Albany, NY, July 7, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new report titled "Calcium Chloride Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global calcium chloride market was valued at US$ 838.7 Mn in 2014 and is anticipated to reach US$ 1,205.6 Mn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.
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Increasing demand for calcium chloride in various industries such as building & construction, oil and gas, and food is projected to drive the global calcium chloride market during the forecast period. The functional property of calcium chloride to decrease the freezing point of water makes it applicable as a deicer in colder regions of North America and Europe. Thus, de-icing is one of the major applications of calcium chloride in the market. Additionally, rising use of calcium chloride as a preservative in food & beverages is likely to boost demand for calcium chloride from 2015 to 2023. However, large availability of substitutes and potential side effects of calcium chloride on human health are likely to hamper the global calcium chloride market. Niche applications such as pharmaceuticals and agriculture are estimated to offer immense opportunities to market players in the next few years.
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De-icing & dust control application dominated the global calcium chloride market in terms of volume and revenue in 2014. Increasing usage of calcium chloride as a deicing salt, especially in Russia, Norway, Finland, Sweden and the U.S., is expected to augment market growth during the forecast period. Oil & gas is one of the major applications in Middle East & Africa. Calcium chloride is used for the maintenance of oil and gas wells. It also improves efficiency and production of oil and gas. Application of calcium chloride in the construction industry is projected to rise at a moderate rate during the forecast period. Calcium chloride is also used in industries such as agriculture and pharmaceutical.
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North America accounted for over 40% of the market share and was the largest consumer of calcium chloride in 2014. This can be attributed majorly to the consumption patterns in the deicing & dust control segment. Furthermore, rise in drilling activities in the region is expected to boost market growth from 2015 to 2023. Europe accounted for a healthy share of the global calcium chloride market in terms of volume in 2014. Asia Pacific is projected to be the fastest growing segment during the forecast period. The calcium chloride market in Middle East & Africa is anticipated to expand at a sluggish rate; however, demand for calcium chloride in oil & gas and dust control applications is likely to increase significantly in the region in the next few years.
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The global calcium chloride market was highly fragmented, with the top five players accounting for over 60% share in 2014. Major companies in the calcium chloride market include Tetra Chemicals (Tetra Technologies, Inc., Zirax Ltd, Keg River Chemical, Occidental Petroleum Corporation (OxyChem), BJ Services Company, and Qingdao Huadong Calcium Producing Company. Ltd.
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The Report Segments the Global Calcium Chloride Market into:
Calcium Chloride Market - Application Analysis
- De-icing & dust control
- Oil and gas
- Others (Including food, medicine, etc.)
Calcium Chloride Market - Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
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