Limestone Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Limestone Market is Segmented by Application (Industry Lime, Chemical Lime, Construction Lime, and Refractory Lime), End-user Industry (Paper and Pulp, Water Treatment, Agriculture, Plastics, Building and Construction, Steel Manufacturing and Other Industries, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market size and forecasts for limestone in volume (kilo metric ton) for all the above segments.

Market Snapshot

Limestone Market Summary
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3 %
Limestone Market Major Players

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Market Overview

The limestone market was valued at over 780,000 kilo metric tons in 2021, and it is expected to register a CAGR of greater than 3% during the forecast period (2022-2027).

Due to the COVID-19 outbreak, nationwide lockdown across the world, disruption in manufacturing activities and supply chains, and production halts negatively impacted the market. However, the conditions started recovering in 2021, thereby restoring the growth trajectory of the market studied during the forecast period.

  • Over the medium term, increasing demand from the construction industry, along with rising steel production in the global market, is proving to be the key driver for the global market. The construction industry uses limestone for walls and floors in buildings.
  • On the flip side, the CO2 emission factor from agricultural liming is expected to hinder the growth of the market studied.
  • The Asia-Pacific region is expected to dominate the market, and it is also likely to witness the highest CAGR during the forecast period.

Scope of the Report

Limestone is a sedimentary rock composed primarily of calcium carbonate in the form of mineral calcite. It can also be in the form of chemical sedimentary rock, formed by the precipitation of calcium carbonate from lake or ocean water. The market is segmented by application (industry lime, chemical lime, construction lime, and refractory lime), end-user industry (paper and pulp, water treatment, agriculture, plastics, building and construction, steel manufacturing and other industries, and other end-user industries). The report also covers the market size and forecasts for the limestone market in 16 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilo metric tons).

Application
Industry Lime
Chemical Lime
Construction Lime
Refractory Lime
End-user Industry
Paper and Pulp
Water Treatment
Agriculture
Plastics
Building and Construction
Steel Manufacturing and Other Industries (Including Energy)
Other End-user Industries (Healthcare and Consumer Goods)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Spain
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Steel Manufacturing and Other Industries to Dominate the Market

  • Limestone is used as a slag former in iron and steel manufacturing. Limestone, with low silica and alumina, is preferred for use in steel manufacturing, as these elements will need additional flux to neutralize them. Additional heat is required to keep the additional slag in a fluid state.
  • The two key steel production routes, namely the integrated steelmaking route and the electric arc furnace route, require around 270 kg limestone and 88 kg limestone, respectively, for manufacturing 1000 kg of crude steel.
  • Steel serves as the most important alloy, finding diversified applications in numerous industries. Some of the crucial industries that use steel are building and construction, electrical equipment, household appliances, mechanical equipment, metal products, automotive, and other transportation.
  • Steel is used in various end-user industries such as numerous end-user industries, such as building and construction, automotive, electronics, aerospace and defense, etc.
  • According to the World Steel Association, global steel production reached about 1,950.5 metric tons in 2021, registering an increase of 3.7% compared to 1,880.4 metric tons in 2020. This indicates the demand prospect prevailing in the global market.
  • Apart from manufacturing steel, limestone is also used in fossil-fuel power plants to perform flue-gas desulfurization, which removes the sulfur dioxide from flue gas emissions.
  • According to UNEP, coal is the leading fuel in the power sector, accounting for 37.8% of electricity generated, with hydropower accounting for 17.5%, natural gas for 17.3%, nuclear for 16.8%, oil for 9%, and non-hydro renewables for 1.6%.
  • Due to all the abovementioned factors, the market is projected to grow in the coming years.
Limestone Market : Volume Share (%), by End-user Industry, Global, 2021

China to Drive the Asia-Pacific Market Growth

  • In the Asia-Pacific region, China is the largest economy, and it has one of the largest manufacturing and production industries in the world. China dominates the limestone market in terms of consumption and production due to the local availability of raw materials and its huge chemical industry.
  • The iron and steel industry consumes the largest portion of limestone globally and in China as well. Moreover, the growing construction activity is creating demand for the production of iron and steel in the country, driving the growth of the limestone market in recent times.
  • China is the largest producer of steel in the world. In 2021, the country's annual production capacity of crude steel stood at 1,032.8 metric tons, registering more than 50% of the global production. This huge demand for steel in the country projects market opportunities for the market studied.
  • China is experiencing massive growth in its construction sector. According to the National Bureau of Statistics of China, in 2021, the construction output in China was valued at approximately CNY 29.31 trillion. Thus, it would likely provide huge demand for the market studied.
  • According to the National Bureau of Statistics of China, in 2021, total plastic production in China stood at 82.33 million metric tons, an increase of 5.5% compared to 78.08 million metric tons in 2020, with about 7.95 million metric tons of plastic products produced in December 2021 alone.
  • According to International Trade Administration, China plans to build or renovate 80,000 km of sewage collection pipeline networks and increase sewage treatment capacity by 20 million cubic meters/day between 2021-2025, which is likely to drive the limestone market in the country.
  • Overall, the demand for limestone in China and the Asia-Pacific region is expected to grow at a significant rate during the forecast period.
Limestone Market : Growth Rate by Region, 2022-2027

Competitive Landscape

The limestone market is semi-consolidated. In terms of market share, few of the major players currently dominate the market. Key players in the limestone market (not in any particular order) include Mineral Technologies Inc., Imerys, Carmeuse, Lhoist Group, and Graymont Limited.

Major Players

  1. Minerals Technologies Inc.

  2. Imerys

  3. CARMEUSE

  4. Lhoist Group

  5. Graymont Limited

Limestone Market Concentration

Recent Developments

  • In June 2021, Carmeuse opened a new installation to produce limestone filler, with a production capacity of 450,000 metric tons, making it the largest manufacturing unit of its kind in the Benelux, with an investment of EUR 16.5 million.
  • In April 2021, Minerals Technologies Inc. agreed to establish a 50,000 metric tons per year satellite precipitated calcium carbonate plant at its paper mill in Suiping County, Zhumadian City, with Zhumadianshi Baiyun Paper Co. Ltd.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand from the Construction Industry

      2. 4.1.2 Increasing Steel Production Globally

    2. 4.2 Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Import-export Trends

    6. 4.6 Price Trends

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Industry Lime

      2. 5.1.2 Chemical Lime

      3. 5.1.3 Construction Lime

      4. 5.1.4 Refractory Lime

    2. 5.2 End-user Industry

      1. 5.2.1 Paper and Pulp

      2. 5.2.2 Water Treatment

      3. 5.2.3 Agriculture

      4. 5.2.4 Plastics

      5. 5.2.5 Building and Construction

      6. 5.2.6 Steel Manufacturing and Other Industries (Including Energy)

      7. 5.2.7 Other End-user Industries (Healthcare and Consumer Goods)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Spain

        6. 5.3.3.6 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AMR India Limited

      2. 6.4.2 Carmeuse

      3. 6.4.3 GLC Minerals LLC

      4. 6.4.4 Graymont Limited

      5. 6.4.5 Gujarat Mineral Development Corporation Ltd

      6. 6.4.6 Imerys

      7. 6.4.7 Kerford Limestone

      8. 6.4.8 LafargeHolcim

      9. 6.4.9 Lhoist Group

      10. 6.4.10 Minerals Technologies Inc.

      11. 6.4.11 Okutama Kogyo Co. Ltd

      12. 6.4.12 Omya AG

      13. 6.4.13 RSMM Limited

      14. 6.4.14 Ryokolime Industry Co. Ltd (Mitsubishi Materials Corporation)

      15. 6.4.15 Schaefer Kalk

      16. 6.4.16 The National Lime & Stone Company

      17. 6.4.17 United States Lime & Minerals Inc.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Upcoming Global Wastewater Treatment Projects

**Subject to Availability
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Frequently Asked Questions

The Limestone Market market is studied from 2017 - 2027.

The Limestone Market is growing at a CAGR of >3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Minerals Technologies Inc., Imerys, CARMEUSE, Lhoist Group, Graymont Limited are the major companies operating in Limestone Market.

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