Transparency Market Research (TMR) observes that the competition in the global lime market is quite fragmented due to the strong presence of several manufacturers. Some of the leading players in the global market are Carmeuse, Graymont, Lhoist , and Mississippi Lime. These companies will focus on mergers and acquisitions to expand their businesses in the developing regions as the demand in emerging economies continues to be on the rise. However, players face a major threat of forward integration by raw material suppliers across the value chain.
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Asia Pacific to Account for Majority Share in Global Lime Market by 2024
According to the research report, the global lime market was valued at US$44.84 bn in 2015 and is expected to be worth US$76.48 bn by the end of 2024. During the forecast period of 2016 and 2024, the global market is expected to surge at a CAGR of 6.2%. Amongst the end users, the metallurgical segment is likely to grow at a fast pace over the forecast period. Analysts expect that this end-user segment will soar at a CAGR of 5.3% between 2016 and 2024. From a geographic point of view, Asia Pacific is expected to dominate the global market in the coming years. By the end of 2024, the Asia Pacific lime market is expected to account for 74.0% share in the overall market.
Increasing Construction Activities Bolster Growth of Global Lime Market
The global consumption of lime has grown over the years and is expected to rise at steady pace due to increasing urbanization in both developed and developing regions. Rapid shift of population from rural areas to city areas has created a massive demand for housing and cleaner water sources. Both of these factors have had a positive influence on the progress of the global lime market. Lime is essentially for construction purposes for the production of non-ferrous metals, iron, and steel as well as for waste water treatments. Analysts state that the consumption of lime for construction uses is slated to account for more than 20% by the end of 2024. The demand for slaked lime, a type of lime, is expected to witness spike in demand in small-scale water treatment plants as it offers artificial alkalinity.
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Lime is extensively used as chemical feedstock in engineering and building materials for achieving the right pH levels of soils in addition to other uses. Thus, the increasing production of chemicals such as calcium carbide, sodium alkali, citric acid, cyanimide, petrochemicals, and magnesia is expected to up the consumption of lime in the near future.
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Rising Levels of Air Pollution Deter Market Growth
On the flip side, the global lime market is likely to be challenged by the soaring levels of air pollution. Burning of limestone for producing quick lime leads to harmful emissions that contain sulfur dioxide, nitrogen oxide, and carbon dioxide. These toxic fumes not only impact human but also have a hazardous effect on plants and animals. The other factor acting as an impediment in the global market is the availability of alternative materials such as magnesium hydroxide, calcined gypsum, and limestone.