Limestone is a sedimentary rock that contains high levels of calcium carbonate. It is a key ingredient in the production of cement, concrete, mortar and other construction materials for buildings and infrastructure. The major advantages of limestone include its abundance in nature, high compressive strength and affordability. The global construction industry's increasing shift towards sustainable construction practices is driving the demand for limestone as a substitute for energy-intensive Portland cement.
The global Limestone Market is estimated to be valued at US$ 856089.93 Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing development of eco-friendly construction materials is the major trend driving the growth of the global limestone market. Limestone is being widely used as an alternative to Portland cement as it releases less carbon emissions during production and curing of concrete. Moreover, limestone acts as a mineral carbonation agent, whereby it absorbs carbon dioxide during the solidification of concrete. This makes structures made with limestone-based materials carbon negative. Many developers and construction firms are focusing on using limestone-based concrete, mortars and other materials to reduce the environmental impact of building infrastructure and meet sustainability targets. The rising consumer preference for green buildings is expected to boost the demand for limestone over the forecast period.
Segment Analysis
The global limestone market is segmented into crushed limestone and calcined limestone. The crushed limestone segment accounts for over 70% share of the global market and is expected to remain dominant during the forecast period. Crushed limestone finds wide range of applications as a construction material in buildings, roads, and infrastructure projects. It is a major constituent in cement, concrete, and plaster. Growing constructions activities especially in emerging economies of Asia Pacific are driving the demand for crushed limestone.
Key Takeaways
The Global Limestone Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Rapid urbanization and increasing investments in construction and infrastructure development projects are driving the demand for limestone globally.
Regional analysis: Asia Pacific region dominates the global limestone market and is estimated to maintain its leading position during the forecast period as well. China, India, Indonesia, and Vietnam account for over 60% of the global demand for limestone owing to huge population and fast pace of industrialization and urbanization. The region is witnessing massive investments in public infrastructure such as roads, highways, rail projects, and housing which require large quantity of cement and concrete for construction. This is positively influencing the limestone market in Asia Pacific.
Key players: Key players operating in the limestone market include ADLINK Technology Inc., Ahrma Group, Ambrosus, Chainvu, Ennomotive, Lightning Technologies LLC., LogTrade, Metiora, NFC Group, RM2., TronicsZone, and others. These players are focusing on expansion of production capacity and geographical footprint to cater to the growing demand for limestone. Strategic collaboration with end-use industries is another area companies are targeting for growth.
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