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Calcium Chloride Market is set to garner staggering revenues by 2024
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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.
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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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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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