The global Limestone market is expected to grow significantly at a CAGR of 6.02% during the forecast period, 2018-2023. The Asia-Pacific region is estimated to lead the market due to its rapid growth in the building & construction industries.
Increasing Infrastructure Activities, Globally
The major driver boosting this growth is the increasing demand for cement in the construction industry. With huge investments in infrastructure and construction, around the globe, fueled by the policies formulated by the governments of growing economies, there has been an increase in the demand for cement and construction. The emerging economies in the South East Asian countries have an increasing demand for infrastructure projects, which, in turn generates the demand for building & construction materials and services. The recovery of the European construction industry is also driving the demand for limestone.
There been halt in the growing demand, due to the stagnation of economies of its major players, like China, etc. The damages, caused by acid-rain, to buildings and statues, particularly to the ones made of limestone, has decreased its use in the residential sector.
Growing Paper Industry Fuels the Demand
The increasing demand for brighter and bulkier paper is the key driver for preferring limestone in the paper industry. Increasing demand for paper packaging and tissue products is expected to drive the market in the Asia-Pacific region. Europe is the second largest consumer of calcium carbonate (limestone) in the paper industry after Asia-Pacific. The demand is driven by the increasing production in the packaging sector and application of PCC in the manufacturing of graphic papers (newsprint, printing, and writing paper).
India is the Largest Importer
India is largest importer of limestone, with 48% market share, followed by Japan, South Korea, Germany, and Netherland. The demand for paper in India is expected to rise at a healthy rate by 2020, due to the packaging industry and the increasing number of schools. The increasing number of construction projects is expected to lead to a thriving building & construction industry in India. This is anticipated to contribute to around 10% to the GDP of India. Also with rising Indian pharmaceutical and food & beverage industries the consumption of calcium carbonate (limestone) in India is expected to increase.
Notable Developments in the Market
July 2017: Ambuja Cement purchased a limestone block in the Chandrapur district of Maharashtra, India. An estimated limestone resource of 42 Metric Ton was acquired.
July 2017: Synthomer plc, a UK-based chemicals company, announced that it would expand the NitrileLatex manufacturing capacity of limestone, at the Pasir Gudang plant, Malaysia.
The major players include -TARMAC, FELS-WERKE GMBH, CARMEUSE GROUP SA, ELLIOT STONE COMPANY, INC., SUMITOMO OSAKA CEMENT CO. LTD, and INDIANA LIMESTONE COMPANY, INC., amongst others
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