SAN FRANCISCO, Sept. 16, 2020 /PRNewswire/ -- The global limestone market size is anticipated to reach USD 102.7 billion by2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.4% from 2020 to2027. 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:
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.