Calcium carbonate is one type of chemical compound generally found in rocks as the aragonite and minerals calcite. Besides, this is a significant component of snail shells, seashells, pearls, and eggshells. Speaking more about it, this chemical is being widely used for different applications, for example, agricultural and aquacultural, industrial, health and dietary application, and household use. With time and industrialization, the demand for this chemical is increasing rapidly, putting a positive effect on the overall market growth.
However, some recently published reports suggested that the demand for calcium carbonate witnessed a sharp decline in 2020 due to the coronavirus outbreak. The outbreak forced many companies and manufacturers to close down their businesses. That, in turn, affected the world's economic condition several in the Q1 and Q2 of 2020. However, after the ease in restriction, some manufacturers and companies are now putting extra efforts to resume their operations, which is a positive sign for the growth market.
Applications that are triggering the overall market growth
- As per the report, the global paper industry is the largest user of calcium carbonate. In fact, in the year 2019, this industry accounted for around 47 percent of total revenue. This element is used as a filler to the paper pulp and also used as a coating pigment. On the other hand, it also boosts the opacity and brightness of the paper.
- Besides, the coatings and paints segment also plays a significant role in this. In this particular industry, calcium carbonate is used as an agent to lower or enhance the gloss factor and can also be used as a rheology modifier, an additive, and an extender. Paint production companies are now introducing new pains with this chemical, which is also triggering the market growth.
Forecasting the growth of the global calcium carbonate market
As per the study conducted by the Grand Review Research on the global calcium carbonate market, in the year 2019, the market value was USD 21.2 billion. However, now it has been forecasted that by the end of 2024, the market will reach USD 29 billion marks. On the other hand, the Compound Annual Growth Rate will be around 6 percent. As per the report, the global market for calcium carbonate is significantly triggered by the increasing demand from paints, coatings, plastic, and paper industries in the countries like India and China.
As per the market experts, the continuous growth in different industries, for example, plastic and paper, is propelling the demand for this product. It helps in increasing the whiteness, brightness, paper's opacity, and printability of the paper. The continuous expansion of the global paper and plastic industries is significantly triggering the demand for calcium carbonate.
On the other hand, emerging prominent countries, such as India and China, are now emphasizing adopting the latest and advanced technologies and manufacturing processes in various industries. So, based on all these factors, it can be said that the market is expected to witness decent growth in the coming years.