CALCIUM CARBONATE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The Calcium Carbonate Market size is expected to reach US$ 70.40 Billion by 2031, from US$ 46.40 Billion in 2024, growing at a CAGR of 6.1% during the forecast period. Calcium carbonate is a chemical compound with the formula CaCO3. It is a common substance found in rocks as the minerals calcite and aragonite (most notably as limestone, which is a type of sedimentary rock consisting mainly of calcite) and is the main component of shells of marine organisms, snails, coins, and eggshells. Calcium carbonate exists in three crystalline forms, calcite, aragonite and vaterite. The polymorph calcite is the most stable at standard temperature and pressure and is the most prevalent form in nature.

Calcium carbonate has wide and diverse applications. It is widely used as a filler in paper, plastics, rubber (tires), paints, and sealant compounds. The paper industry utilizes large quantities of calcium carbonate as a filler to improve opacity and smoothness. This provides brightness to the paper and reduces costs. Calcium carbonate also serves as an important mineral supplement for animal and human nutrition. Calcium carbonate antacids help against heartburn, acid indigestion and upset stomach. Calcium carbonate is also used in construction as mortar for stonelaying and plaster for indoor applications and renders. It provides good thermal insulation and soundproofing properties.

Calcium Carbonate Market Regional Insights:

• North America- North America is expected to be the second-largest market for calcium carbonate, accounting for over 25.4% of the market share in 2023. The U.S. has been a prominent destination for the product considering high demand from industries including paints & coatings, adhesives & sealants, and paper manufacturing.
• Europe- Europe is expected to experience significant growth attributed to increasing demand from the medical sector for manufacturing dietary supplements.
• Asia Pacific- The Asia Pacific region has been the dominant region globally and accounted for around 36.5% share in the global calcium carbonate market in 2023. China is especially emerging as an industrial powerhouse; over the years, it has witnessed massive infrastructure-led developmental growth. This has boosted the consumption of calcium carbonate as a key input material across end-use verticals.

Figure 1. Global Calcium Carbonate Market Share (%), By Region, 2023

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Analyst Viewpoint:

The global calcium carbonate market is expected to see steady growth in the coming years. The paper industry remains the largest end-use segment and rising paper production will continue driving demand. Recovering construction activities are also supporting the market as calcium carbonate finds wide application in cement, paints and coatings. Emerging economies in Asia Pacific will see significant construction growth which will boost regional consumption. Among applications, the plastics segment is growing at a faster pace due to increased usage of calcium carbonate as a filler in plastics, sealants and rubber products.

However, the availability of substitutes could limit the market's expansion to some extent. Alternatives like kaolin and precipitated calcium carbonate are gaining ground. Stringent environmental regulations around mining activities may also pose a challenge. Fluctuating raw material prices remain a concern for profitability. The market sees opportunities in developing nations but reliability of supply chains there is an issue.

The Asia Pacific region, led by China, India, and ASEAN countries, currently dominates global production and consumption. Mature markets in North America and Western Europe are growing at a slower rate. Innovation and development of specialized grades can provide new avenues of growth.

Calcium Carbonate Market Drivers:

• Driver for Increasing Usage in Paper Industry: The paper industry has been one of the largest end users of calcium carbonate over the years. Calcium carbonate is used as a filler material in the paper industry to improve the brightness and opacity of paper at lower costs. It helps to reduce the usage of more expensive wood pulp in paper manufacturing. Around 40% of the global calcium carbonate production is consumed by the paper industry alone. With the growing demand for printing and writing paper from educational institutes, offices and other commercial establishments, paper manufacturers are constantly trying to enhance the production of paper. This has led to a surge in demand for filler materials like calcium carbonate from the paper industry. The usage of calcium carbonate provides significant benefits such as improving the paper strength along with enhancing its quality and smoothness. It allows manufacturers to produce paper that is brilliant white in color and has optimum surface properties for printing. Many paper producers in regions like Asia Pacific and South America are ramping up their paper manufacturing capacities to meet the increasing domestic consumption as well educational needs. This has created a huge requirement for calcium carbonate at affordable prices to help paper firms scale up their operations cost-effectively without compromising on the quality of paper. Moreover, the rising environmental regulations regarding wastewater treatment in paper mills have further propelled the usage of calcium carbonate for its ability to reduce effluent toxicity during the papermaking process.
• Demand from Infrastructure Development Projects: The construction industry has picked up pace significantly across both developed and developing nations led by strong investments in infrastructure projects like roads, bridges, airports and buildings. Many countries are embarking on ambitious infrastructure development plans and mega projects to upgrade their public infrastructure and drive economic growth. This renewed focus on building world-class infrastructure is generating robust demand for various construction materials including cement and concrete. Cement is the basic raw material needed for manufacturing concrete which is widely used in the construction of buildings, bridges and other infrastructure assets. Calcium carbonate is a crucial component used as a mineral filler in cement manufacturing, where it is co-ground with clinker to form cement powder. As a substitute of limestone, calcium carbonate offers technical advantages like improved workability and strength to cement and concrete. With infrastructure development gaining momentum globally, cement manufacturers are expanding their production capacities substantially. This rise in cement manufacturing has a direct influence on pushing the demand for mineral fillers like calcium carbonate from the industry. Going forward, analysts predict that infrastructure investment will remain a key priority for governments worldwide to accelerate real estate and construction activities. This could further boost the sales of construction materials and sustain the demand for calcium carbonate from the rapidly growing cement industry. Major global construction projects on the anvil are expected to drive continuous demand for calcium carbonate in the coming years. (2025 onwards).

Calcium Carbonate Market Opportunities:

• Emerging applications in wastewater treatment: Emerging applications in wastewater treatment present a great opportunity for growth in the calcium carbonate market. Calcium carbonate is increasingly being used in various wastewater treatment processes due to its efficient purification properties. As urbanization continues at a rapid pace worldwide, the volumes of domestic and industrial wastewater generated are rising dramatically. Calcium carbonate in the form of precipitated calcium carbonate (PCC) and ground calcium carbonate (GCC) is being increasingly used in various wastewater treatment processes due to its ability to reduce alkalinity, adjust pH and act as a coagulant. For instances, the wastewater treatment market itself is projected to grow at 6-8% annually between 2022 and 2027, according to 2023 report by the United Nations Department of Economic and Social Affairs.
• Growth of medical and pharmaceutical industry: The medical and pharmaceutical industry is expected to drive significant growth in the calcium carbonate market. Calcium carbonate is used extensively in various medical applications such as calcium supplements, antacids, pharmaceuticals, and toothpaste. As lifestyles become increasingly sedentary and unhealthy diets become more commonplace, nutritional deficiencies and digestive issues are rising globally. This is increasing the demand for calcium supplements and antacids containing calcium carbonate as a key ingredient. For instances, According to 2023 data by the World Health Organization, global healthcare spending is projected to increase at an annual average rate of 5.4% between 2020–2023.

Calcium Carbonate Market Trends:

• Usage of nano materials: The usage of nano materials is increasingly influencing the calcium carbonate market in recent years. Calcium carbonate is one of the most widely used industrial minerals, found in products like paper, paints, plastics and more. At the nano scale, the material takes on new optical, mechanical and chemical properties that are useful in various applications. For instances, According to the International Energy Agency's Global EV Outlook 2022 report, electric car stock exceeded 16 million vehicles in 2021 representing 10% annual growth compared to 2020, with nearly 70% of all EVs on Chinese roads.
• Addition of value-added products: The calcium carbonate market has been witnessing positive developments owing to rising adoption of value-added products across various end-use industries. Calcium carbonate is increasingly being produced in specialized grades that cater to specific industrial requirements. Manufacturers are investing in R&D to customize particle size distribution, brightness, bulk density, oil absorption capacity, pH and heavy metal content of calcium carbonate. This has expanded its application scope beyond traditional areas like paper, plastics and paints. For instances, according to the European Commission's 2022 report on nano materials, the production and use of nano particulate calcium carbonate is growing at over 7% annually in the EU. Nanoparticles enable novel product formulations and applications.

Calcium Carbonate Market Restraints:

Availability of substitutes: The availability of substitutes is posing a significant restraint on the growth of the calcium carbonate market. Calcium carbonate has widespread application across various end-use industries like paper, plastic, paint & coatings, adhesive & sealants, etc. owing to its properties like whiteness, brightness, acid neutralizing ability etc. However, there are several effective substitutes available for calcium carbonate which are limiting its increased adoption.

Counterbalance- Development and increased use of alternative materials that perform similar functions as calcium carbonate in various applications could reduce the market demand.

High production and transportation costs: High production and transportation costs are significantly restraining the growth of the calcium carbonate market. Calcium carbonate is a widely used industrial mineral with broad applications across various end-use industries such as paper, paints & coatings, plastics, building & construction, etc. However, the production of calcium carbonate involves expensive mining and quarrying activities. Mining calcium carbonate from natural sources such as limestone requires heavy capital expenditure on setting up mining infrastructure such as excavation equipment, crushing machinery, hauling trucks, etc. Additionally, operating costs such as labor, fuel, mining permissions and land acquisition costs add substantial operating expenses over the project life.

Figure 2. Global Calcium Carbonate Market Share (%), By Type, 2024

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Recent Development:

• In April 2023, Omya Inc., a prominent producer of calcium carbonate, announced its plan to invest US$ 25 million in its advanced calcium carbonate plant in Gujarat. This significant investment strives to expand the plant's capacity and improve its overall efficiency, reinforcing Omya India's dedication to delivering high-quality products to meet the growing demand. Omya is a leading global producer of industrial minerals, mainly fillers and pigments derived from calcium carbonate and dolomite. The company's major markets are forest products, polymers, building materials, and life sciences.
• In August 2022, Cimbar Resources Inc. announced the acquisition of U.S.-based Imerys Carbonate Inc. calcium carbonate manufacturing assets located in Arizona, U.S. This acquisition helped Cimbar Resources expand its product portfolio and facilitate its goal of providing customers with a wide range of products from multiple locations. Cimbar Resources Inc. is a company that specializes in the production and delivery of performance mineral solutions across multiple industries, including oil and gas exploration, electrical transmission and distribution, pipeline, renewable energy, petrochemical, construction.
• May 2022: Omya Inc. and its affiliates announced that it would increase prices on all calcium carbonate products by a minimum of 9%, effective November 1, 2022. This price increase is a result of cost escalation in energy, quarrying, and chemicals that the company experienced in the U.S. and Canada throughout 2022.

Top Players in the Calcium Carbonate Market:

• ILC Resources
• Imerys
• M. Huber Corp.
• LafargeHolcim
• Midwest Calcium Carbonates
• Mineral Technologies
• Mississippi Lime
• Mountain Materials, Inc.
• Omya
• Parchem Fine & Specialty Chemicals
• The National Lime & Stone Company
• United States Lime & Minerals, Inc.
• AGSCO Corp.
• Carmeuse, Blue Mountain Minerals
• Carmeuse Lime & Stone Company
• GCCP Resources
• GLC Minerals, LLC
• Greer Limestone Company
• Gulshan Polyols Ltd.

Definition: Calcium carbonate is a chemical compound with the formula CaCO3, consisting of one atom of calcium, one of carbon, and three of oxygen. It is a common substance found in rocks, such as limestone, chalk, and marble, as well as in eggshells, bivalve shells, and corals. Calcium carbonate has many uses, including as a filler in products such as paper, ceramics, glass, plastics, and paint, as well as in medicine as an antacid and dietary calcium supplement. It is also used in food as a food colorant and firming agent, and as a fertilizer.