Lime Market Outlook 2031
- The global lime market was valued over US$ 45.4 Bn in 2021
- It is estimated to grow at a CAGR of 6.2% from 2022 to 2031
- The global lime market is expected to surpass value of US$ 78.1 Bn by the end of 2031
Overview of Lime Market
Lime is defined as a chemical that is produced from calcium carbonate rocks such as limestone (CaCO3) and dolomite (CaCO3*MgCO3). Lime can be segregated more specifically, into ‘quicklime’, which is calcium oxide (CaO) or calcium-magnesium oxide (Ca)*MgO), and ‘slaked lime” (also called hydrated lime), which is produced by mixing its oxide forms with water. Lime is widely considered as the only mineral product that can be used to produce steel as well as sugar.
Lime is extensively utilized in various industries, such as mining, pulp and paper, sugar, bioplastics, as well as flue gas and wastewater treatment.
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Significant Demand for Lime from Metallurgical Industry to Fuel Global Lime Market
Rise in demand for lime in the metallurgical industry is anticipated to propel the lime market during the forecast period. Lime offers superior properties such as good plasticity, resistance to moisture, low shrinkage, flexibility, etc., which, in turn, is fueling its demand in various applications in diverse industries. Lime is extensively utilized in steel manufacturing, as a flux, to remove impurities such as sulfur, silica, and phosphorus.
In the metallurgical field, hydrated lime has several miscellaneous applications in the manufacture of steel products. It is commonly employed in wire drawing, acting as a lubricant as the steel rods or wires are drawn through dies, and in pig and stag casting, in which a lime whitewash coating on the molds prevents sticking. Moreover, hydrated lime is utilized to provide temporary corrosion protection in the form of a whitewash coating on steel products and to neutralize sulfuric acid in coke by-product plants.
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Growth of Construction and Environmental Industries to Propel Lime Market
The construction industry is recovering from the global financial crisis. Moreover, Asia Pacific is boosting the lime market due to its extensive application in the construction industry in the region. In construction, the primary use of lime is in soil stabilization for roads, earthen dams, airfields, and building foundations. In ancient times, lime was recognized as a key material that could prevent the deterioration of structures. This substance absorbs moisture, stabilizes internal humidity, and enables the building to breathe by allowing vapor to pass through. This decreases the chances of retained moisture and structural damage.
Lime has an excellent ability to neutralize both natural and industrial acids, as it an alkali. This can create inert solid wastes, which can be either disposed or recycled to enable other natural resources to be preserved. This, in turn, propels the utilization of lime for protection of the environment.
The usage of lime also ensures that effluent is safe to return to the environment. This means it can be used to treat both industrial effluent and sewage. Increase in demand for lime in wastewater treatment is also likely to propel the lime market during the forecast period.
Lime is vital to municipalities, which use lime for potable water softening and to remove impurities from drinking water. Furthermore, lime is a highly cost-effective method to treat sewage sludge and animal waste from concentrated animal feeding operations. Likewise, industrial facilities and mining operations use lime to treat wastewater by adjusting the pH of acidic wastewater and removing phosphorus and nitrogen.
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Analysis of Key Players of Global Lime Market
The global lime market was highly consolidated in 2021. The top five manufacturers accounted for approximately 40% share of the market. The top five leading producers of lime globally are Nordkalk Corporation, Carmeuse, Linwood Mining & Minerals Corporation, Minerals Technologies Inc. and Graymont. The market was highly competitive in 2021, owing to the presence of various small- and medium-scale manufacturers. Asia Pacific is a major market for lime due to the presence of numerous small-scale manufacturers. China and India are major exporters of lime worldwide. A majority of lime manufacturers have integrated operations to save production and operation costs, thereby increasing revenues.
Each of these players has been profiled in the lime market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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