Calcium Carbonate (CaCO3) Market Forecast To Thrive In APAC Region
According to an exclusive report of Marketandmarkets which is reposted on Bloomberg, Calcium carbonate (CaCO3) market is forecast to growth rapidly, especially in Asia Pacific region.
Despite the global impact caused by Covid 19 pandemic and many economies continues to grapple with the devastating consequences. The global calcium carbonate market size is projected to reach USD 28,301.8 million by 2024, at a CAGR of 6.0% between 2019 and 2024. According to the report, the attractive opportunity in the calcium carbonate market come from:
Plastic to be the fastest-growing end-use industry of calcium carbonate during the forecast period.
CaCO3 is an indispensable material in the plastic industry. In terms of value, plastic is projected to be the fastest-growing end-use industry of calcium carbonate during the forecast period. This is due to the strong demand of the car industry. Accordingly, the polypropylene reinforced with CaCO3 will help enhance the properties of the plastic, while improving heat dissipation.
The demand for plastic in other industries such as packaging, construction and electronics industries has also increased significantly. These factors promote the explosive growth of global CaCo3 market.
Increasing demand from paper and plastic industries in APAC
Calcium carbonate is a critical raw material for paper and plastics. The economic growth witnessed in the developing countries of APAC has led to an increase in the use of paper packaging. China, India, and South Asian countries are the largest consumers of paper in the region.
Furthermore, the plastic industry in APAC is also growing at a fast rate. The region is witnessing a high demand for plastics for various applications in packaging, automotive, construction, electrical & electronics, and other industries. The increasing use of plastics in these industries for multiple purposes, such as decreasing costs in packaging and construction industries, reducing weight in automotive parts, and as an insulator in electronic products, is driving the demand for calcium carbonate in APAC.
CaCO3 has potential applications
Currently, calcium carbonate is majorly used in the paper, plastic, paints & coatings and adhesives & sealants industries. However, researchers are continuing to discover new applications of this material. Studies are being conducted to implement these nanoparticles in therapeutic applications, including as an antibacterial agent, for gene delivery to target cancer cells, and for cancer drug delivery.
Calcium carbonate-based materials have biodegradable and biocompatible properties, which are ideal as a smart carrier to deliver genes, enzymes, and drugs. Developing compostable products has become an emerging global trend, therefore these factors present various opportunities for the growth of the calcium carbonate market in the future.