Limestone is a sedimentary rock composed primarily of calcium carbonate in the form of calcite or aragonite. It is used primarily as building material, as aggregate in concrete and for the manufacture of cement. Other important uses of limestone include its use in iron and steel production, paper production and soil treatment.
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.
The global limestone Market is driven by growing demand from the construction industry. Construction industry uses limestone as an essential component in cement, concrete and mortar production. Growth in infrastructure development projects such as roads, buildings, bridges is fueling demand for cement, concrete and other building materials driving the limestone market. The report states that residential and non-residential construction spending is expected to increase significantly over the next few years especially in Asia Pacific countries such as China and India which is expected to drive the demand for limestone over the forecast period.
Growth in infrastructure projects- Governments across the globe are increasing investments in infrastructure projects such as roads, bridges, railways, ports etc. to boost economic growth. This is fueling the demand for cement and concrete which in turn is driving the limestone market.
Growth in building construction activities- Rising income levels and rapid urbanization are driving building construction activities across both residential and non-residential sectors. Limestone finds key application in cement and concrete used widely in construction activities. Growing construction output is expected to augment the limestone market over the forecast period.
The global limestone market is segmented based on type into high-calcium limestone, dolomitic limestone, and magnesian limestone. High-calcium limestone dominates the market and accounts for over 60% share owing to its widespread applications in steel, paper & pulp, chemical, and mining industries where it is used in sinter plants, blast furnaces, and cement kilns. It possesses high calcium levels between 35-40% that make it ideal for various metallurgical and chemical applications.
Political: Most limestone producing regions have regulations in place regarding mining and quarrying of limestone such as obtaining requisite licenses and permits, ensuring environment compliance, and mining royalties. Changes in mining laws and policies could impact the supply and production volumes.
Economic: The key drivers of limestone market growth include increasing construction activities, infrastructure development, and growing demand from metallurgy and chemical industries. A slowing economy impacts demand from end-use industries and dampens market growth prospects.
Social: Strict parameters regarding dust emissions, noise pollution, and mining rehabilitation are set to minimize negative impacts on local communities and environment near mining sites. social license to operate limestone quarries is important.
Technological: Technological advancements have improved efficiency of mining and quarrying processes through automation, advanced excavation and hauling equipment, resource optimization techniques and green mining initiatives. This helps lower production costs and environmental footprint.
The Global Limestone Market Growth is expected to witness steady over the forecast period backed by robust demand from construction, steel, metallurgy, paper and chemical industries. Asia Pacific region currently dominates the global limestone market and is expected to maintain its leading position throughout the forecast period supported by strong manufacturing sector output in China, India, and ASEAN countries. India and China account for over 40% of global consumption and major limestone producers include AMR India Limited, Gujarat Mineral Development Corporation Ltd, and RSMM Limited based in India.
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. Limestone reserves in Asia Pacific region especially India and China provide competitive advantage to regional players to cater growing domestic demand.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it