The global lime market is highly fragmented in nature owing to the presence of several major players in the market. Players in the market are spending hefty amount behind research and development activities in order to produce efficient and enhanced products. Players are focusing on widening their product portfolio which will formulate the brand and attract more users.
Several companies are witnessing a significant amount of development after identifying proper business plan. This is predicted to intensify the competition among players. Key players in the market are opting for vertical integration strategy, where they acquire small or medium size manufacturing companies.
This is done to control input and other costs. Apart from these, players partnering with truck and transportation companies are expected to be an important strategy. Some of the major players in the market are Sigma Minerals Ltd., Mississippi Lime, Carneuse, Lhoist, Graymont, and Valley Minerals LLC.
Transparency Market Research published a report, according to which the global lime market is anticipated to expand at steady CAGR of 6.2% during the forecast period, 2016 – 2024. The market which was valued at US$44.84 bn in 2015 is predicted to be worth at US$76.48 bn by the end of the tenure period. On the basis of product type, the global lime market is segregated into slaked lime, quick lime, and others. Of these, quick lime holds the majority share. Quick lime segment generates 65% of the total revenue. On the basis of geography, Asia Pacific is predicted to exhibit a strong demand rise owing to rapid development in the region.
Surge in Construction Activities Due to Urbanization Favors Market Growth
One of the major reason favoring the market to grow is the rapid urbanization over the past year. Rising awareness about the benefits available in staying a city is mainly driving the rural people to migrate and reside in cities, thus expanding the size of cities considerably. Growing opportunity of a decent lifestyle which includes availability of job, education institution, and advanced healthcare infrastructure are propelling more people to shift to cities and town, thus increasing the global urbanization rate.
In order to accommodate these migrated people, more houses are constructed which requires significant amount of lime. Lime is an important element in the construction section, this is predicted to drive the global market. Apart from lime’s use in construction, it also finds its application in extraction of various metals, and treatment of waste water. Furthermore, lime is extensively used for chemical feedstock for producing building and engineering materials.
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Availability of Substitutes to Hamper Market Growth
The lime market is surrounded by several drivers, however, the market is confronted with restrictions which are prognosticated to deter market growth market. Availability of substitute such as limestone which is preferred more in fluxing, agriculture, and removal of sulfur owing to less reactive material, and cost effective is anticipated to hamper market growth. Apart from these, calcined gypsum is used over lime in industrial plasters. Apart from these, magnesium hydroxide is used in pH control application over lime due to its low costs. Furthermore, significant rise in air pollution due to the burning of lime based product is predicted to deter market growth.