Global Limestone market is expected to foresee significant growth due to increasing investment in infrastructure development in developing economies
- Vikas Kumar
- December 10, 2021
- HEALTHCARE, NEWS
- Limestone market, Limestone market Growth, Limestone market News, Limestone market share, Limestone market Size, Limestone market Trend
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The global Limestone market is expected to demonstrate the growth of ~4% during the forecast period (2021-2027). In developing countries like China, India, Brazil, and ASEAN countries, the growing population, increasing trend of urbanization in countries like India, government investment in improving the infrastructure sector are likely to boost the demand of limestone.
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The demand of limestone depends mainly on the performance of vast range of industries including construction, metallurgy, and chemical and industrial, among others. However, construction and metallurgy industries are the major driving factor for the growth of limestone market. In construction industry, limestone is widely used in architectural applications for walls, decorative trim and veneer as it provides both aesthetic and strength in the project. Further, limestone and its associated products are widely used in the metal industry in the production of iron and steel. For instance, lime is used as a fluxing agent in electric arc furnaces and basic oxygen furnaces. Lime removes impurities (silica, phosphorus, sulfur) from the steel being manufactured. It is also used to enhance the refractory life of the furnace. Therefore, with increase in demand of steel, demand of limestone would also increase as large number of steel is produced using electric arc method. The global production of crude steel increased to 1,878 million tons in 2020 from 1,435 million tons in 2010, showcasing the compound annual growth of 2.7%.
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In the light of COVID-19, governments across the globe had taken several strict measurements to curtail the spread of disease including lockdown which resulted in the halted construction activities in several nations and reduced production of chemicals and steel in the first half of 2020. This resulted in the less demand of raw materials used in the manufacturing of products. Since, limestone is a critical material in the construction and metallurgical industries, therefore with decline in the construction activities and production of metals, demand of limestone declined.
Based on application, the market is categorized into metallurgy, construction, agricultural, chemical and industrial, and others. Among these, construction category accounted for the prominent share in the limestone market. Growing population and increasing investment in infrastructure projects by the governments in developing economies is increasing the demand of limestone as it has myriad of applications in the construction industry. For instance, it is used as a loadbearing stone for masonry walls and columns, as a key component in concrete, as a cladding for buildings and for rain screeners, as a decorative element in residences. Further, it is also used as limewash, paving slab, lime mortar, and aggregate used in road bases.
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For a better understanding of the market adoption of limestone, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific held the dominating position in the global Limestone market and is expected to showcase significant growth during the forecast period owing to large base construction and steel manufacturing industry in the region. Further, government investment in improving the infrastructure propelling the limestone market.
Global Limestone Market Segmentation
Market Insight, by Application
- Construction
- Metallurgy
- Chemical and Industrial
- Agricultural
- Others
Market Insight, by Region
- North America Limestone Market
- United States
- Canada
- Rest of North America
- Europe Limestone Market
- Germany
- United Kingdom
- France
- Spain
- Rest of Europe
- Asia-Pacific Limestone Market
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of World Limestone Market
Top Company Profiles
- Lhoist Group
- Carmeuse Group
- CEMEX S.A.B. de C.V.
- GCCP Resources Limited
- Imerys S.A.
- Holcim Group
- Mineral Technologies Inc.
- Mississippi Lime Company
- National Lime & Stone Company
- United States Lime & Minerals Inc.
