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.
APAC is estimated to be the leading calcium formate market during the forecast period. The growth in this region can be attributed to the rapidly increasing demand for calcium formate from the end-use industries, especially construction, leather & textile and animal husbandry. The market is witnessing moderate growth, owing to increasing application, technological advancements, and growing demand for these calcium formate additives in the APAC and Europe.
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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 (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.