The Limestone Market is Estimated To Witness High Growth Owing To Rising Demand From Construction Industry
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.
The Limestone Market 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 sedimentary rock composed primarily of calcium carbonate in the form of calcite or aragonite, most commonly formed from plant and animal remains. It is one of the most versatile non-fuel minerals extracted in the world and has a wide range of applications in construction industry as building material, road construction and cement manufacturing. The crushed limestone products are used as aggregate in concrete, road material and railway ballast. It also serves as a acid-neutralizing agent in chemical processes.
Market key trends:
Limestone finds extensive application in the construction industry as aggregates that are used as raw material for cement manufacturing, concrete production etc. Rising construction activities across developing nations is expected to be the major growth driver for limestone market during the forecast period. According to International Construction Market Survey, the global construction output is estimated to grow by 85% to US$ 15.5 trillion by 2030. Additionally, increasing demand for cement especially from infrastructure development in emerging economies of India and China coupled with rising application in wastewater treatment plants and sugar refineries will further propel the market growth over the coming years. Growing popularity of using limestone aggregate in 3D concrete printing to build roads and buildings at a faster rate with less manpower will open newer opportunities in the market.
Porter’s Analysis
Threat of new entrants: Low capital requirements for limestone quarrying poses threat, however established players and regulatory barriers curb the threat.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and supply from different regions.
Bargaining power of suppliers: Suppliers have high bargaining power due to limited number of limestone reserves and suppliers.
Threat of new substitutes: Substitutes such as calcined dolomite lime and quicklime offer threat.
Competitive rivalry: High due to overcapacity leading to price wars.
SWOT Analysis
Strength: Abundant limestone reserves globally. Limestone has wide applications in construction, steel, paper, chemical and other industries.
Weakness: Fluctuating limestone prices globally affecting profitability. Dependence on weather conditions for quarrying.
Opportunity: Growing construction and infrastructure sectors especially in Asia Pacific driving demand. Use of limestone in wastewater treatment and flue gas desulfurization.
Threats: Stringent environmental regulations on limestone mining and processing. Substitution risk from new products.
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.
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