Limestone Market Estimated To Witness High Growth Owing To Rising Construction Activities

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 has wide applications in construction, agriculture, chemical and other industrial sectors. It is primarily used as building material in construction of buildings, bridges and roads. Limestone is crushed and used as aggregates for concrete or asphalt in roads and highways construction. Its powder form is used to manufacture cement and mortar. In agriculture sector, limestone is widely used as soil conditioner to neutralize acidity and provide essential nutrients to crops.

Market Dynamics:
The growth of the limestone market is majorly driven by rising construction activities across residential and commercial sectors globally. According to International Trade Administration, the global construction industry is projected to grow at 3.2% annually till 2025, thus boosting demand for limestone as primary construction material. Furthermore, rapid industrialization and infrastructure development in emerging countries is another factor fueling limestone consumption. Another key driver is expanding chemical industry where limestone finds application in manufacturing of lime for flue gas desulfurization, precipitated calcium carbonate, sodium hydroxide and others. However, stringent mining regulations in various countries poses challenge for market growth.

SWOT Analysis

Strength: Limestone has variety of applications across industries like construction, agriculture, chemical. Three major applications are cement manufacturing, construction materials, and agriculture which contributes to consistent demand. Limestone deposits are widely available globally. Mining limestone has low capital intensity and operation costs.

Weakness: Limestone mines have environmental and rehabilitation costs associated with its excavation and mining activities. Transportation of mined limestone over long distances increases delivered costs. Dependency on economic growth and infrastructure spending.

Opportunity: Growing construction activities in developing nations amid rapid urbanization provides impetus to cement and aggregate industries demand. Rising agricultural mechanization and usage of lime as soil amendment globally offers new prospects. Usage of limestone in flue gas desulfurization to reduce emissions opens new avenues.

Threats: Stringent mining regulations and rehabilitation norms can affect expansion plans of miners. Substitution threat from alternative materials in certain applications poses challenge. Decline in infrastructure spending during economic downturns impact demand.

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 construction activities and growth in cement production globally. The market size for limestone is estimated to reach US$ 856089.93 Mn by 2023.

Regional analysis: Asia Pacific region currently dominates the global limestone market, accounting for over 35% of the global consumption in 2023, led by countries like China and India. This is attributed to thriving construction and infrastructure development projects in the region. Europe is the second largest market for limestone globally owing to developed construction and cement industries in countries like Germany, France and UK.

Key players: 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. These players are focusing on capacity expansion as well as forward integration across the value chain.

 

Read more: https://www.rapidwebwire.com/limestone-market-share-analysis/

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