical Co. Ltd.
- Jiangsu Ruiyang Chemical Co. Ltd.
- Lanxess AG
- GEO Specialty Chemicals
- Feicheng Acid Chemical Co. Ltd.
- PuYang YongAn Chemical Co. Ltd. (YACC)
- ZIBO RUIBAO CHEMICAL CO. Ltd.
- Perstorp Holding AB Ltd.
- Chongqing Chuandong Chemical (Group) Co. Ltd.
- Hangzhou Focus Chemical Co. Ltd.
- Shandong Xinruida Chemical Industry Co. Ltd.
- Hubei Hengxin Chemical Co. Ltd.
Key Driving Forces Accelerating the Market Growth
- Increased awareness about the adverse health effects of high sodium consumption, such as hypertension and cardiovascular diseases, has led to a rise in demand for low-sodium alternatives. Consumers actively seek healthier food options, including low-sodium salt, to reduce their sodium intake without compromising taste.
- Governments worldwide are implementing regulations and initiatives to reduce sodium content in processed foods and promote the use of low-sodium alternatives. For instance, various countries have introduced mandatory sodium reduction targets and labeling requirements, which have driven the food industry to adopt low sodium salt in their products.
- Besides this, the residential construction sector of the US is expected to boost calcium formate demand in the country during the forecast period. Also, supportive government policies and rising spend on new construction are the prospects boosting the adoption of calcium formate in the country during the next 10 years. As per statistics listed on the Associated General Contractors, the construction instruction builds structures amount to US $ 1.8 Tn per year.
- The rising prevalence of chronic diseases, particularly cardiovascular diseases, and hypertension, has fueled the demand for low-sodium products. Consumers are increasingly adopting low-sodium diets as part of disease prevention and management strategies, driving the growth of the low-sodium salt market.
- Changing consumer preferences towards healthier food choices and a shift towards clean-label products have significantly influenced the low sodium salt market. Consumers are seeking products with natural and clean label ingredients, and low sodium salts derived from natural sources, such as sea salt or mineral-rich alternatives, are gaining popularity.
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Vital Indicators Shaping The Future Of The Industry
- Calcium Formate finds extensive use in the construction industry as an additive in various cement-based formulations. The growth in construction activities, driven by urbanization, infrastructure development, and residential and commercial construction projects, directly impacts the demand for Calcium Formate.
- Calcium Formate is used as a feed additive in animal nutrition to enhance the growth, health, and performance of livestock. The increasing demand for high-quality animal protein products, such as meat, milk, and eggs, is driving the need for effective feed additives, including Calcium Formate.
- Environmental regulations and a growing focus on sustainability are playing a crucial role in shaping the future of the Calcium Formate market. Calcium Formate is considered an environmentally friendly alternative to traditional additives, as it has a lower carbon footprint and is biodegradable. The market is influenced by the push for greener solutions and the adoption of eco-friendly additives.
- The ongoing research and development in concrete technology are paving the way for new formulations and additives. Calcium Formate offers properties such as improved setting time, early strength development, and resistance to freezing and thawing cycles. As advancements in concrete technology continue, Calcium Formate is expected to find increased applications in specialized concrete formulations.
Challenges Hindering The Market Growth
- Calcium Formate production involves specific chemical processes and raw materials, which can contribute to higher manufacturing costs. The elevated cost of Calcium Formate may limit its widespread adoption, especially in price-sensitive markets, and pose a barrier to market growth.
- The market for additives in construction and animal feed offers various alternatives to Calcium Formate. Other additives with similar functionalities, such as calcium chloride and sodium formate, may provide comparable benefits at lower costs. The availability of these substitutes can hinder the growth potential of Calcium Formate.
Strategies For Manufacturers/Suppliers To Scale In The Market
- Key companies should focus on expanding their business scope and market share through acquisitions, and collaborations.
- For instance, In July 2022, Lanxess AG, a specialty company based in Germany announced the acquisition of the microbial control business from international flavors and fragrance inc.
- Moreover, the companies should also expand the range of Calcium Formate products offered to cater to different customer needs and applications. This could include variations in grades, formulations, or packaging sizes. Diversifying the product portfolio can attract a wider customer base and increase market share.
Key Segments of Calcium Formate Industry Research Report
- By Function :
- Preservatives
- Cure Accelerators
- Masking Agents
- Additives
- Others
- By Application :
- Cement
- Animal Feed & Silage Treatment
- Leather Tanning
- Tile Adhesives
- Lubricants
- Textiles
- Gas Desulphurization
- Others
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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