by Limestone is one of the most versatile non-metallic minerals, which finds its widespread applications in construction industry owing to its chemical and physical properties. It is used as a construction material, as an aggregate in concrete and asphalt, and as a flux in steel production and paper production. Limestone is also widely used as a raw material in manufacture of lime, which further finds applications in steelmaking, flue gas desulfurization, wastewater treatment, construction, and more. The global limestone consumption is dominated by construction and infrastructure sector, where it is primarily used in cement production as well as construction aggregate and fillers.
The global 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 key trends:
The major trend in the global limestone market is increasing application in infrastructure development projects and growing construction activities worldwide. Limestone finds extensive usage in road construction, buildings, bridges and other infrastructure development activities due to properties like durability, resistance to weathering, and low cost. According to United Nations, over 50% population worldwide is living in urban areas currently and this urban population is expected to increase consistently, which will further drive the demand for new construction and infrastructure projects. This rises the demand for limestone in construction industry substantially. Another key trend is rising usage of limestone as sorbent in flue gas desulfurization (FGD) technology at coal-fired power plants. FGD systems use limestone as absorbent to remove sulfur dioxide from flue gases of coal combustion at power plants to meet stringent emission regulations.
Porter’s Analysis
Threat of new entrants: The limestone market requires substantial investments in mining equipment and infrastructure, limiting new competitors. Bargaining power of buyers: Buyers have moderate bargaining power due to the fragmented nature of the market with multiple limestone producers. Bargaining power of suppliers: Limestone suppliers face minimal bargaining power as limestone is widely available and quarried. Threat of new substitutes: There are few substitutes for limestone in industries like construction, steel manufacturing, environment treatment etc. Competitive rivalry: The global limestone market is highly competitive due to the presence of numerous regional and international players.
Key Takeaways
The Global Limestone Market Demand is expected to witness high growth during the forecast period. Asia Pacific region currently dominates the global limestone market. China accounts for more than 40% of the global limestone production and demand. Rising infrastructure development, urbanization and industrial growth in China and India are driving the limestone market growth in Asia Pacific.
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. The increasing demand for limestone from construction, steel, and environmental industries has compelled key players to expand their production capabilities.
The global limestone market is highly fragmented with the presence of several regional producers. Mergers and acquisitions are common in the limestone industry to gain access to new resources and expand geographically. Sustainable and efficient mining techniques are being adopted by key players to reduce costs and environmental impact.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
