The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Calcium Stearate Market.
It was estimated prior to this unanticipated outbreak that the Calcium Stearate Market was expected to grow at a CAGR of 5.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
The major factors contributing to the demand for calcium stearate in the market are the growing demand for PVC and other plastics, and rapid worldwide growth in the construction industry mainly in Asia-Pacific, during the forecast period.
Calcium stearate is essentially a carboxylate of calcium, considered as calcium soap and is a major component of some lubricants, surfactants, and many foodstuffs also. It is employed for various applications such as a highly preferable waterproofing agent, for prevention of efflorescence in the construction industry, for construction activities such as buildings and floors, when mixed with concrete, and also used in prefabrication industry in the form of powder in mortars, putties, and emulsion forms.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the end-user industry type, the market is segmented as plastic & rubber, construction, personal care & pharmaceuticals, paper, and others. The construction segment is estimated to dominate the end-user industry in the market during the forecast period. For instance, in 2021, the governments of several countries such as India, China, the U.S., etc. are expected to increase the workforce to substantiate the projects that are currently on hold in 2020, which may fuel the growth of the construction segment in the market during the forecast period.
In terms of regions, Asia-Pacific is estimated to be the leading region in the market during the forecast period; growth attributed to the growing presence of foreign companies, which has generated a huge demand for the construction of new buildings, offices, production houses, etc., boosting the construction sector growth in the regional market. Further, India is estimated to occupy the world’s third-largest construction market position over the forecast period, owing to the estimated rise in availability of affordable housing in the country and government initiatives in infrastructure development such as housing to all and smart city plans. Moreover, despite the slowdown because of the pandemic outbreak, India’s potential growth in construction sector activities is estimated to fuel the growth of the calcium stearate market during the forecast period. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the calcium stearate market are-