The North America Calcium Formate Market would witness market growth of 4.9% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 264.7 Kilo Tonnes, showcasing a growth of 4.7% (2019-2022).
Calcium formate, a calcium salt of formic acid, is either a byproduct of the production of trimethylolpropane or is generated from calcium hydroxide and carbon monoxide. The main process of manufacture is the reduction reaction of formic acid with calcium hydroxide or calcium carbonate. This method produces a superior quality product with a reduced insoluble water content. Formicate is the mineral form of calcium methanoate. It can form orthorhombic crystals at room temperature and is flammable and stable.
The construction industry stands out as a major driver of calcium formate adoption. The compound is widely recognized for its role as a concrete accelerator. Its ability to accelerate the curing process enhances the efficiency of construction projects, reducing the time and costs associated with delayed concrete setting. As urbanization and infrastructure development continue, the demand for this in the construction sector is expected to increase further. The need for sustainable and eco-friendly feed additives primarily drives the adoption of this in agriculture.
According to U.S. Census Bureau estimates, spending on construction was $1,972.6 billion (seasonally adjusted annual rate) in July 2023, which is 0.7 percent (0.5 percent) more than the previously anticipated $1,958.9 billion in June. The July 2023 amount is 5.5% (1.2%) greater than the July 2022 estimate of $1,869.3 billion. Construction spending reached $1,101.5 billion in the first seven months of 2023; a 3.7 percent (1.0 percent) increase over the $1,062.1 billion spent during the same period in 2022. Due to the above-mentioned factors, the market will grow significantly in this region.
The US market dominated the North America Calcium Formate Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $185.6 Million by 2030. The Canada market is experiencing a CAGR of 7.2% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.3% during (2023 - 2030).
Based on Application, the market is segmented into Concrete Additive, Feed Additive, Textile Dyeing & Finishing, and Others. Based on Grade, the market is segmented into Industrial Grade, and Feed Grade. Based on End-use, the market is segmented into Construction, Leather & Textile, Animal Husbandry, Power Generation, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Calcium Formate Market is Predict to reach $1.1 Billion by 2030, at a CAGR of 5.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Lanxess AG, Chongqing Chuandong Chemical (Group) Co., Ltd., Zibo ruibao chemical co. LTD., Henan Botai Chemical Building Material Co., Ltd., Shandong Baoyuan Chemical Co.,Ltd., SIDLEY CHEMICAL CO.,LTD., American Elements, Minerals Technologies Inc., Cerne Calcium Company, and Hangzhou Focus Chemical Co., Ltd.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Grade (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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