The global Limestone Market is estimated to be valued at US$ 856089.93 Mn in 2023 and is expected to exhibit a CAGR of 3.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Limestone is a sedimentary rock composed largely of the mineral calcite which is a form calcium carbonate (CaCO3). Limestone has several industrial uses including construction, agriculture, environmental applications among others. It is widely used as a construction material in road and house building in the form of crushed stone aggregates, powdered lime for cement manufacture and limestone slabs.
Market key trends:
Limestone aggregates represent one of the fastest growing segments in the limestone market. The increasing infrastructural development activities coupled with growth in construction industry globally is the prime factor driving the demand for limestone aggregates. Limestone aggregates find wide application in road base materials, asphaltic concrete, railroad ballast, Portland cement concrete and others. They help provide stability and support for structures. The resilient nature and cost effectiveness of limestone aggregates compared to alternate materials has further fueled their use in the construction industry. The growth in residential and commercial construction in developing regions of Asia and Africa is expected to boost consumption of limestone aggregates during the forecast period.
Segment Analysis
The global limestone market is dominated by the industrial limestone sub-segment. Industrial limestone accounts for over 70% of the total market share due to its widespread usage in several industries including construction, steel production, paper & pulp, environment, chemical, and agriculture. Limestone is a principal raw material for cement manufacturing which constitutes over 60% of industrial limestone consumption globally. The rapid growth of the construction industry across developing countries is driving the growth of industrial limestone.
Key Takeaways
The Global Limestone Market Size is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period, due to increasing usage in construction activities.
Regional analysis - Asia Pacific region dominates the global limestone market with over 35% share and is expected to grow at the fastest rate over the forecast period due to rapid urbanization and industrialization in developing nations such as India and China.
Market size - The limestone market is projected to reach US$ 856089.93 Mn by 2030 from US$ 705172.25 Mn in 2023, expanding at a CAGR of 3.5% during the forecast period.
Key players - Key players operating in the limestone market are AMR India Limited, Carmeuse, GLC Minerals LLC, Graymont Limited, Gujarat Mineral Development Corporation Ltd, Imerys, Kerford Limestone, LafargeHolcim, Lhoist Group, Minerals Technologies Inc., Okutama Kogyo Co. Ltd, Omya AG, RSMM Limited, Ryokolime Industry Co. Ltd (Mitsubishi Materials Corporation), SCHAEFER KALK GmbH & Co. KG, The National Lime & Stone Company, and United States Lime & Minerals Inc.
Read more: https://www.ukwebwire.com/limestone-market-insights-regional/
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