The global lime market size was valued at USD 41.93 billion in 2023 and is projected to grow from USD 42.99 billion in 2024 to USD 53.27 billion by 2032, exhibiting a CAGR of 2.7% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, “Lime Market Size, Share, Report, 2024-2032.”
The usage of the product to treat wastewater and duct gases is attaining momentum as it can contain contaminations such as lead and sulphur dioxide gases.
Commotion in Mining of Limestone amid COVID-19 to Confine Growth
Lime is an acute chemical for prime end-use industrial utilizations such as metallurgy, construction, chemicals, and environmental. Consequently, numerous nations are trying to safeguard that their supply is controlled in spite the event of COVID-19 pandemic. Nevertheless, the pandemic has resulted in a severe lockdown on mining and transportation of minerals, specifically in nations such as China, India, and Brazil, the product’s supply chain was unfavorably impacted.
Report Coverage:
We base our reports on a comprehensive inspection method that primarily aims on providing precise information. Our scholars have applied a data navigation technique that further aids us to provide reliable approximations and review the global market aspects precisely. Further, our analysts have gained admission to several international as well as domestic sponsored records for presenting upgraded information so that the stakeholders and business experts invest only in indispensable areas.
Segmentation:
Based on type, the market is segmented into quick and hydrated lime.
Based on application, the market is segmented into agriculture, building material, mining & metallurgy, water treatment, and others.
Regionally, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints:
Progression of Steel Sector to Trigger Market Growth
Lime is preliminarily utilized in steel manufacturing. As per Calcinor, the steel industry is unimaginable without the usage of this metal. The product is used in electric arc furnaces, AOD converters, and refining ladles. The steel products demand has augmented marvellously in the last few years owing to the surging determinations of governments in countries such as China, India, South Africa, and Brazil in order to construct a sturdy infrastructure and houses for the increasing populace in these nations.
Limestone is chiefly utilized tin the production of lime, where it is heated to obtain calcium oxide and carbon dioxide from calcium carbonate. The carbon dioxide created in the procedure is a greenhouse gas resulting in various disasters and global warming that leads to extreme results. Furthermore, this manufacturing procedure is vastly energy-intensive that augments general carbon footprint of the industry. Therefore, this is expected to hinder the lime market growth.
Regional Insights:
Asia Pacific to Dominate Backed by Dominance of China in Market
Asia Pacific stood at USD 26.27 billion in 2021 and is expected to dominate the lime market share during the forecast period. This domination of the region is accredited to China, where the concentration of industries is drastically huge.
North America is anticipated to extend in the coming few years. The government officials here have promised infrastructural expansion as one of the determined zones in their expansion tactic.
The region's progress is the linked with the development of steel manufacturing and growing automotive industry. Additionally, the paper and plastic industries in the region have extended their demand to treat wastewater and pipe gases.
Competitive Landscape:
Significant Business-associated Declarations by Prime Players to Sway Market Prospects
Chief corporations in the market frequently make chief proclamations about the new business activities, which in turn impact the market either certainly or undesirably. Players procure companies, present novel products, involve in collaborative deals, engage in agreements with government establishments and so on.
Key Industry Developments:
May 2020: Lhoist North America gained a permit from the Texas Commission on Environmental Quality to build a novel energy-effective lime kiln at its division based in New Braunfels, Texas. The governing sanction is likely to sustain the company's capability in extending and assisting to aid the consumers in North America at a decreased turnaround time.
List of Key Players Mentioned in the Report:
- Carmeuse (Belgium)
- Lhoist Group (Belgium)
- Graymont Limited (Canada)
- Mississippi Lime Company (U.S.)
- United States Lime & Minerals Inc. (U.S.)
- Afrimat (South Africa)
- Linwood Mining & Minerals Corporation (U.S.)
- Minerals Technologies, Inc. (U.S.)
- Cheney Lime & Cement Company (U.S.)
- Pete Lien & Sons, Inc. (U.S.)
- Cape Lime (Pty) Ltd. (South Africa)
- Sigma Minerals Ltd. (India)
- Valley Mineral LLC (U.S.)
- Cornish Lime (U.K.)
