LIMESTONE MARKET ANALYSIS

The global limestone market size was valued at USD 799.01 Bn in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 3.51% from 2022 to 2030. Increasing demand from building and construction industries is expected to fuel the market growth. Additionally, renewed spending on public infrastructure is again expected to drive the global limestone market growth. This, in turn, will increase the need for limestone. Moreover, growth of end-user industries will also contribute to the growth of the global market in the future.

Figure 1. Global Limestone Market Share (%), by Region, 2021

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Global Limestone Market: Regional Insights

Regionally, Asia Pacific region is projected to be the largest market for limestone during the forecast period. Rising economic development in the region will support growth in the construction industry. This will also be accompanied by positive market fundamentals for commercial real estate. China, Japan, South Korea, and India are the major consumers of limestone in the Asia-Pacific region. These nations have benefited from favorable trends in the agricultural and industrial sectors. Moreover, the non-toxicity of limestone is likely to expand the market in the region.

North America is also expected to witness fastest growth over the forecast period owing to the increasing number of residential buildings in the region. According to the Federal National Mortgage Association (Fannie Mae), residential house construction was estimated to jump 10% across 2020, with 1 million new homes expected to hit the market by the end of 2021. Even though the United States construction sector has been declining in 2020, the industry is expected to start recovery by 2021, thereby increasing the demand for limestone during the forecast period.

Global Limestone Market Drivers:

Growing Demand from Construction Sector to Propel Market Growth

Owing to the thermal resistance, high strength, long durability, and resistance to corrosion, limestone is consider to be an ideal material for construction applications. Limestone is a highly valued stone used by architects for traditional and contemporary projects. According to Economic Times, in 2020, the total real estate investment in China, which is chiefly concentrated on the residential and commercial sectors and office spaces, witnessed a growth of about 7.0% Y-o-Y over 2019.

Increasing Steel Production Capacity to Augment Market Growth

According to the World Steel Association (Worldsteel) estimations, the global steel demand is estimated to grow by 5.8% to reach 1874 million tons in 2021 from 1771.8 million tons in 2020. The United States is the fourth-largest steel producer in the world, with the crude steel production increasing to 42 million tons in first half of 2021, posting a 15.5% growth when compared to the first half of 2020.

Global Limestone Market Opportunities:

Upcoming water and wastewater treatment projects where limestone is used as water and wastewater treatment chemical globally is expected to bring lucrative growth opportunities. For instance, in July 2021, The Decentralized Wastewater Grant Act was passed in America, which includes installing or upgrade individually-owned decentralized wastewater systems. The bill would make available USD 100 million for decentralized wastewater projects each fiscal year from 2022 through 2026, totaling USD 500 million. Similarly, in 2019, China’s 13th fifth-year plan on urban sewage treatment and water recycling facilities is planning to increase by 31%, from CNY 427 billion to CNY 559 billion, on its water treatment facilities over the coming years.

Increasing use of limestone for producing caustic soda is again projected to serve major growth opportunities. According to the American Chemistry Council, the caustic soda production capacity in North America is likely to increase from 16.25 million metric ton per year in 2018 to 16.91 million metric ton per year in 2023.

Global Limestone Market Trends:

Rising manufacturing activities

Rising manufacturing activities across developing region are expected to spur the demand for limestone in the future. Moreover, government investments in infrastructure redevelopment will also increase the market size in the near future.

Growing research activities in the field of limestone

Growing research activities in the field of limestone is a major trend observed in the market. For instance, in July 2018, Limestone reserves with an estimated capacity of 500 million tons (mt) have been discovered in the mineral-rich Chhattisgarh state. The new deposits of cement-making raw material have been found in five district of Chhattisgarh namely Raipur, Balodabazar, Jabjgir-Champa, Raigarh and Bastar.

Global Limestone Market Restraints:

Health Hazards Associated With Calcium Carbonate and Environmental Restrictions

Limestone dust can be irritant to the eyes, nose, mucous membrane, and skin of humans while contact of limestone with skin causes skin irritation. Moreover, chronic exposure to limestone may pose a silicosis risk, due to presence of 3% to 20% of quartz in it.

Lack of Regulatory Standards May Limit the Potential of the Market

The lack of regulatory norms is expected to restrict the market growth. Nevertheless, the market is expected to see positive growth over the forecast period.

Figure 2. Global Limestone Market Share (%), by Segment Type, 2021

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Global Limestone Market Segmentation:

The global limestone market report is segmented into application, end user industry, and region

Based on application, the market is segmented into Industry Lime, Chemical Lime, Construction Lime, and Refractory Lime. Out of which, Industry Lime is expected to dominate the global market over the forecast period and this is attributed to the growing demand from steel, pulp and paper, plastics, and food beverage sector. In steel industry it is used as flux, in paper industry it is used as causticize, in plastics manufacturing industry it is used to remove water during processing, and in food sector it is used in sugar processing and baking.

Chemical Lime segment is also expected to witness significant growth in the near future. Limestone whose purity is more than 85% is used to produce chemical lime and this chemical lime is widely used in the production of other chemicals such as slaked lime, quick lime, and precipitated calcium carbonate.

Based on end user industry, the market is segmented into Paper and Pulp, Water Treatment, Agriculture, Plastics, Building and Construction, Steel Manufacturing and Other Industries, and Other End-user Industries. Out of which, Paper and Pulp is expected to dominate the global market over the forecast period. According to the Food and Agriculture Organization, the production capacity of paper and paperboard was around 267,335 kilo metric ton in 2018, and it is projected to reach 278,247 kilo metric ton by 2023.

Water Treatment segment is also expected to witness significant growth in the near future and this is owing to its alkalinity due to which it is used for pH adjustment of industrial wastewater. Moreover, it is also used as coagulant and stabilizer to prevent after-stabilization of lime-softened water.

Global Limestone Market: Key Developments

In November 2020, Carmeuse delivered ViaCalco-soil-binders to BMW for the preparation of land in Debrecen, Hungary, for the construction of a new automobile manufacturing plant.

In June 2021, With EUR 16.5 million investment, the Carmeuse opened a new installation to produce limestone filler, with a production capacity of 450,000 metric tons, making it the largest manufacturing unit of its kind in the Benelux.

In November 2020, Lhoist North America is proceeding with a new distribution facility for dolomitic quicklime to service the steel industry. The new terminal may be in Memphis, Tennessee. The new distribution terminal is expected to be operational by 2021. The facility can service over 200,000 metric ton per year.

In May 2020, Lhoist North America announced that it received additional permit approval from the Texas Commission on Environmental Quality for the construction of a new energy-efficient lime kiln at its New Braunfels, Texas facility. The regulatory approval paves the way for Lhoist to begin construction on the significant expansion at the facility.

In May 2020, Minerals Technologies Inc. signed an agreement with Satia Industries Limited to build a 42,000 metric ton per year satellite precipitated calcium carbonate (PCC) plant at its paper mill in Sri Muktsar Sahib, Punjab, India. The facility is scheduled to begin operation in 2021.

Global Limestone Market: Key Companies Insights

The global limestone market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global limestone market are 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.

*Definition: Limestone is a type of sedimentary rock that forms in the marine environment. It is made of a calcium carbonate mineral. Various varieties are available. Some are white, grey, or brown. Limestone has many uses. It is often found in a wide variety of products such as cement, ceramics, dyes, paper, and adhesives. Other applications include ink production, glass making, and the manufacture of magnesia and alumina.