Limestone Market Analysis Report By End-use, By Region And Segment Forecasts From 2020 To 2027

Industry Insights

The global limestone market size was worth USD 73.02 billion in terms of revenue in 2019. It is projected to witness a 4.4% CAGR over the forecasted period, 2020 to 2027. The surging number of infrastructure development activities for enhancing the growth of business activities is anticipated to drive the market growth for limestone across the globe.

The U.S. is one of the major consumers and producers of limestone. Also, more number limestone quarries make the U.S. low import reliant and self-sufficient. Moreover, the rising usage of limestone across construction and steel production industries in urban cities across New York, California, and North Carolina is expected to trigger market demand in the upcoming years.

For example, the construction of the residential community across Durham, North Carolina that began in July 2020 is projected to reopen in 2021 upon completion of 403 units in 4-story seven buildings. Such advances across the infrastructure development sector are projected to generate demand for limestone.

End-use Insights

In 2019, the building and construction end-use segment accounted for the largest share of more than 80.0% across the global limestone market. The adoption of limestone for enhancing the strength and beauty of several infrastructures is anticipated to drive the market growth for this segment. Also, its availability in a wide range of finishes and colors such as pink, red, brown, black, white, and cream is increasing its demand across the globe.

In 2019, the segment of iron and steel also accounted for a substantial share in the global market. This can be attributed to its usage in the manufacturing and refining of steel across the refineries. Also, the need for safeguarding the refractory lining of convertors and furnaces is expected to propel the demand for limestone across the globe. 

Regional Insights

The Asia Pacific accounted for the largest market share around 53.0% across the global market in 2019. This can be attributed to its fact of being the largest producer of steel across the globe. Also, the surging growth of the infrastructure industry across this region is expected to augment the demand for limestone in the upcoming years.

North America is expected to witness a CAGR of 3.1% from 2020 to 2027. This can be attributed to its fact of being the largest animal feed producer across the globe. Also, the rising number of construction activities across the U.S. and Canada are expected to propel market growth. Europe also accounted for a significant share across the global market in 2019 due to surging crude oil production.

COVID-19 Impact Insights

The global limestone market is impacted on account of the worldwide COVID-19 outbreak. Stagnancy across the steel and infrastructure sector has reduced the demand for limestone. Lockdown and travel restrictions have led to a shortage in the availability of skilled laborers. As the Asia Pacific accounts for a significant share across the global market, hindrance in the supply chain has impacted the supply and demand of limestone. Moreover, arising economic instability and surging unemployment are expected to hinder market growth over the post-pandemic period.

Limestone Market Share Insights

The global market includes key players such as CARMEUSE, Imerys, Mineral Technologies Inc., Mississippi Lime Company, Lhoist, LafargeHolcim, CEMEX S.A.B. de C.V, and GCCP Resources Limited. They are continuously developing advanced products for widening their product portfolio and geographical reach.

Strategies such as competitive pricing, technological advances, and marketing strategies are being implemented by these products to gain a competitive edge over other players. The market is witnessing extreme competitiveness due to the presence of well-established players.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends from 2016 to 2027 in each of the sub-segments. For the purpose of this study, Million Insights has segmented the global limestone market on the basis of end-use and region:

• End-use Outlook (Volume, Million Tons; Revenue, USD Million, 2016 - 2027)
    • Building & Construction
    • Iron & Steel
    • Agricultural
    • Chemicals
    • Others

• Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2016 - 2027)
    • North America
        • The U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • France
        • The U.K.
    • The Asia Pacific
        • China
        • Japan
        • India
        • Indonesia
        • Bangladesh
        • South Korea
    • Central & South America
        • Brazil
    • Middle East & Africa