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Limestone Global Market Size, Share Report, Growth, Analysis, Key Players, Revenue, Future Trends, Forecast 2033
Limestone Global Market
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According to The Business Research Company's, The limestone market size has grown strongly in recent years. It will grow from $73.28 billion in 2023 to $78.41 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to historical economic cycles and industrial growth, construction boom and infrastructure development, industrial applications, agricultural practices, architectural heritage and restoration.
The limestone market size is expected to see strong growth in the next few years. It will grow to $100.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to changing consumer preferences and design trends, infrastructure development projects, growth in construction industry, rise in cement production, environmental regulations and sustainable practices. Major trends in the forecast period include restoration and heritage preservation, interior design and decorative use, renewable energy and water treatment, global economic expansion, agricultural applications.
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Market Drivers and Trends:
The increasing demand from the construction industry is driving the growth of the limestone market. The construction industry has surged after the pandemic as many construction projects were stuck due to lockdowns. Cement is manufactured using limestone as a raw material. Cement is an important element in the construction industry because it is used in various construction mixtures, such as manufacture of composite concrete block, to meet specific needs in holding building blocks. According to the U.S. Census Bureau report on monthly construction spending in 2022, the construction spending was expected to be $1,744.8 billion in April 2022, a 0.8% rise from the revised March 2022 estimate of $1,740.6 billion. Therefore, the increasing demand from the construction industry is propelling the limestone market.
Product innovations have emerged as a key trend gaining popularity in the limestone market. Major companies operating in the limestone market are developing innovative products to increase their profitability in the market. For instance, in June 2023, Holcim Group, a Philippines-based cement manufacturer launched Holcim Optimo. Holcim Optimo (PLC), a novel cement product, matches the strength of ordinary Portland cement (OPC) but slashes CO2 emissions by 10%. Infused with limestone additives, it maintains workability and durability, and seamlessly pairs with other additives like slag and fly ash. Tailored for substantial construction projects, Holcim Optimo aligns with Holcim Philippines' dedication to eco-friendly solutions, bolstering its innovative and sustainable product range amid rising green demand in the country.
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Major Key Players of the Market:
Mitsubishi Materials Corporation, Gulshan Polyols Ltd., Imerys S.A., Rock Chemical Industries Group (India) Pvt Ltd., Lhoist Group, Omya AG, RSMM Limited, Elegant Natural Stones Pvt Ltd., CARMEUSE & CIE, United States Lime & Minerals Inc., The National Lime & Stone Company, Sigma Minerals & Chemicals Ltd., Schaefer Kalk GmbH & Co KG, ss-industries, Chirag Minerals Pvt Ltd., Kerford Limestone Inc., Aditya StoneX Pvt Ltd., Jay Minerals Pvt Ltd., Agarwal Min Chem, Raj Associates, Indo Chemicals Pvt Ltd., Ryokolime Industry Co Ltd., Srinath Enterprises Pvt Ltd., Shree Sal Calnates India Pvt Ltd., Kunal calcium, Calspar India Ltd., Durga Lime Industries Pvt Ltd., AR Stone Craft, Krishna Mines & Minerals Ltd., Maharaja Stones Pvt Ltd., Zantat SDN Bhd., CAO Industries SDN Bhd., Uniko Calcium Carbonate Industry SDN Bhd., Kaolin International Pvt Ltd.
Limestone Market 2024 Key Insights:
• The limestone market size is expected to see strong growth in the next few years. It will grow to $100.85 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Limestone Market Surges On Construction Boom
• Product Innovation Surges In Limestone Market
• Asia-Pacific was the largest region in the limestone market in 2023
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