July 15, 2024
Limestone Market

The rising construction industry set to drive the growth of Limestone Market

The global Limestone Market is estimated to be valued at US$ 856089.93 Mn or Bn 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 naturally occurring sedimentary rock composed primarily of calcite, which is a calcium carbonate mineral. It is one of the most abundant non-metallic rock types found on Earth. Limestone possesses various physicochemical properties which enable its diverse applications. Owing to its hard and durable nature, limestone is widely used in construction activities such as infrastructure development and building construction. It is a key ingredient in cement production and used as a construction aggregate and building veneer. Due to its ability to neutralize acidity, limestone is also used in chemical industry, environmental applications and agriculture.

Market key trends:

One of the key trends in the global limestone market is the rising construction activities in developing economies. According to an analysis by Oxford Economics, the global construction industry output is projected to grow by 85% to reach $15.5 trillion by 2030 from $8.4 trillion in 2020. Rapid urbanization coupled with increasing investments in infrastructure projects are major growth drivers for construction sector worldwide. This is augmenting the consumption of limestone for cement, concrete and aggregate applications. Another important trend is the rising usage of limestone as a fluxing agent in iron & steel industry. It acts as a purifying agent in iron making processes. Surging steel demand from construction, automotive and machinery manufacturing sectors is favorably impacting the flux limestone market.

Porter’s Analysis 

Threat of new entrants: The global limestone industry requires high capital investments and has well established distribution channels. This poses a barrier for new players to enter the market.

Bargaining power of buyers: There exist numerous limestone producing companies globally. This provides buyers with leverage to negotiate lower prices.

Bargaining power of suppliers: Key limestone deposits are distributed across major regions. This dispersion reduces the power of individual suppliers.

Threat of new substitutes: There exists substitutes for limestone like dolomite in construction and cement production. However, limestone remains the most commonly used and economical option.

Competitive rivalry: Being a bulk commodity, limestone is supplied through large production capacities. Industry players focus on product differentiation to gain market share.

Key Takeaways:

The Global Limestone Market Size is expected to witness high growth, exhibiting CAGR of 3.5% over the forecast period 2023 to 2030, due to increasing infrastructure development across emerging economies in Asia Pacific and Middle East. Rapid urbanization has augmented the construction of residential and commercial buildings, roads, bridges which is a key driver for limestone consumption.

Regional analysis related content comprises Regional analysis related content: Asia Pacific dominates the global limestone market, owing to robust infrastructure development in China and India. China alone accounts for over 30% of global limestone production due to increased steel manufacturing. Middle East and Latin America also offer high growth potential for market players on account of ongoing construction projects.

Key players related content comprises 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 major players are focused on capacity expansion and mergers & acquisitions to strengthen their global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it