USD 67.35 billion
Report ID: SQMIG15A2259 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 64 | Figures: 75
Lime Market size was valued at USD 67.35 billion in 2021 and is poised to grow from USD 72.31 billion in 2022 to USD 126.75 billion by 2030, growing at a CAGR of 7.3% in the forecast period (2023-2030).
One of the most common compounds used worldwide is lime. It is an inorganic mineral made up of oxide and hydroxide compounds that contains calcium. In the calcination process, which transforms basic raw materials like limestone and chalks into highly caustic calcium oxide or quicklime and releases carbon dioxide, temperatures above 8000C are applied to the materials. The product is used extensively as a building and engineering resource, as a chemical feedstock, and for the refinement of sugar crystals. Further, Citric acid, lime oil, lime juice, and other products that are used in domestic foods and duties all have lime as an ingredient. Because of this, there will be greater demand for lime. As a result, the Lime Market will be significantly influenced by the growing interest in lime's health advantages and cleaning applications.
Lime is used across a broad range of industries for a variety of applications such as agriculture, building material, mining & metallurgy, water treatment, and others. The National Lime Association claims that the production of steel is the product's main use. By promoting the development of slag, it acts as a flux promoter and separates impurities like silica and phosphorus. Additionally, it is added to electric arc furnaces and basic oxygen furnaces. Due to its ability to trap pollutants like lead and SOx emissions, the product is increasingly being used to treat wastewater and flue gases. Due to stricter pollution control measures in nations like the US, China, and India. Hence, the rising application of lime products is predicted to gain tremendous scope during the forecasted period.
US Lime Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 67.35 billion
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The Global Lime Market is segmented based on Type, Application, and Region. Based on the Type, the market is segmented into quick and hydrated lime. Based on the Application, the Lime Market is segmented into agriculture, building material, mining & metallurgy, water treatment, and others. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Lime Market Analysis by Type
The Lime Market is divided into two types of lime: quick lime and hydrated lime. Due to the significant demand from the steel manufacturing industry, quick lime had the lion's share in the global lime market. The separation of impurities in the form of slag is aided by the use of such products in the manufacture of metals. Steel becomes less brittle as a result, and metal performs better. Hydrated ones are mostly used in waste incinerators, glass & cement factories, and coal fire plants' flue gas treatment or desulphurization processes. The particles released following combustion, such as HCl, SOx, and NOx emissions, are filtered or catalyzed. Due to its low cost and extremely low toxicity, it is also used as a flocculant in water and sewage treatment. This will probably benefit the growth of the segment.
Lime Market Analysis by Application
The Lime Market is divided into agricultural, building materials, mining & metallurgy, water treatment, and others. The steel industry is the major consumer of calcium hydroxide, consuming more than 35% of the material produced globally, according to the European Lime Association. It is used to produce alumina and magnesia for the production of aluminum and magnesium, as well as to beneficiate copper ore. By lowering contaminants in the slag, calcium hydroxide is crucial for the extraction of uranium and the recovery of gold and silver from its ores. Additionally, it is used to make the soil more stable over mines in order to lessen the influence of vibrations, strengthening the mining and metallurgy sector.
The product is utilized in mortar and plaster in the building sector because of its high flexibility, workability, and adhesive qualities. The use of calcium hydroxide in masonry improves the ability of walls to support their weight. Thus, the utilization of the product for building material applications will be driven by the expanding construction sector. Additionally, the product is used to treat wastewater from mines and industries. The requirement for the product is anticipated to increase for water treatment applications during the projected period as pollution control policies are stricter in nations like the US, China, and India.
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During the projected period, the Lime Market is anticipated to be dominated by the Asia Pacific region. China, where there is a very high concentration of industries, is credited for dominating the region. It is the top producer of several metal goods, including steel, aluminum, and gold. The focus on infrastructure development in the region by India and other Southeast Asian nations will also play a significant role in the market's rapid expansion. In the upcoming years, the Lime Market in North America is expected to grow, attributing to the country’s major focus of its development strategy on infrastructure development.
The US government's Mineral Commodity surveys indicate that approximately 28 businesses were active in North America in 2019 and produced about 18 million tonnes of goods there. According to the European Industry Association, the production volume in Europe is around two times that of North America, with Russia leading the production with 11 million tonnes in 2019. The expansion of the steel industry and the booming automobile sector are both contributing factors to the region's growth. The region's paper and plastic sectors have also increased their demand for the treatment of flue gases and wastewater. For Lime Market participants, this creates a tremendous chance for growth.
Calcium hydroxide use is expected to increase across the Middle East and Africa due to its use in the petrochemical industry. Many organic compounds, including stearates and phenolates, are produced using it. As a result, the market has grown significantly in the region. High demand from the African mining sector has also been a major factor in the market's expansion. The key driver of the Lime Market expansion in the region will be the region's developing steel and construction industries.
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Lime Market Driver
Lime Market Restraint
Symptoms of mild carbon dioxide exposure include tiredness, headaches, and nausea. Additionally, prolonged exposure can cause respiratory problems, confusion, increased arrhythmia, high blood pressure, and possibly asphyxia death. Such negative impacts on the health of people and the environment have prompted many customers to look for alternative calcium hydroxide solutions.
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To maintain their market position, Lime Market players concentrate on acquisition and expansion strategies. Market-leading companies employ acquisition and expansion as crucial competitive strategies to hold onto their positions. One of the most well-known companies active in the Lime Market is Mississippi Lime Company. For the chemical production, construction, and other end-use industries, the company provides high-calcium compounds and technical solutions. The business operates more than nine manufacturing facilities, six exclusive distribution centers, and five MLD trucking facilities. It has increased its production capacity to suit the customer's need for innovative, premium hydrated lime.
Lime Market Top Player's Company Profiles
Lime Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the use of lime in the steel industry is a major driver as it is used in AOD converters, electric arc furnaces, refining ladles, used with limestone to transform ore into pig iron in a blast furnace, as a fluxing agent in electric arc furnaces and elementary oxygen furnaces, etc. Moreover, the environmental laws are also helping this Lime Market to grow as the hydrated product (lime) can reduce the acidity and eliminate pollutants like phosphorus and nitrogen from mining and industrial effluent and therefore finds its use in processes like purification and pre-treatments.
|Market size value in 2021||USD 67.35 billion|
|Market size value in 2030||USD 126.75 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Lime Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lime Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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