The global lime market’s competitive landscape is substantially fragmented as a result several key market players. Most of the companies who put more emphasis on boosting their businesses are experiencing substantial development. Such competition is expected to stoke the demand of products in this market. Some of the major leading players in this industry are: Graymont, Lhoist, Carmeuse, Mississippi Lime, Cornish Lime, Sigma Minerals Ltd., Valley Minerals LLC, Linwood Mining & Minerals Corporation, and many others.
According to a research report published by TMR, the global lime market had a value of US$44.84 bn in 2015, which is expected to rise to US$76.48 bn by 2024. This rise in market value is predicted to occur at a CAGR of 6.2% between the 2016-2024 forecast period.
Quick Lime and Slaked Lime to Maintain their Leading Positions
The global lime market is mainly segmented on the basis of product type, end use, and region. Based on product type, quick lime is a prime segment in the market with more than 65% of the total revenue contribution. As this segment is a major component of the metallurgical industry, it is expected to maintain its leading position in the future. Apart from quick lime, a rise in demand for slaked lime required for construction processes as well as for environmental protection based scenarios has been detected. This is responsible for the slaked lime segment to also hold a significant standing amongst other segments. From a geographical perspective, the global lime market is spread across North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. Of all these regions, the Asia Pacific lime market is expected to make giant strides in context of revenue generated at least until 2024.
Rapid Urbanization and Industrialization Lead to Market Growth
As the consumption of lime has increased over last few years, the global lime market is expected to witness a steady upsurge. The reasons for this involve rapid urbanization in developed as well as emerging economies. In the last few decades, there has been a tremendous migration of people from rural to urban areas, which caused a significant rise in demand for housing spaces. As lime is a prime element required for construction of housing spaces, rapid urbanization as well as migration factors, which lead to rise in construction scenarios, are prime drivers of the global lime market. Lime is also is a key component for waste water treatment processes, and used for extraction of several metals as well as non-metals. In this way, rapid industrialization as well as improved water treatment processes are two prime reasons for causing an upsurge in the market. Lime is largely used in chemical feedstock for the production of engineering and building materials. The chemical industry is slated to experience a wide growth in the near future, thus proving to be a catalyst for the global lime market too.
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Air Pollution as a Prominent Hindrance to the Market’s Rise
Considering hindrances, the global lime market could possibly be hampered by ever increasing pollution levels. This is due to the harmful byproducts released after burning limestone and other lime-based sources for making quick lime. These emissions may contain nitrogen oxide, sulfur dioxide, and carbon dioxide, which are highly harmful to the environment. These elements can also be hazardous to plants as well as animals including humans. However, there are numerous international rules and regulations which are expected to take effect properly in the next few years, which can stabilize the consumption of sources that give out quick lime, and thus stabilizing the market.
This review is based on Transparency Market Research’s report, titled “Lime Market (Type – Quick Lime and Slaked Lime; End Use – Chemical Intermediates, Metallurgical, Construction, and Environmental, Agriculture, Glass, and Paper and Pulp) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.
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