SAN FRANCISCO, Sept. 16, 2020 /PRNewswire/ -- The
global limestone market size is anticipated to reach
USD 102.7 billion by 2027,
according to a new report by Grand View Research, Inc.,
expanding at a CAGR of 4.4% from 2020 to 2027. Rising
infrastructural developments in the developing economies of the
world are expected to fuel market growth across the forecast
period.
Key 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 production capacity for
steel and cement
- China was the largest
consumer of limestone in the Asia
Pacific in 2019. The country is quite ahead in resuming its
operations and giving positive output compared to other countries,
despite the pandemic. For example, China's steel production was 4.5% higher in
June 2020 compared to June 2019
- The chemical end-use segment anticipated registering the
highest CAGR of 5.2%, in terms of revenue, during the forecast
period. The industry utilizes limestone in a number of ways,
including the production of lime, sodium bicarbonate, soda ash,
caustic soda, and ammonia
- The iron and steel end-use segment accounted for a volume
share of more than 5.0% in 2019. The crude steel production
continued to maintain its operations at minimal capacity even
during the lockdown as steel was considered under essential
services in countries, like India
- Apart from covid-19, limestone production has witnessed
reluctance from common people on account of the impact of quarry
operations on their lives and the environment. For example, in
March 2020, Glenwood Springs
Citizens' Alliance charged the U.S. Bureau of Land Management for
failing to regulate the mining activity at Rocky Mountain
Industrials Limestone quarry by filing a lawsuit against
them.
Read 101 page research report with ToC on "Limestone Market
Size, Share & Trends Analysis Report By End-use (Building &
Construction, Iron & Steel, Agriculture, Chemical), By Region
(North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts,
2020 - 2027'' at:
https://www.grandviewresearch.com/industry-analysis/limestone-market
Limestone is a sedimentary rock and is rich in calcium
carbonate. It has varying amounts of silica, clay, silt, and sand.
The rock is known to be used for ample applications across various
end-use industries, where building and construction are its major
end-user owing to the easy availability of the material and the
strength it provides. It finds application as a building material,
in cement production, and as aggregates for road base.
Its abundance in nature makes it a preferable option in the
construction sector where it is used as blocks, stone cladding on
walls, floor paving, tiles, and retaining walls. Characteristics of
the mineral include weather-resistant, high strength, the
durability of the structure, high structural integrity,
versatility, heat conductor, and low cost.
The mineral is gaining 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 for grinding sand and limestone for plastering, in an attempt
to revive a traditional method of restoring heritage
structures.
Accelerating demand for limestone witnessed a decline in 2020 on
account of the outbreak of the covid-19 pandemic across the world.
The pandemic compelled governments worldwide to impose lockdown and
halt all sorts of activities, which drastically impacted the demand
for limestone. The countries are striving to slowly regain their
stability by offering ease in restrictions.
North America is a hard hit
region by pandemic as a large number of cases have been reported in
the countries, especially the U.S. However, governments in the
region have made an attempt to permit operations, such as
construction and manufacturing, to operate at minimal capacity. The
resumption in construction activities is anticipated to balance the
decline in limestone consumption owing to the spread of
coronavirus. For example, in July
2020, a Euro 183 million
(USD 209.4 million) contract was
granted by the Canadian Province of Alberta's Ministry of Transportation to the
consortium of Vinci and Graham for building the final section of
the West Calgary Ring Road Project. Such initiatives are
anticipated to prove fruitful for market growth.
The global market is characterized by the presence of
established players, which makes competitive rivalry extremely
high. Many players are integrated across the value chain in order
to gain a competitive edge by benefitting form an integrated supply
chain. For instance, LafargeHolcin owns limestone quarries in
different parts of the world and utilizes the quarried stone in
cement, concrete, and aggregates production. In addition, the
company is engaged in providing construction solutions. In
May 2020, the company resumed its
operations at 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, Kilotons; Revenue, USD
Million, 2016 - 2027)
-
- Building & Construction
- Iron & Steel
- Agricultural
- Chemical
- Others
- Limestone Regional Outlook (Volume, Million Tons; Revenue,
USD Million, 2016 - 2027)
-
- North America
-
- Europe
-
- Asia Pacific
-
- China
- Japan
- India
- South Korea
- Indonesia
- Bangladesh
- Central & South
America
-
- Middle East & Africa
List of Key Players of Limestone Market
- CARMEUSE
- CEMEX S.A.B. de C.V
- GCCP Resources Limited
- Imerys
- LafargeHolcim
- Lhoist
- Mineral Technologies Inc.
- Mississippi Lime Company
- National Lime & Stone Company
Find more research reports on Advanced Interior Materials
Industry, by Grand View Research:
- Weathering Steel Market – The global weathering steel
market size was USD 987.2 million in
2018 and is anticipated to expand at a CAGR of 5.6% from 2019 to
2025.
- Sheet Metal Market – The global sheet metal market size
was valued at USD 265.0 billion in
2018 and is expected to exhibit a CAGR of 5.0% from 2019 to
2025.
- Metal Casting Market – The global canned seafood market size
was estimated at USD 21.50 Billion in
2016.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting
company, provides syndicated as well as customized research reports
and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425
analysts and consultants, adding more than 1200 market research
reports to its vast database each year. These reports offer
in-depth analysis on 46 industries across 25 major countries
worldwide. With the help of an interactive market intelligence
platform, Grand View Research helps Fortune 500 companies and
renowned academic institutes understand the global and regional
business environment and gauge the opportunities that lie
ahead.
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