The limestone has many applications, as well as several segments. Some of the applications include building and construction, cement manufacturing, and other end-use industries. It also includes the production of agricultural lime. Other applications of limestone are paper and pulp, chemical manufacturing, bleaching of pulp, and iron and steel processing.
The global Limestone Market is estimated to account for US$ 7, 99,014.7 Mn in terms of value by the end of 2021.
Global Limestone Market: Drivers
There are strategic partnerships between organizations that seek to expand into new markets and this is expected to foster market growth. For instance, in November 2021, Ambuja Cements and ACC have partnered with the Indian Institute of Technology Delhi (IIT-D) to develop next-generation, calcined clay cements, a low carbon material to promote sustainable construction.
Global Limestone Market: Opportunities
Increased investment in infrastructure development is anticipated to provide significant growth opportunities for limestone industry. According to the India Brand Equity Foundation, India plans to spend US$ 1.4 trillion on infrastructure through ‘National Infrastructure Pipeline’ in the next five years. In FY21, infrastructure activities accounted for 13% share of the total FDI inflows of US$ 81.72 billion. Moreover, emerging countries are experiencing an increase in urbanisation, which will benefit the market.
Global Limestone Market: Restraints
The lack of regulatory standards in certain countries could hinder the expansion of the limestone market. Other factors affecting the market are health hazards related to calcium carbonate, which can impede the market's growth.
Covid-19 Impact Analysis:
The outbreak of COVID-19 pandemic has affected the supply network and stopped manufacturing activities in several segments. In addition, travel restrictions have reduced the availability of skilled labourers.
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The global limestone market was valued at US$ 7, 99,014.7 Mn in 2021 and is forecast to reach a value of US$ 15, 68,673.31 Mn by 2030 at a CAGR of 3.51% between 2022 and 2030.
Industry lime segment held dominant position in the global Limestone market in 2021, accounting for 66.49% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Limestone Market Trends:
Increasing initiatives to build smart cities could be a major trend for the global limestone market. For instance, government of India launched the Smart Cities Mission in India on June 25, 2015. The project aims to improve the quality of life for people living in India and drive economic growth. Almost 31% of the population of India lives in cities, and they contribute 63% of GDP, as per the data collected in Census 2011. It is believed that by 2030 around 40% of India's will be living in cities and contribute 75% to the GDP.
Increasing use of limestone in agriculture sector for producing agricultural lime is another major trend observed in the market. Other common application of limestone are cement manufacturing, chemical manufacturing, and paper & pulp production. Moreover, rapid economic growth in developing nations is further projected to augment market growth.
Global Limestone Market: Competitive Landscape
AMR India Limited, Carmeuse, GLC Minerals LLC, Graymont Limited, Gujarat Mineral Development Corporation Ltd, Imerys, Kerford Limestone, LafargeHolcim, Lhoist Group, Minerals Technologies Inc., Okutama Kogyo Co. Ltd, Omya AG, RSMM Limited, Ryokolime Industry Co. Ltd (Mitsubishi Materials Corporation), SCHAEFER KALK GmbH & Co. KG, The National Lime & Stone Company, and United States Lime & Minerals Inc.
Global Limestone Market: Recent Developments