Australia Lime Market is Anticipated to Witness High Growth Owing to Rising Construction Activities
Lime is a versatile calcium-containing inorganic mineral primarily made from limestone which has a wide range of industrial and construction applications. Limestone is extracted from mines and then burnt in a kiln to form quicklime and slaked lime, commonly known as hydrated lime. Lime is commonly used for increasing soil pH and providing calcium and magnesium to aid plant growth. As lime can absorb both sulfur dioxide and carbon dioxide from industrial emissions and flue gases, it serves as an effective agent for flue gas desulfurization and scrubbing. It also finds applications as an important construction material in cement, mortar and plaster due to its characteristics of solidification and water purification.
The Global Australia Lime Market is estimated to be valued at US$ 353.19 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the Australia Lime Market Size are Senseonics, Medisana AG, Acon Laboratories Inc., Bionime Corporation, AgaMatrix Inc., Ascensia Diabetes Care, ARKRAY Inc., Medtronic PLC, DexCom Inc., LifeScan Inc., Roche Diagnostics, Abbott Diabetes Care, Trivida Functional Medicine, and Rossmax International Ltd., among others.
The key opportunity in the market lies in the burgeoning construction industry in Australia. Robust infrastructural development such as roadways, bridges, buildings, hospitals, schools is driving significant demand for lime for cement, mortar and plaster in the country. The Australian government has allocated huge funds for infrastructure projects under the ‘Infrastructure Australia’ policy which is anticipated to propel market growth during the forecast period.
The key players are focused on expanding their operations in the promising growth regions of Asia Pacific and Middle East & Africa. For instance, in 2021, Australian lime player Lime Group expanded its lime production capacity in Malaysia and Thailand to cater to the increasing requirement for lime-based construction materials in the developing nations.
Market Drivers
The key driver for the Australia Lime Market is the rising construction activities in the country. Due to rapid urbanization and increasing population, the Australian government is focusing on developing new residential and commercial infrastructure which is propelling lime consumption. As per Industry sources, the annual expenditure on infrastructure projects in Australia is estimated to reach US$ 110 billion by 2024 thereby augmenting market demand.
Market Restraints
Fluctuations in the prices of raw materials used for lime production such as limestone is a major challenge. Lime production requires large quantities of limestone which makes the manufacturers dependent on limestone prices. Any volatility in limestone prices leads to increased production costs thereby hampering market profitability.
Segment Analysis
The Australia lime market is segmented into three sub segments - Quick lime, Hydrated lime and Others. Among these, the quick lime segment dominates the market and accounts for over 40% market share. This is because quick lime is widely used in construction industry for activities like soil stabilization, pavement construction etc. It is also used for water treatment.
Hydrated lime segment is the second largest segment. This type of lime has wide application in mining industry for flue gas desulfurization. It is also used as additive in steel, non-ferrous metal, and chemical industries. Other minor segments include precipitated calcium carbonate.
Regional Analysis
Australia lime market is dominated by New South Wales region which accounts for around 30% of total demand. This is due to large construction activities happening in cities like Sydney and Melbourne. Victorian region is the second largest consumer of lime. States like Queensland and Western Australia are also emerging as high growth regions. Queensland experiences higher demand from mining industry while Western Australia has large presence of iron ore mines which drives lime consumption. Asia Pacific region overall is poised to be the fastest growing regional market during forecast period due to increasing industrialization and infrastructural developments in countries like China and India.
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