Lime Market Revenue to Cross USD 89.8 billion, Globally, By 2031 | Registering at a CAGR of 5.4% Says, TMR

Wilmington, Delaware, United States, June 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Global lime market stood at US$ 55.9 billion in 2020 and the global market is projected to reach US$ 89.8 billion in 2031. Global lime industry is anticipated to expand at a CAGR of 5.4% between 2023 and 2031.

Research and development on innovative applications and improvement in product quality offer lucrative opportunities to market players. Companies are now focusing on identifying new uses, optimizing production processes, and educating customers about the advantages of lime in construction and other industries.

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Market Snapshot:

Lime Market: Key Players

• Graymont announced plans to expand its Victoria, Australia, operations to deliver higher lime volumes with low emissions. The company confirmed that it is proceeding with planning and detailed engineering for a significant expansion and diversification of its operations in southeastern Australia, to meet the increased lime demand in the Victoria region and other burgeoning markets in eastern Australia.
• Mississippi Lime Company (MLC), an HBM Holdings company headquartered in St. Louis, acquired Singleton Birch, the leading independent supplier of lime products in the U.K. The acquisition is part of MLC’s strategy to drive growth, innovation, and sustainability through geographic expansion and new products and technologies that proactively address customers’ changing needs.

Limestone is primarily used to manufacture lime, where it is heated to form calcium oxide and carbon dioxide from calcium carbonate. Carbon Dioxide produced in the process is a greenhouse gas leading to numerous calamities and global warming that results in drastic consequences, as, this production process is highly energy-intensive, which increases the overall carbon footprint of the industry.

Hydrated products can change the acidity of industrial and mining wastewater and remove toxins such as phosphorus and nitrogen where its usage in water treatment has gained tremendous traction. Quicklime is utilized to treat chimney gas from industries, power plants, and waste incinerators due to which it absorbs and neutralizes SOx emissions and thus, prevents the occurrence of acid rains. Such factors where the product demand is projected to be driven by stringent environmental conservation obligations.

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Key Takeaways of Market Report

• Global lime market to generate absolute dollar opportunity worth US$ 89.8 billion until 2031
• The market from 2023 to 2031 is expected to grow at a CAGR of 5.4%
• Global lime market is currently valued at US$ 55.9 billion in 2022
• Global lime market stood at US$ 58.8 billion in 2023.
• From 2018 to 2022 a 4.9% CAGR was registered for the lime market
• North America is said to have a market share of 56.9%
• Asia Pacific market region is estimated to have a market share of 22.1%
  

Lime Market: Growth Drivers

• Demand for building and construction materials has increased in the past few years owing to the rise in population, industrialization, and urbanization. Governments of various developing countries are focusing on expanding infrastructure, which is fueling the building & construction industry.
• Surge in population and rise in urbanization have increased infrastructural activities not only in developing countries but also in several developed countries. 2019 data says that the global building industry has poured cement into building and construction projects which is the equivalent of 19,000 bathtubs solely for construction purposes.
• Primary resource that ensures the survival of all life on Earth is water although having access to water, sanitation, and hygiene is a fundamental human right, billions of people struggle daily to get even the most basic services.
• Humans are the primary cause of water pollution; more than 80% of the wastewater results from human activities dumped in rivers or the sea without any wastewater treatment, which leads to contamination.

Lime Market: Regional Landscape

• North America accounted for a significant share of the global market in 2022. Region's demand for lime is driven by various factors, including infrastructure development, construction projects, and agricultural practices.
• Lime is extensively used in construction materials, water treatment, soil amendment, and industrial applications. The U.S. and Canada are major contributors to the lime market in North America.
• Asia Pacific is experiencing rapid growth in lime consumption due to its expanding construction and infrastructure sectors. Countries such as China, India, and Japan are the major contributors to the lime market in the region. Increase in urbanization, industrial development, and agriculture practices are driving demand for lime-based products in Asia Pacific.
  

Lime Market: Segmentation

Product Type

• Quicklime
• Slaked Lime

End-use

• Chemical Intermediates
• Metallurgical
• Construction & Environment
• Agriculture
• Glass
• Paper & Pulp
• Others
  

Regions

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
  

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