CHICAGO, Jan. 15, 2020 /PRNewswire/ -- According to the new market research report "Calcite Market by Type (GCC, PCC), Application (Paper, Paints & Coatings, Construction, Plastics, Adhesives & Sealants), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Global Forecast to 2024", published by MarketsandMarkets, the Calcite Market size is estimated to be USD 10.1 billion in 2019 and projected to reach USD 13.0 billion by 2024, growing at a CAGR of 5.2% from 2019 to 2024.
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Increasing demand from the paper and plastics applications for calcite, coupled with easy availability and cost-effectiveness, are expected to drive the growth of the market during the forecast period.
Ground calcium carbonate type is projected to lead the calcite market during the forecast period
The calcite market based on type has been segmented into ground calcium carbonate and precipitated calcium carbonate. In terms of value & volume, ground calcium carbonate accounted for the largest share of the calcite market in 2018 and is also projected to grow at the highest CAGR during the forecast period. Demand is driven by its wide usage as a filler in various applications such as paper and plastics.
The paper application is projected to be the major consumer of calcite during the forecast period
The global calcite market is segregated based on application into paper, paints & coatings, construction, plastics, adhesives & sealants, and others. In terms of value & volume, the paper application accounted for the largest share of the market in 2018. This growth is attributed to its ability to enhance the printability, whiteness, and brightness & opacity of the paper. The plastics application is projected to grow at the highest CAGR during the forecast period.
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Asia Pacific is projected to be the largest consumer of calcite during the forecast period
Based on region, the calcite market is segregated into Asia Pacific, the Middle East & Africa, North America, Europe, and South America. Among these, the Asia Pacific accounted for the largest share in 2018 and is also projected to grow at the highest CAGR during the forecast period. This growth is attributed to the expansion in calcite manufacturing and high demand from the plastics and paper industries in China, Japan, and India, among others. Moreover, cheap labor, easy availability of raw material, and other factors are expected to fuel the growth of the market in the region during the forecast period.
Key players in the Calcite Market, namely, Imerys S.A. (France), Omya AG (Switzerland), Minerals Technologies Inc. (US), Huber Engineered Materials (US), Gulshan Polyols Ltd. (India), and 20 others are considered for the study.
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