Limestone Market Size, Share & Trends Report

Limestone Market Size, Share & Trends Analysis Report By End-use (Building & Construction, Iron & Steel, Agriculture, Chemical), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-021-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 101

Report Overview

The global limestone market size was valued at USD 73.02 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2020 to 2027. Increasing infrastructural developments across the world are anticipated to increase the demand for limestone during the coming years. Demand for limestone was expected to flourish across the end-use industries at a high growth rate until the introduction of COVID-19 in 2020, which disrupted the entire global economy. As a result, the market will decline in 2020 and the growth shall remain sluggish in the coming years. The economies worldwide are striving to resume their manufacturing operations and other activities at a slow pace by abiding by the strict safety protocols, which is expected to positively influence the demand for limestone in the near future. The U.S. is a prominent country in terms of limestone consumption and production and was the largest market in the North America region in 2019. The consumption in the country is attributed to the widespread application of limestone in construction activities and iron and steel production.

The U.S. limestone market size

The U.S. is known for the widespread presence of limestone quarries, which makes it self-sufficient and less import reliant. Construction, a key end-use segment of the limestone market, has resumed its activities in the U.S., which is further boosting demand for limestone in the country. For instance, in July 2020, construction for a new luxury residential community began in Durham, North Carolina. The residential community is expected to open in the second half of 2021 and upon completion shall include 403 units across seven 4-story buildings.

The U.S. is also one of the leading steel producers in the world, ranking 4th in the world past five consecutive years. This sector too was impacted by the covid-19 pandemic, however, the country managed to give a certain output. According to the American Iron and Steel Institute, the capability for raw steel production in the second quarter of 2020 is approximately 29.1 million tons compared to 30.3 million tons for the same period in 2019.

Iron and steel is a key end-use of limestone and its manufacturing has been considered under essential services in many countries. Although the production of iron and steel has declined in the first half of 2020, it shall soon gain its pace, thereby propelling limestone demand. In the event of the current outbreak of coronavirus in the world, both production and demand for limestone have severely been impacted as both mining activities and manufacturing operations have been halted. However, restrictions started easing in many countries from May-June 2020, which is expected to augment limestone demand, especially in the construction industry.

End-use Insights

The construction segment was the largest end-use segment with a volume share of over 80.0% in 2019 and is expected to maintain its lead over the forecast period on account of rising infrastructural developments across the globe. Limestone is extensively used as a construction material as it adds both beauty and strength to the architecture of a project, hence it is preferred by architects and builders over the past many years. It is used in concrete and cement, road base, and railroad ballast. For its application in the construction industry, the material is produced in various finishes, including brown, red, pink, cream, gold, and black, however, the pure limestone is nearly white in color.

Considering the current pandemic scenario across the globe, construction activities have undoubtedly been impacted. Although in the wake of stabilizing the global economy, companies are slowly resuming their operations by adhering to all safety protocols and emphasizing employee safety. For instance, in July 2020, SR Construction began using a new Xtreme Opti-Clean Cube, a modular walk-through station, which is designed to fight the spread of coronavirus, other viruses, and bacteria. Such initiatives are expected to speed up construction activities and propel limestone demand in near future.

Along with being useful in the construction of walls and floors of buildings in the construction industry, the material is utilized in furnaces, allowing refining and manufacturing of steel as well as protecting the refractory lining of furnaces and converters. Limestone accounts for a share of around 27% in the composition of producing crude steel in a basic oxygen furnace and approximately 9% when using an electric arc furnace. According to the World Steel Association, 71.9% of crude steel was produced in a basic oxygen furnace in 2019.

The outbreak of coronavirus has impacted steel production across the world. For example, the global crude steel production declined by 6% in the first half of 2020 compared to 2019, with a major fall being witnessed in the European Union. However, with ease in restrictions by several governments, the production activities are resuming at a slow pace. In fact, countries like China and Turkey have reported an increase of more than 4% in June 2020 compared to June 2019.

Regional Insights

Asia Pacific was the largest regional market in 2019 with a revenue share of over 53.0% in 2019 and this trend is anticipated to continue over the forecast period. The region dominates the market on account of being the largest steel producer in the world and the growth of the construction sector in the developing economies of the region.

The covid-19 pandemic has impacted the economic stability of the region, however, unlike other countries, the manufacturing operations and other activities are resuming at a faster pace in China, which is a positive sign for market growth. For instance, in April and May 2020, when the world witnessed the peak of covid-19 cases, China produced 177.3 million tons of crude steel in these couple of months, maintaining its top position.

Global limestone market share

The market in North America is anticipated to register a growth rate of 3.1%, in terms of revenue, over the forecast period on account of propelling construction activities, coupled with steel production in the region. The region is also a key producer of animal feed in the world, which is a vital application of limestone. The U.S. and Mexico are amongst the top 7 animal feed producing countries in the world.

The outbreak of the covid-19 pandemic had compelled the world to completely suspend all manufacturing and other activities, construction being one of them. However, in the second half of 2020, the activities are slowly beginning to resume their operations. For instance, in July 2020, plans were unveiled for the development of a new 322-unit housing project in New York, the U.S. The project is part of the state’s USD 1.4 billion initiative and is being built as a joint venture between Monadnock Development and CB Emmanuel Realty.

Europe is a significant region of the market and is the second-largest steel producer in the world after Asia. The crude steel production in Europe was 298.5 million tons as of 2019, according to the World Steel Association. The steel industry is of key significance to the European economy as it supports nearly 2.6 million jobs and creates around Euro 140 billion (USD 160.3 billion) of gross value added, according to EUROFER.

However, the covid-19 outbreak had a severe impact on the steel sector of the region, where the supply was reduced by 10% in the first quarter of 2020. A slump in manufacturing activity has immensely affected steel demand and production in the region, which is anticipated to impact the limestone demand for a couple of years.

Key Companies & Market Share Insights

The competitive rivalry in the market is extremely high on account of the presence of numerous established companies with recognized brand names. The market players are competing based on various factors, such as aggressive pricing strategy and development of new products and technologies, in order to gain a wider market share. Some of the prominent players in the limestone market include:

  • CARMEUSE

  • CEMEX S.A.B. de C.V

  • GCCP Resources Limited

  • Imerys

  • LafargeHolcim

  • Lhoist

  • Mineral Technologies Inc.

  • Mississippi Lime Company

  • National Lime & Stone Company

Limestone Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 64.45 billion

Revenue forecast in 2027

USD 102.70 billion

Growth Rate

CAGR of 4.4% from 2020 to 2027 (Revenue-based)

Market demand in 2020

6,340.64 million tons

Volume forecast in 2027

8,842.62 million tons

Growth Rate

CAGR of 3.1% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in million tons, revenue in USD million and CAGR from 2020 to 2027

Report coverage

Volume and revenue forecast, competitive landscape, growth factors, and trends

Segments covered

End-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

The U.S.; Canada; Mexico; Germany; France; The U.K.; China; Japan; India; South Korea; Indonesia; Bangladesh; Brazil

Key companies profiled

CARMEUSE; CEMEX S.A.B. de C.V; GCCP Resources Limited; LafargeHolcim; Mississippi Lime Company; Mineral Technologies Inc.; Imerys

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Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global limestone market report on the basis of end-use and region:

  • End-use Outlook (Volume, Million Tons; Revenue, USD Million, 2016 - 2027)

    • Building & Construction

    • Iron & Steel

    • Agricultural

    • Chemical

    • Others

  • Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • France

      • The U.K.

    • Asia Pacific

      • China

      • Japan

      • India

      • Indonesia

      • Bangladesh

      • South Korea

    • Central & South America

      • Brazil

    • Middle East & Africa

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