Calcium Formate Market in Numbers:
- Global calcium formate market registered a CAGR of nearly 4.0% between the period 2014 and 2018.
- Sales of calcium formate closed in on US$ 1,500 Mn in 2018 and are estimated to grow at a Y-o-Y growth at over 4% in 2019.
- East Asia will continue to be the high growth and high value market for calcium formate, with sales estimated in excess of US$ 530 Mn in 2018. Well-established leather industry, where demand for calcium formate is robust as an additive to promote speedy and efficient penetration of chrome in leather, is a key contributor to East Asia’s lead in the calcium formate market
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- Lucrativeness of the food additive and silage treatment industry for calcium formate manufacturers is here to stay, with sales in 2018 estimated close to US$ 490 Mn.
Calcium Formate Market – Competitive Landscape
The calcium formate market remains highly fragmented in nature, with significant barriers to new entrants. While new product developments and launches remain key strategies of leading players, the focus also remains strong on collaborations with mid-sized industries to materialize their long-term manufacturing and distribution goals.
Leading players have a robust occupancy and distribution in developed as well as developing markets, collectively accounting for approximately 40% calcium formate sales. The strategies employed by leading players continue to contradict the ones put in action by mid-level players.
‘Buy and build’ remains a key strategy for the market leaders, as their efforts are geared towards strengthening their global footprint with the help of sound infrastructures and streamlined distribution. These players cater to niche applications in key industry sectors including electronics, construction, coatings, oil and gas, rubber, and water treatment.
What are the Key Growth Drivers of Calcium Formate Market?
- Calcium formate has been fast replacing calcium chloride as a setting-accelerator in the construction industry, in light if its key attributes such as preventing corrosion in steel reinforcements, enhancing strength of cement mortar. This, coupled with the notable rise in the construction and infrastructure development activities in developing economies, continues to sustain the demand for calcium formate.
- Adoption of calcium formate in the manufacturing and processing industries has gained a remarkable uptick in recent years, as an ideal additive to stymie corrosion in wire casting and molding operations.
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- Advancements in the animal nutrition industry has meant that the demand for effective feed additives to achieve superior conversion rate is on the rise, which has reflected on the adoption of calcium formate as an additive in feed pre-mixes, to enhance their metabolism and digestive health.
- Demand for calcium formate has also gained a significant momentum among automakers, as the compound enhances the conveyance of gas to airbags when blended with ammonium nitrate. The focus on passenger safety as the top priority among automakers, and the efficiency of calcium formate in boosting functionality of airbags, have collectively favored the market growth in recent years.
- As governments across the globe take measures to phase outgrowth-boosting antibiotics to ensure animal welfare safety, feed manufacturers are including calcium formate as a preservative to lower the pH level and enhance the gut health in animals.