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The global calcium carbonate market size is expected to reach USD 68.4 billion by 2030 and register a CAGR of 5.4% from 2022 to 2030. The calcium carbonate compound is naturally found in rocks and minerals, some of which include chalk, limestone, marble, aragonite, and calcite. It is used in its pure form or its naturally occurring state. It is predominantly used as a whitening agent, mineral filler, and alkalizing agent. The market demand is projected to rise owing to its widespread application in plastic and paper end-use industries.
The unprecedented onset of COVID-19 scaled the use of paper for the packaging and production of tissue papers. However, the COVID-19 outbreak also resulted in the temporary shutdown of numerous manufacturing sectors and resulted in a slight slump in the market growth in 2020. It was hampered by a slowdown in raw material production, supply chain instability, trade movement disruptions, and a decline in construction, paint, and coating activities. The demand for calcium carbonate is tied directly to industries that were witnessing business uncertainty amid the pandemic, including automotive, plastics, and building and construction.
Despite the dip in market growth amid the coronavirus outbreak, the demand for calcium carbonate in the paper industry remained significant. As per a 2020 report published by the American Forest & Paper Association, the paper and wood products industry in the U.S. recorded huge tissue production activities in February and March 2020. In March, the paper mills manufactured around 700 kilotons of tissue. Factors like increased hygiene concerns and persistent lockdowns resulted in panic buying and hoarding of sanitary and other cleaning products, thereby boosting the market growth.
The situation of market players remained volatile during the pandemic. For instance, LafargeHolcim, an established player, reported a 14% fall in profits during Q1 of 2020 due to the closure of construction sites. The company mines limestone and uses it to produce calcium carbonate and manufacture cement. LafargeHolcim had to temporarily halt its mining activities in March 2020 in certain areas of India; however, eventually, the operations were resumed after a couple of months as the government with the administration of social distancing norms and necessary hygiene conditions permitted mining activities. Similarly, several other market players have been impelled to adopt improved work regulations to combat the spread of COVID-19.
Research Support Specialist, USA