Calcium Chloride Market Projected to Register 4 2 percent CAGR through 2024
The calcium chloride market is extremely consolidated and the leading players OxyChem, B .J Services, and TETRA Chemicals accounted for 69.1% of the market in 2015, states Transparency Market Research (TMR) in its latest report. These key players have expanded their production facilities by taking continuous efforts in setting up their business in different geographies. The companies have thus increased their sales and widened their distribution channels so as to continue being in their leading positions. The growing manufacturing of products suited for various applications is a key strategy adopted by leading companies.
According to the TMR report, the global calcium chloride market is expected to be worth US$ 1.52 bn by 2024, expanding at a 4.2% CAGR from 2016 to 2024. On the basis of application, the market is expected to be led by the drilling fluids segment and this segment is estimated to account for 24.9% of the calcium chloride market by 2024. The demand for calcium chloride is increasing for the production of completion fluids and this is projected to be a key factor boosting the drilling fluids segment within the market. On the basis of geography, the market is anticipated to be led by North America, which is estimated to account for of 46% of the market. The growing demand for calcium chloride for developing products that treat water and several other applications are anticipated to be key factors fueling the growth of this market in North America.
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De-icing to Drive Demand in Countries Where Snowfall gets Unmanageable
The global calcium chloride market is growing on account of it being the key chemical used in de-icing. Thus, in countries where the after effects of heavy snowfall are difficult to manage, calcium chloride is used. Some of the countries making use of calcium chloride are Japan, the U.S., and Canada. Dust control is another application for which the demand for calcium chloride is increasing. As calcium chloride retains moisture for exceptionally long period, it is used on unpaved roads for suppressing dust. The cost-effectiveness of calcium chloride is a key reason for their use in on road surfaces. The growing demand for cement on account of the flourishing growth of the construction industry will drive the growth prospects of the global calcium chloride market. Calcium chloride is used as a concentrate accelerator for speeding up the curing rate of cement.
The growth of this market is expected to be restricted by the reduced profit margins on account of an oversupply of cheap materials in the market, as calcium chloride can be produced using multiple methods. Another factor hampering the growth of the market is the corrosive nature of calcium chloride.
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This review is based on Transparency Market Research’s report, titled "Calcium Chloride Market (Product - Flakes 77%, Flakes 94%, Prills 94%, Pellets 94%, and Liquid Grade; Application - De-icing, Dust Control, Drilling Fluids, Construction, and Industrial Processing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
by: Divakar Kolhe