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High-Purity Limestone Market - Forecast(2023 - 2028)
High-Purity Limestone Market Overview
High-Purity Limestone market size is forecast to reach US$1.1
billion by 2027 after growing at a CAGR of 4.1% during 2022-2027. High purity
limestone is defined as a carbonate rock with a calcium carbonate content of
more than 97 percent (CaCO3, usually as calcite). Lime is a calcium-containing
inorganic mineral that is primarily composed of oxides and hydroxides, most
commonly calcium oxide and/or calcium hydroxide. The increasing age of road and
bridge fabrics, increased investment in upgrading existing commercial
buildings, and the growing need to replace federal waterway physical structures
are expected to create lucrative opportunities for the high-purity limestone
market. In addition, increased government support for the construction of new
water and wastewater plant will encourage the use of high-purity calcarenite limestone.
Furthermore, it is projected that the bolstering metallurgy, food &
beverage, and pharmaceutical industry will also contribute towards the market
growth during the forecast period.
COVID-19 Impact
The construction industry was one of the hardest hit by COVID-19, as
it had already been dealing with a liquidity crisis for more than a year as the
financial sector's non-banking financial institutions collapsed. Several
projects were left unfinished during the pandemic as a result of a lack of
funding. During the pandemic, construction output was significantly reduced as
a result of these factors. For instance, as per the Office for National
Statistics, the construction industry in the United Kingdom was 11.6 percent
lower in July 2020 than it was in February 2020. In August 2020, the level of
construction activity in the United Kingdom was 10.8% lower than in February
2020. Furthermore, manufacturers were stranded on raw material orders as a
result of the COVID-19 area's lockdown, which had a significant impact on the
logistics industry. Due to this decline in construction activities, there was a
decrease in demand for cement, glass, mortars, which significantly reduced the
reduced the demand for high-purity limestone. Thus, during the pandemic, the
market for high-purity limestone was limited.
Report Coverage
The report: “High-Purity
Limestone Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth
analysis of the following segments of the High-Purity Limestone industry.
By Product Type: Calcined, Crushed, and Ground
By Application: Animal Feeds, Fertilizers,
Toothpaste, Floor Tiles, Cement, Paint, Plastics, Rubber, Sugar, Baking Powder,
Food Additive, Glass, Carpet, Antacid, and Others
By End-Use Industry: Building and Construction [Residential (Private Dwellings, Apartments,
Row Houses, and Others), Commercial (Airports, Hotels, Shopping Malls &
Supermarkets, Healthcare Facilities, Education Institutes, and Others),
Industrials, and infrastructural], Metallurgical, Paper & Pulp, Chemical,
Water and Wastewater, Mining, Food & Beverages, Pharmaceutical,
Agriculture, Textile, Cosmetic, and Others
By
Geography: North America (USA, Canada, and Mexico),
Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and
Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and
New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America
(Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the
World (Middle East, and Africa)
Key Takeaways
- North America dominates the high-purity limestone market. Increasing building and construction activities coupled with increasing cement production in North America is fueling the market growth in the region.
- With the rising migration of people towards urban areas, there is a strong need to build a greater number of residential houses, which will have a positive impact on the cement industry and thereby accelerate the demand for the high-purity limestone market during the forecast period.
- Limestone-related products are used in the metallurgical industry to remove impurities when metals are refined from their ores. Over the forecast period, the region's market is expected to be driven by the widespread use of metals such as steel and aluminum in industries such as construction, automotive, energy, transportation, and packaging.
- During the forecast period, the
presence of small mining companies in developing countries, a lack of
regulatory norms, and fewer infrastructures will act as a restraint, further
challenging the growth of the high-purity limestone market.
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High-Purity Limestone Market Segment Analysis – By Application
The cement segment held a significant share in the high-purity limestone
market in 2021 and is forecasted to grow at a CAGR of 3.8% during 2022-2027. It
is used to make cement by combining powdered limestone with clay. Cement is a
key component of mortar and concrete, both of which are used in construction.
The demand for cement is increasing as a result of an increase in the number of
road projects, new manufacturing plants, and the construction of large
corporate offices. Furthermore, increased government investments in the
development of projects involving public transportation, as well as green and
social infrastructure, are driving up cement demand. Cement production in
India, for example, reached 329 million tonnes (MT) in FY20 and is expected to
reach 381 MT by FY22, according to the India Brand Equity Foundation (IBEF). In
India, however, consumption was 327 MT in FY20 and is expected to rise to 379
MT by FY22. This increasing production and consumption pattern of cement, in
turn, is stimulating the growth of the market.
High-Purity Limestone Market Segment Analysis – By End-Use Industry
The building and construction segment held the largest share in the high-purity
limestone market in 2021 and is forecasted to grow at a CAGR of 6.3% during
2022-2027, as high-purity limestone is most commonly used for this purpose.
After quarrying, the limestone is sliced into predetermined slabs or blocks.
Sculptures, tiles, pyramids, and even stair treads can be made out of these
slabs and blocks. Furthermore, high-purity limestone is frequently used in
glass, mortars, and cement, which are widely used in residential, commercial,
and industrial structures. According to the Australian Bureau of Statistics,
private sector houses rose 15.1 percent monthly and 57.5 percent annually in
February 2021, in seasonally adjusted terms (ABS). According to the Vietnam
Ministry of Construction, the average house floor area per person in Vietnam
will be 27 square meters by 2025, with 28 square meters in urban areas and 26
square meters in rural areas. As a result, the expanding building and
construction sector is expected to boost demand for limestone, propelling the market
growth.
High-Purity Limestone Market Segment Analysis – By Geography
North America region held the largest share in the high-purity limestone market in 2021 up to 38%, owing to spiraling demand for high-purity limestone from the building and construction industry in the region. According to the US Census Bureau, In December 2021, construction expenditure was estimated at US$1,639.9 billion, up 0.2 percent (0.8 percent) from November's revised estimate of US$1,636.5 billion. The December figure is US$1,504.2 billion, up 9.0 percent (1.0 percent) from the December 2020 forecast. Spending on construction in 2021 was US$1,589.0 billion, up 8.2% (0.8%) from US$1,469.2 billion in 2020. According to the US Geological Survey, portland cement production in the United States increased by 2.5 percent to reach 86 million tonnes in 2019, while masonry cement production remained stable at 2.4 million tonnes. Furthermore, the increasing cement production is also aiding towards market growth. Thus, the increasing building and construction activity coupled with the increasing cement production in North America is the major factor boosting the market growth during the year 2021 and over the forecast period.
High-Purity Limestone Market Drivers
Construction of New Commercial and Industrial Buildings
Increasing Water Treatment Projects
The pH of water is commonly adjusted with high-purity limestone to
prepare it for further treatment. High-purity limestone is also used to combat
"red water" by neutralizing the acid water and preventing acid-water
corrosion of pipes and mains. The number of water treatment projects is
increasing. The North Shore Wastewater Treatment Plant, for example, is
currently under construction and is expected to be completed and fully
operational in 2024. The Emirates Water and Electricity Company (EWEC) plans to
invest heavily in RO desalination capacity in Amy 2021. To meet a large portion
of its ambitious sustainability plans, the plans call for a new capacity
capable of producing 170 million gallons per day (772,820 m3/day) of drinking
water. The majority of the new RO facilities will be built in Abu Dhabi and
neighboring emirates over the next few years. As the number of water treatment
projects rises, so will the demand for high-purity limestone, which will
undoubtedly propel the market forward during the forecast period.
High-Purity Limestone Market Challenges
Environmental and Regulatory Norms Restriction Faced by High-Purity Limestone
High-Purity Limestone Industry Outlook
Technology launches,
acquisitions, and R&D activities are key strategies adopted by players in
the high-purity limestone market. High-purity limestone market top 10 companies include:
- Tarmac
- Lhoist Group
- Schaefer Kalk Gmbh & Co.
- Elliott Stone Company Inc.
- Graymont Limited
- Indiana Limestone Company
- Atlantic Minerals
- Sumitomo Osaka Cement Co. Ltd.
- The United States Lime &
Minerals Inc.
- Minerals Technologies Inc.
Recent Developments
- In April 2021, Minerals Technologies Inc. and Zhumadianshi Baiyun
Paper Co. Ltd. have contracted to establish a 50,000 metric tonne per year
satellite precipitated calcium carbonate plant at their paper mill in Suiping
County, Zhumadian City.
- In June 2020, Minerals Technologies Inc. signed an agreement with
Phoenix Paper LLC to reopen a 35,000 metric tonne per year satellite
precipitated calcium carbonate (PCC) plant at its Wickliffe, Kentucky, paper
mill.
Relevant Reports
High-Calcium Limestone Market – Forecast (2022 - 2027)
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