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, 2023 - 2030

  • Report ID: GVR-4-68039-021-1
  • Number of Pages: 101
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the limestone market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for limestone market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of limestone market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Limestone Market Categorization:

The limestone market was categorized into two segments, namely end-use (Construction, Iron and Steel, Agriculture, Chemical), region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The limestone market was segmented into end-use and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The limestone market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty countries, namely, the U.S.; Canada; Mexico; Germany; France; the UK; China; Japan; India; South Korea; Indonesia; Bangladesh; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Limestone market companies & financials:

The limestone market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Carmeuse - Established in 1860 and based in Ottignies-Louvain-la-Neuve, Belgium, Carmeuse is a global mining corporation that primarily manufactures limestone and lime, along with several Limestone products. In addition to its product line, the firm also offers engineering solutions to its clientele. The company caters to a wide range of sectors including iron & steel, non-ferrous, chemical, PCC and pulp & paper, agriculture, water & waste treatment, civil engineering, glass, flute glass, and building materials. Carmeuse's main operations involve the extraction and processing of lime and Limestone for these industrial sectors. The Carmeuse Group employs approximately 4,500 individuals and operates an international network of 80 plants and 50 limestone/Limestone quarries. Each year, it provides services to over 8,500 clients worldwide.

  • CEMEX S.A.B. de C.V - established in 1906 in Hidalgo, Mexico, Cemex S.A.B. de C.V. is now based in San Pedro Garza García, Mexico, is a company specializing in building materials. It is committed to delivering top-notch products and dependable services to clients in more than 50 countries worldwide. The primary operations of Cemex and its subsidiaries are focused on the construction sector, encompassing the manufacture, marketing, sales, and distribution of cement, ready-mix concrete, aggregates, and other construction materials. The company's business is divided into cement, concrete, aggregate, and other segments. In 2019, the cement segment generated revenue of USD 6,717 million, the concrete segment accounted for USD 5,528 million, and the aggregate segment contributed USD 2,190 million. The company operates in several geographic regions including Mexico, USA, Europe, SCA & C, AME & A, and others. In 2019, the USA was the highest revenue generator with USD 3,780 million, followed by Europe with USD 3,048 million and Mexico with USD 2,897 million.

  • GCCP Resources Limited - Founded in 2013 and based in Malaysia, GCCP Resources is a company primarily involved in quarrying and processing calcium carbonate. The process involves crushing quarried calcium carbonate into different particle sizes. The company operates two product segments, namely the GCCP Gridland Quarry/PCC and the Hyper Act Quarry operational/GCC. The GCCP Gridland quarry can produce 480,000 tons of crushed limestone each year.

  • Imerys S.A. - Imerys S.A., a multinational corporation with its headquarters in Paris, France, specializes in the production of mineral-based specialty products for various industries. As a provider of calcium carbonate and mineral solutions, Imerys has a global presence with its mining, production, and R&D operations. The company runs approximately 270 production plants in nearly 50 countries and employs around 18,300 people worldwide. It provides over 250 types of calcium carbonate to its clients. Imerys operates four business segments to cater to diverse markets, including Energy Solutions & Specialties, Filtration & Performance Additives, Ceramic Materials, and High Resistance Minerals. The Energy Solutions & Specialties segment encompasses the Carbonate division, which manufactures Precipitated Calcium Carbonate (PCC) and Ground Calcium Carbonate (GCC). Imerys owns limestone and dolomite deposits from which it produces calcium carbonates. As of 2019, the company has 15 Limestone/marble/chalk. It also produces limestone for local paper and packaging industries and use in performance mineral applications such as rubber, polymers, healthcare, personal care, beauty, and construction. Imerys offers a wide range of mineral products for sectors like building & construction, electronics, automotive, industrial equipment, consumer durables, and fittings. energy, and decorative materials.

  • LafargeHolcim - Established in 2015 and based in Switzerland, LafargeHolcim is a worldwide frontrunner in the field of construction materials and solutions. The company's operations are divided into four key business areas: cement, aggregates, ready-mix concrete, and solutions & products. In 2019, the cement division saw a 4% rise in net sales and sold 207.9 million tons of cement. The company sold 269.9 million tons of aggregates in the same year and operates more than 600 aggregate plants globally. The Ready-mix concrete division reported sales of 47.7 million cubic meters in 2019. The solutions & products division generated a revenue of CHF 2,248 million (USD 2,411.14 million) in 2019. LafargeHolcim's geographic segments encompass North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific. In 2019, Europe generated the highest revenue of USD 8,225.35 million, followed by Asia Pacific with USD 6,960.99 million, North America with USD 6,767.95 million, Middle East Africa with USD 3,113.19 million, and Latin America with USD 2,809.7 million. The company's assets include 264 cement and grinding plants, 649 aggregate plants, and 1,402 ready-mix concrete plants. Further, As of December 31, 2019, the company had a workforce of 72,452 employees.

  • Lhoist - Lhoist, a family-owned company specializing in industrial minerals, was established in 1889 and has its headquarters in Limelette, Walloon Region, Belgium. The company's product range includes hydrated lime, quicklime, limestone, lime milk, and dololime. With a global footprint in 25 countries, Lhoist operates 100 facilities worldwide. The company caters to various sectors such as steel, building & civil engineering, environment, agriculture, paper & pulp, among others. Notably, the steel sector contributes the most to the company's annual turnover, accounting for 27% in 2017. Lhoist's products are sold in over 100 countries, with Europe & North America being the largest markets. In 2017, Europe accounted for 53% and North America contributed 38% to the Group's total turnover of USD 2.49 billion.

  • Mineral Technologies Inc. - Established in 1968 and based in New York, U.S., Mineral Technologies Inc. is a company that leverages resources and technology to create and supply minerals that enhance performance and their associated products. The company's primary markets include the paper, steel, polymer, and other manufacturing industries. It operates in four main business areas: performance materials, specialty minerals, refractories, and energy services. In 2019, the performance materials segment accounted for the largest share of revenue at 46%, followed by specialty minerals at 32%, refractories at 17%, and energy services at 5%. The specialty minerals segment is involved in the production and sale of synthetic mineral products like PCC and processed mineral products like quicklime, and it also mines and processes natural mineral products such as limestone and talc. The company has reserves of 91,973 kilotons of limestone and operates four plants. As of December 31, 2019, Mineral Technologies Inc. had a presence in 35 countries, with 158 production sites, 12 R&D centers, and a workforce of 3,628 employees.

  • Mississippi Lime Company - Founded in 1907 and based in St. Louis, MO, USA, Mississippi Lime is a producer of a variety of calcium products, which include hydrated lime, quicklime, calcium carbonate, and precipitated calcium carbonate. The company caters to a wide range of industries such as steel, fiberglass, chemical production, construction, flue-gas treatment, water treatment, pulp & paper, and food manufacturing. Mississippi Lime distributes its products through a network of 12 terminals and plants.

  • National Lime & Stone Company - Established in 1903, the National Lime and Stone Company is based in Ohio, U.S., and is a leading provider of superior aggregates, minerals, concrete asphalt, and paving services across Ohio and the U.S. The company is known for its deposits of top-notch dolomitic limestone with distinctive characteristics. Its business operations encompass aggregates, distribution, dried minerals & packaging, and asphalt/road building & concrete. It provides agricultural mineral products like agricultural lime and limestone, which are instrumental in managing soil acidity and supplying vital calcium and magnesium nutrients to stimulate beneficial plant activity. The company's product, NatGran, is marketed to the granular carriers market. NatGran is a water-dispersible, lightweight pelletized limestone product and serves as a carrier for a wide range of pesticide products designed for both consumer and professional applicator markets. The company utilizes its high-grade dolomitic limestone in the production of steel.

  • US Aggregates - Established in 1969, US Aggregates is a U.S.-based company that specializes in mining and quarrying. It supplies aggregates to a diverse range of sectors including ready-mix plants, asphalt, government agencies, home builders, industrial minerals, agriculture, and general contractors. The company provides a variety of limestone products to its customers. It produces limestone sand, which is used in backfill applications and the production of asphalt. The company also manufactures limestone chips in various sizes, which are used as chip/seal materials. Additionally, it provides limestone beach sand and fine limestone, which are used in the mix for concrete blocks.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Limestone Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Limestone Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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