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Limestone Market - Growth, Trends, and Forecast (2020 - 2025)

Limestone Market - Growth, Trends, and Forecast (2020 - 2025)

  • July 2020
  • 173 pages
  • ID: 5934719
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The market for Limestone is anticipated to register a CAGR of over 6% during the forecast period. 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.

- One of the major drivers for the global limestone market is the increasing demand from the construction sector. In the construction industry, calcium carbonate is used as a building material, limestone aggregate for road building, ingredient for cement, and as the starting material for the preparation of builder’s lime by burning in a kiln. Currently, over 2 million metric ton of lime is used each year in the construction of roadways, embankments, and to improve the soil at the construction sites. Usage of lime rapidly improves the soil condition during construction and also add long term improvements to the properties of soil.
- Health hazards associated with calcium carbonate is likely to hinder the market’s growth.
- Innovation in Making Process. Hence, limestone is frequently used for many applications, these are projected to act as an opportunity for the market in future.

Key Market Trends
Increasing Demand from the Building & Construction Industry

- Limestone as a building material, is both abundant and versatile and has been used globally in construction industry.
- According to a study by Institution of Civil Engineers (ICE), the global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by China, India, and the United States region.
- Globally, Asia-Pacific has the largest construction market which is led by India, China, and various South-east Asian countries. In India, the government has initiated projects such as 100 smart cities and ‘Housing for All by 2022’ which are expected to immensely drive the residential construction market in India through the forecast period. The country has even experienced significant interest from foreign investors in its infrastructural sector.
- The construction industry in the United States continued to expand in future, owing to a strong economy and positive market fundamentals for commercial real estate, along with an increase in federal and state funding for public works and institutional buildings. Additionally, other factors, such as Tax Cuts and Jobs Act of 2017 as well as the hurricane rebuilding in the southeastern region of the United States, contributed to the growing activities in the construction sector of the country.
- All the aforementioned factors, is expected to drive the global market during the forecast period.

India to dominate the Asia-Pacific region

- In Asia-Pacific, India is a growing economy that holds great potential for future market opportunities. Despite demonetization and GST reforms affecting the national production volume, the impact of these reforms is slowly waning.
- Moreover, the country’s government has been taking initiatives to attract FDI’s in the manufacturing sector, to make India a manufacturing hub. The government is targeting an increase in the share of the manufacturing sector in GDP from 16% to 25%, by 2022.
- The production of limestone in the country has been increasing from the past four years. The production reached to 313.2 million metric tons with an increase of about 2% in the recent past.
- Karnataka is the leading state in the country, with almost 27% of total resources followed by Andhra Pradesh and Rajasthan with 12% each.
- Among these, Rajasthan produces around 21% of the limestone production in the country, followed by Madhya Pradesh and Andhra Pradesh, accounting for 11% each. The Construction Industry is the second largest sector in India followed by agriculture, contributing a significant amount to the national economy and providing employment to large number of people. Housing sector is projected to contribute around 11% to the India’s GDP by 2020.
- The country is likely to witness an investment of around USD 1.3 trillion in housing over the next seven years, where the country is likely to witness the construction of 60 million new homes. The availability of affordable housing is expected to rise around 70% by 2024, in India.

Competitive Landscape
The limestone market is partially fragmented. In terms of market share, few of the major players currently dominate the market. Key players in the limestone market includes Imerys, CARMEUSE, Mitsubishi Materials Corporation, American Elements, Graymont Limited, Lhoist Group among others.

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