Global Calcium Chloride Market is likely to grow at CAGR of 4.4% during forecast 2018 – 2026
The highly soluble compound of calcium and chlorine, calcium chloride is available as both anhydrous and di hydrate flakes, powder and pellets. And, it is available as 30% to 40% concentration. Between 2018 and 2026, the market will see a rise in demand, leading it to chart a steady CAGR (Compound Annual Growth Rate) of 4.4%. This means the market worth would be pulled up to USD 2406.4 million by the end of the forecast period.
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The market is highly fragmented and includes prominent players like Occidental Chemical Corporation, TangShanSanYou Chemical Industries Co. Ltd., WeifangTaize Chemical Industry Co. Ltd., Huadong Calcium Producing Co. Ltd., and Nedmag Industries, among others.
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Understanding Factors of Growth – Application as a De-icing Agent
Used as a de-icing agent, it is a vital component in regions that see snow and ice. Thanks to its great properties like its long duration effectiveness and pulling down the need for application of salt, it will see steady demand and steady growth. Heavy snowfall in countries like Japan, the United States, and Canada will also support growth in the market in a major way.
A steady demand is pouring in from oil and gas industry as has been the case over the last forecast period. Besides, calcium chloride is also used in dust control and considering the havoc climate change has been creating, the demand is only set to increase.
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Another area that will generate demand for calcium chloride is the construction sector which is expanding at a considerable pace. As per a study by PwC, by 2030, these volumes would increase by 85%. This means the market would accrue a value of USD 15.5 trillion.
And, this in turn is not surprising because the population on a global level is on an upward rise. By 2050, it is believed that the number would increase by 2 billion. That means from the current 7.7, it will reach a 9.7 billion in next 30 years. And, to house these people, there will be demand for spaces – recreational, residential as well as commercial.
Another factor that is driving demand is its use in food processing industry as a preservative. As more and more people look for convenience, these foods with longer shelf life will play a critical role in helping the global calcium chloride market chart more growth.