According to a new market research report published by Credence Research, Inc. “Calcium Formate Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” the global calcium formate market was valued at US$ 349.09 Mn in 2016, and is expected to each US$ 557.88 Mn by 2025, expanding at a CAGR of 5.8% from 2017 to 2025.
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Calcium formate refers to a calcium salt popularly used in concrete, leather tanning and formic acid production. It is non-hygroscopic and is less toxic in nature. It helps to recovers water stability, pliability and homogeneity. Calcium formate is extensively used as a masking agent for the chrome burning process in the leather industry. Additionally, calcium formate is used as an accelerator for strengthening and setting of concrete. Calcium formate market is majorly driven by cement and all kinds of concrete industry, due to its unique property to increase the cement hardening speed. The global market for calcium foramte is expected to witness the significant growth throughout the forecast period with its increasing demand from end-use industries.
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Asia Pacific is the largest as well as fastest growing market for calcium formate in forecast period, due to the presence of huge leather and construction industry. Subsequently, the demand for calcium formate here is projected to remain strong throughout the forecast period. Asia Pacific is also the largest producer of calcium formate, thereby supporting the market growth. The European Union had banned antibiotic growth promoters in 2006, triggering the demand for calcium formate. As a result, consumption of calcium formate in silage salvation and animal feeds has risen significantly in Europe. Large markets of leather and tanning is from Central and South America, Africa, the Middle East, India, and Europe (Italy, Spain, and France).
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Some of the major companies operating in the market include Chongqing Chuandong Chemical (Group) Co., Ltd., Feicheng Acid Chemical Co., Ltd., GEO Specialty Chemicals, Hangzhou Focus Chemical Co., Ltd., Hubei Hengxin Chemical Co., Ltd., Jiangsu Ruiyang Chemical Co., Ltd., LANXESS AG, Perstorp Holding AB, PuYang YongAn Chemical Co., Ltd. (YACC), Shandong Baoyuan Chemical Co., Ltd., Shandong Xinruida Chemical Industry Co., Ltd., Zibo Ruibao Chemical Co., Ltd. and Zouping Fenlian Chemical Co., Ltd.
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