SAN FRANCISCO, September 16, 2020 / PRNewswire / – Global Limestone Market Size Forecast reach 102.7 billion USD by 2027, according to a new report from Grand View Research, Inc., expanding at a CAGR of 4.4% from 2020 to 2027. Growing infrastructural developments in developing economies of the world are expected to fuel the market growth throughout the forecast period.
Main suggestions from the report:
- Asia Pacific is expected to register the fastest CAGR, in terms of revenue, over the forecast period as the region is known for its large steel and cement production capacity
- China was the largest consumer of limestone in Asia Pacific in 2019. The country is ahead of the resumption of its operations and positive production compared to other countries, despite the pandemic. For example, From China steel production was 4.5% higher in June 2020 compared to June 2019
- The chemicals end-uses segment was forecast to register the highest CAGR of 5.2%, in terms of revenue, during the forecast period. Industry uses limestone in a number of ways, including the production of lime, sodium bicarbonate, sodium carbonate, caustic soda, and ammonia.
- The iron and steel end-use segment accounted for a volume share of over 5.0% in 2019. Crude steel production continued to keep operations at minimum capacity even during the lockdown, l ‘steel being considered essential services in countries, such as India
- Aside from covid-19, limestone production has witnessed the reluctance of ordinary people due to the impact of quarry operations on their lives and the environment. For example, in March 2020, Glenwood Springs Citizens’ Alliance has accused the US Bureau of Land Management for failing to regulate mining activity at Rocky Mountain Industrials limestone quarry by filing a lawsuit against them.
Read the 101-page research report with ToC on ‘Limestone Market Size, Share and Trend Analysis Report by End Use (Building & Construction, Iron & Steel, Agriculture, Chemicals), by Region (North America, Europe, APAC, Central and South America, MEA), and sector forecasts, 2020-2027 ” at: https://www.grandviewresearch.com/industry-analysis/limestone-market
Limestone is a sedimentary rock rich in calcium carbonate. It contains varying amounts of silica, clay, silt and sand. Rock is known to be used for many applications in various end use industries, where building and construction is its primary end user due to the easy availability of the material and the strength it provides. It finds application as a building material, in the production of cement and as aggregate for the base of roads.
Its abundance in nature makes it a preferable option in the construction industry where it is used as blocks, stone cladding on walls, paving, tiling and retaining walls. Characteristics of the mineral include weather resistance, high strength, structural durability, high structural integrity, versatility, heat conductor and low cost.
The mineral is gaining in preference in countries with the presence of historic structures in terms of restoration. For example, in November 2019, the public works department in Chennai, Tamil Nadu, India, introduced a stone roller yard to crush sand and limestone for plastering, with the aim of reviving a traditional method of restoring heritage structures.
The acceleration in demand for limestone saw a decline in 2020 due to the epidemic of the covid-19 pandemic around the world. The pandemic has forced governments around the world to impose lockdowns and halt all kinds of activity, which has had a huge impact on demand for limestone. Countries are striving to slowly regain their stability by offering ease of restrictions.
North America is a region hard hit by the pandemic as a large number of cases have been reported in countries, especially in the United States. However, governments in the region have attempted to allow operations, such as construction and manufacturing, to operate at minimum capacity. The resumption of construction activities should offset the decrease in limestone consumption due to the spread of the coronavirus. For example, in July 2020, a 183 million euros (USD 209.4 million) contract was awarded by the Canadian province of From Alberta Department of Transportation to the Vinci and Graham consortium for the construction of the last section of the Calgary West Ring Road project. Such initiatives should prove fruitful for the growth of the market.
The global market is characterized by the presence of established players, which makes the competitive rivalry extremely high. Many players are integrated throughout the value chain in order to gain a competitive advantage by benefiting from an integrated supply chain. For example, LafargeHolcin owns limestone quarries in different parts of the world and uses the quarried stone in the production of cement, concrete and aggregates. In addition, the company is engaged in providing construction solutions. In May 2020, the company has resumed operations in a limestone mine in Meghalaya’s East Khasi Hills, India in order to supply the raw material to its cement plant in Bangladesh.
Grand View Research has segmented the global limestone market on the basis of end use and region:
- Limestone End Use Outlook (Volume, Kilotonnes; Revenue, USD Million, 2016 – 2027)
- Building construction
- Iron and steel
- Regional Limestone Outlook (Volume, Million Tons; Revenue, Million USD, 2016-2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
List of the main players in Limestone market
- CEMEX SAB de CV
- GCCP Resources Limited
- Mineral Technologies Inc.
- Mississippi Lime Company
- National Lime & Stone Company
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About Grand View Research
Grand View Research, a US-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. With the help of an interactive business intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess the opportunities that lie ahead.
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