by Limestone is in trends by increasing construction activities globally. Limestone has various industrial applications ranging from construction materials, agricultural products to food additives. As a key construction material, limestone is used to produce cement, mortar and concrete. It is also widely utilized in road construction, sewerage works and production of lime for several purposes. The rising global construction activities particularly in developing nations of Asia and Africa has augmented the demand for limestone substantially.
The Global Limestone Market size is estimated to be valued at US$ 986.6 Bn in 2024 and is expected to exhibit a CAGR of 7.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Limestone are Merck KGaA, Thermo Fisher Scientific Inc., Avantor, Inc., Lonza Group Ltd., Bio-Rad Laboratories, Inc., Sartorius AG, Corning Inc., Becton, Dickinson and Company, GE Healthcare, Promega Corporation. Key players like Merck KGaA and Thermo Fisher Scientific are focusing on expanding their production units in Asia to cater to the growing demand from construction and industrial sectors.
The rising infrastructure development and construction of new residential and commercial buildings particularly in Asia Pacific and Middle East is fueling the demand for limestone substantially. According to estimates, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030. This rising construction activities will certainly augment the need for limestone.
The key players in the limestone market are focusing on global expansion by establishing manufacturing facilities in fast developing markets. For instance, Merck has expanded its production presence in China to leverage the opportunities arising from increasing construction activities. Avantor has also enhanced its capacity in India and Brazil to cater regional demand. This global expansion aims to cater the growing material need of surging industries across the globe.
Market Key Trends
One of the key trends gaining traction in the limestone market is the use of limestone powder in 3D printing applications. Limestone powder provides several advantages for 3D printing like strength, porosity control and offers an economical option compared to other materials. Several research are ongoing to utilize limestone powder mixed with binders for 3D printing components used in construction industries like facades, tiles, cement blocks etc. This emerging application of limestone powder in 3D printing presents significant growth opportunities for market players in coming years.
Porter’s Analysis
Threat of new entrants: New players find it difficult to enter due to high initial investments and market being dominated by few established players.
Bargaining power of buyers: Buyers have low bargaining power due to undifferentiated nature of product and availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and suppliers being concentrated in few regions.
Threat of new substitutes: Substitutes offer alternative solutions but switching costs remain high.
Competitive rivalry: Intense competition exists between established players to gain higher market share.
Limestone Market Regional Analysis as Geographical regions The limestone market in terms of value is highly concentrated in Asia Pacific region mainly due to high demand from construction and cement industries in China and India. These countries account for over 60% of global limestone consumption.
The fastest growing region for the limestone market is expected to be Latin America. Countries like Brazil, Mexico are witnessing rapid infrastructure growth which is increasing limestone demand in construction, cement and metallurgy sectors. The regional market is projected to grow at a CAGR of over 8% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
