ALBANY, New York, Feb. 26, 2019
ALBANY, New York, Feb. 26, 2019 /PRNewswire/ -- The competitive landscape of the global lime market is highly fragmented in nature. This is because of the presence of several major players, notes Transparency Market Research. Top players in the market are adopting innovative strategies to stay ahead in the global lime market. Some of the noteworthy strategies are product proliferation, investing in research and development, and mergers and acquisitions. In addition to this, players are partnering with truck and transportation companies to tap growth in the global lime market too. Some of the predominant players in the global lime market are Graymont, Mississippi Lime, Sigma Minerals Ltd, Carmeuse, and Valley Minerals LLC.
According to a report by Transparency Market Research, the global lime market was noted at US$44.84 bn in 2015 and is expected to reach a worth of US$76.48 bn by the end of 2024. Rising at a steady CAGR of 6.2% during the forecast period of 2016 and 2024.
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Based on product type, the global lime market is segmented into quick lime, slaked lime, and others. Among both of them, quick lime dominate the product type criteria with majority share. On the basis of geography, Asia Pacific is predicted to exhibit a strong demand for lime owing to the rapid development in the region.
Rapid Urbanization in Developing Countries to Propel Growth
One of the major factors influencing growth in the global lime market is increasing urbanization over the past years. This is mainly because of the rising awareness of benefits of living in city areas. Some of them are job opportunities, good education facilities, advanced healthcare, and better transportation. This is propelling rural population to shift into cities, thus expanding boundaries of cities. To accommodate migrated people, house construction are increasing. This is expected to boost the global lime market as lime is considered as the building block of house construction. Apart from construction, lime is used in various other application such as metal extraction, waste water treatment, and engineering materials.
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Availability of Cheaper Substitutes to Hamper Growth
Despite several drivers, the global lime market is confronted with restrictions. One of the major restraints in the global lime market is availability of substitute such as calcined gypsum. Owing to its properties like less reactive nature and cost effectiveness. It is preferred over lime in industrial plasters. Furthermore, significant rise in air pollution due to the burning of lime-based products is predicted to deter growth. All these factors are prognosticated to deter growth in the global lime market. However, increasing application of lime across several end industries holds a lucrative avenue for the growth of the global lime market.
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This review is based on Transparency Market Research's report, titled "Lime Market (Type - Quick Lime and Slaked Lime; End Use - Chemical Intermediates, Metallurgical, Construction, and Environmental, Agriculture, Glass, and Paper and Pulp) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Global Lime Market has been segmented as follows:
- North America
o Rest Of Europe
- Asia Pacific
o Rest Of Asia Pacific
- Latin America
o Rest of South America
- Middle East & Africa (MEA)
o South Africa
o Rest of MEA
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