by Limestone is a sedimentary rock composed primarily of calcium carbonate in the form of calcite and aragonite, which is used in construction, agriculture and environmental applications. The major limestone products include cement, lime, crushed stone and dimension stone. Limestone is a key material used in cement production. Growth in construction activities across the globe has augumented the demand for cement which in turn is escalating the need for limestone.
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 usage of limestone in construction applications is expected to propel the limestone market growth over the forecast period. Limestone finds widespread usage in cement manufacturing, which is a fundamental construction material. Cement production utilizes limestone as its primary raw material. Growing demand for cement from the residential and non-residential construction sectors around the world is fueling the consumption of limestone. Various government initiatives towards infrastructure development are also augmenting cement demand, thereby benefiting the limestone market. Furthermore, rapid urbanization and rising disposable incomes are encouraging new construction activities, thus driving the limestone market growth during the forecast period.
SWOT Analysis
Strength: Limestone has wide applications in various industries such as construction, agriculture, environmental protection etc. It is abundantly available in nature.
Weakness: Limestone mining activities can cause damage to the environment and disrupt ecosystem. Transportation of limestone over long distances increases production costs.
Opportunity: Growing construction industry due to rapid urbanization and infrastructure development projects in emerging economies offers significant growth opportunities. Usage of limestone in steel production, paper manufacturing and water treatment is increasing.
Threats: Stringent mining regulations can restrict limestone extraction. Substitute materials like cement can replace limestone in certain applications. Volatility in raw material prices poses risks.
Key Takeaways
The Global Limestone Market Size is expected to witness high growth between 2023-2030. Regional analysis comprises The Asia Pacific region currently dominates the global limestone market and is expected to maintain its leading position during the forecast period supported by strong construction activities in China and India. European countries also have a significant share owing to limestone consumption in construction as well as in steel production.
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 key players are focusing on mergers & acquisitions and capacity expansion strategies to strengthen their market position and cater to the growing demand for limestone especially from the construction industry across the globe. For instance, in 2022, Carmeuse acquired Pointe-Calumet lime grinding plant in Canada to expand its limestone production capacity.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
