The Limestone Market is estimated to be valued at US$ 856089.93 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Limestone is a carbonate sedimentary rock that is composed mostly of the mineral calcite (CaCO3). It is a common type of limestone formation in nature and is used as a construction material and a chemical feedstock. As a construction material, limestone is used in road and buildings construction, producing concrete, mortar, blocking and dimension stone. Its chemical properties make it suitable for many uses in industries like steel, sugar, paper, flue gas treatment, and water treatment. It is used in construction aggregates like concrete, road bases, riprap, and railroad ballast.
Market Dynamics:
Growing construction activities is one of the major drivers of the limestone market. Limestone finds extensive usage in concrete manufacturing and as aggregate in infrastructure projects such as buildings, roads, bridges etc. According to data by British Geological Survey, globally construction aggregates account for the largest use of limestone, representing around 60–65% of overall limestone consumption. Rapid urbanization across developing regions such as Asia Pacific and Latin America has boosted construction spending which in turn is augmenting the demand for limestone.
Another driver for the market is its versatile usage as calcined lime in industries like metallurgy, sugar refining, flue gas treatment etc. Calcined lime is commonly used as a fluxing agent in steel making and iron production which requires large amounts of limestone. It also finds application in desulfurization of flue gases and in treatment of industrial wastewater. Expanding industrial activities globally is positively impacting the consumption of limestone.
Segment Analysis
The global limestone market is segmented by type into high-calcium limestone and dolomitic limestone. The high-calcium limestone segment dominates the market and accounts for around 70% of overall consumption. High-calcium limestone contains more than 80% calcium carbonate (CaCO3) and is widely used in construction applications like cement manufacturing, road construction, and building materials due to its hardness and durability properties.
PEST Analysis
Political: Major countries have formulated supportive policies and regulations to promote the usage of limestone for various infrastructure development projects. This will boost the demand for limestone.
Economic: Growing construction and infrastructure industries worldwide due to increasing spends on development projects is driving the limestone market growth. Rapid urbanization is also supporting the economic growth.
Social: Rising standards of living and growing disposable incomes are increasing consumer spending on residential and commercial construction. This is positively impacting the limestone consumption.
Technological: Developments in mining and production technologies have enhanced the limestone extraction capacities. Advancements in construction materials are also supporting increased limestone adoption.
Key Takeaways
The Global Limestone Market Size is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period, due to increasing infrastructure development projects worldwide. The Asia Pacific region dominates the global limestone market, accounting for over 40% of the overall volume, led by China, India, and countries in Southeast Asia. Rapid urbanization and economic growth in emerging Asian countries are driving the limestone consumption in the region.
Regional analysis
The Asia Pacific region dominates the global limestone market. China is the largest producer as well as consumer of limestone globally. Extensive usage of limestone in cement manufacturing to meet the rising construction needs is driving its demand in China. India is another major market in the Asia Pacific on account of expanding infrastructure sector and building construction activities.
Key players analysis
Key players operating in the 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
