- Utilization in construction industry to generate stable revenue growth to companies in lime market; range of applications of lime in iron & steel industry propelling sales, especially of hydrated lime
- Use of slaked lime in multiple applications create vast lucrative growth avenues; Europe market forecast to gain shares by 2031, fueled by rising use in metallurgy
ALBANY. N.Y., June 22, 2022 /PRNewswire/ -- Widespread use of lime products in diverse range of applications including in mining, pulp & paper, sugar, bioplastics, and wastewater treatment is increasingly enriching the lime market outlook. Manufacturers of quicklime and hydrated lime products are tapping into current and emerging revenue streams mainly by focusing on improving the useful product attributes such as temperature and moisture resistance and plasticity. A global market study on lime by analysts of TMR forecasts the valuation to advance at CAGR of 6.2% during the forecast period of 2022-2031.
The market demand for lime for soil stabilization is rising at a rapid pace, pivoting on a booming building and construction industry, where lime products have found increased adoption in road construction worldwide. Ongoing trends of lime market indicate that there is an enormous demand for the products as flux in metallurgy and steel production. Extensive demand for lime in various stages of steel production has created abundant lucrative avenues for companies in the lime market.
An in-depth lime market revenue analysis asserts that industrial use of lime in water softening process is likely to gather momentum on back of stringent regulations in water and wastewater treatment industry. The TMR study thus found the market growth has been stirred on the back of consumption of the products by municipalities. Slaked lime and quicklime have been lucrative segments, notably due to massive uptake in steel and other end-use industries.
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Key Findings of Lime Market Study
- Widespread Demand for Quicklime in Multiple Industries Propelling Revenue Expansion: Quicklime is a remarkably lucrative product segment, given the abundant demand for the lime product in several industries. Most notably, a range of uses of quicklime in the steel production processes is driving enormous revenue potential of the lime market. Of note, quicklime is extensively utilized in phosphorous and sulfur removal for improving the properties of steel. Additionally, the use of quicklime has expanded from the consumption of the products in paper & pulp production and treating water and flue gases. In addition to quicklime, hydrated lime is also widely used in the manufacture of steel. It is especially used in the pickling process for recovering the water used and for cleaning metallic surfaces.
- Companies Witness Incremental Opportunities in Construction Industry: The metallurgy is a lucrative end-use application of lime products. There is a massive demand for lime products in metallurgical applications. The segment accounted for a remarkable share of 41% of the global lime market in 2021. On the other hand, lime has inherent properties of good plasticity, high resistance to moisture, low shrinkage, and promising cementitious properties. These properties are extensively utilized in the construction industry, thus underpinning lucrative avenues in lime market.
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Lime Market: Key Drivers
- Strides made in iron & steel production in industrialized nations have steered utilization of lime products. Versatile use of steel and iron thus is a key driver of the lime market.
- Growing spending on governments on infrastructure development of cities is a key factor driving the prospects of lime market. Of note, lime products are extensively used in soil stabilization while constructing roads, dams, and public buildings.
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Lime Market: Regional Growth Dynamics
- Europe is a highly lucrative market for lime, reinforced by massive manufacture and consumption of lime products in the region. Russia, Italy, and Spain have been contributing sizable revenue opportunities. The Europe lime market held 15.3% share in 2021 and is projected to gain share of 0.2% by the end of 2031.
- Asia Pacific held a leading share of the global lime market in 2021. China and India have been prominent consumers of lime in Asia Pacific. Presence of many small-scale manufacturers have made the region a hotbed of opportunities.
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Lime Market: Key Players
Some of the key players in the lime market are Brookville Manufacturing, Cornish Lime, Valley Minerals LLC, Sigma Minerals Ltd., Carmeuse, Cape Lime (Pty) Ltd., Pete Lien & Sons, Inc., Minerals Technologies Inc Graymont, Cheney Lime & Cement Company, and Lhoist. Key players are constantly leaning on reducing production and operation costs as a key strategy to boost their profitability.
Lime Market Segmentation
- Type
- Quicklime
- Slacked Lime
- Others (including Hydrated Lime, Fresh Lime, and Twisted Lime)
- End-use
- Chemical Intermediates
- Metallurgical
- Construction and Environmental
- Agriculture
- Glass
- Paper and Pulp
- Others (including plastic)
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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