Lime Market Size, Share, Growth Analysis, By Type(Quick Lime, Hydrated Lime), By Application(Agriculture, Building Material) - Industry Forecast 2024-2031

Report ID: SQMIG15A2259 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

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Lime Market size was valued at USD 67.35 billion in 2019 and is poised to grow from USD 72.31 billion in 2023 to USD 126.75 billion by 2031, growing at a CAGR of 7.3% in the forecast period (2024-2031).

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. 'Carmeuse', 'Graymont Limited', 'Lhoist Group', 'Mississippi Lime Company', 'United States Lime & Minerals, Inc.', 'Mineral Technologies Inc.', 'Nordkalk Corporation', 'Valley Minerals LLC', 'Cheney Lime & Cement Company', 'Linwood Mining & Minerals Corporation', 'Sigma Minerals Limited', 'Minerals Technologies Inc.', 'Calcinor S.A.', 'LafargeHolcim Ltd', 'Omya AG', 'Imerys S.A.', 'Sibelco Group', 'Cimprogetti S.p.A.', 'EuroChem Group AG', 'Mississippi Lime Company (MLC)'

Steel Industry Expansion to Drive Market Growth: Steel is primarily made with the help of lime. Without the use of this metal, the steel industry is unimaginable, claims Calcinor. The product is used in AOD converters, electric arc furnaces, and refining ladles. This product has many uses in the steel industry. For example, the use of finely ground product along with limestone to transform ore into pig iron in a blast furnace. It is used as a fluxing agent in electric arc furnaces and elementary oxygen furnaces are the main drivers behind the industry's significant importance accorded to it. Additionally, it aids in cleaning up impurities like silica, phosphorus, and Sulphur from the making of steel process. Additionally, it is used to lengthen the refractory life in the furnaces. Hence, this is likely to create a wide scope for the growth of the Lime Market in the upcoming years.

Growing demand from the manufacturing and chemical industries drive the growth. With its use extending in a wide range of industrial applications, lime has shown to be a versatile chemical. Its principal use is in the metallurgical sector, but it is also in high demand from the manufacturing and chemical sectors. The product is used in the chemical industry to produce a number of important compounds, including calcium carbide, sodium alkali, propylene glycol, and cyanamide. It is crucial to the production of goods like citric acid, magnesia, and calcium magnesium acetate. In addition, it is employed in the production of glycerin, citrates, stearates, caseinates, phenolates, and nitrates. The product is in high demand from the paper, sugar, and refractory industries in the manufacturing sector.

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.

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Global Lime Market

Product ID: SQMIG15A2259