The global lime market size is expected to grow by 20.60 million tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Lime Market 2020-2024 (Graphic: Business Wire)
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Lime is a key ingredient in mortar and plaster used during construction activities. The rapid growth in the construction and renovation sector was a key driver for the growth of the global lime market in 2019. The construction sector in the US witnessed a growth of 1.7% in 2019, from the previous year, where growth was driven by the residential sector. Similarly, western Europe also recorded steady growth in the construction and renovation of buildings, owing to a shortage of residential buildings in countries such as the UK and the emphasis on constructing energy-efficient buildings in the EU. The construction sector recorded significant growth in APAC in 2019, especially in emerging countries such as India and countries in Southeast Asia. Therefore, the rapid growth of the global construction sector is expected to boost the demand for lime and lime products during the forecast period and thus support the growth of the global lime market.
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As per Technavio, the growing focus on wastewater recycling will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Lime Market: Growing Focus on Wastewater Recycling
Hydrated lime finds extensive applications, as a coagulant and a flocculant, in industrial and municipal wastewater treatment plants. There is growing concern about the pollution caused by industries by way of harmful emissions and ineffective wastewater treatment. With countries such as China, the US, and countries in Western Europe imposing stringent regulations on industrial wastewater disposal, lime is finding significant applications in wastewater treatment and recycling. Moreover, the rapid growth in population and the subsequent depletion of natural freshwater resources in the last few years have resulted in a shortage of clean water for both domestic and industrial use. Thus, emerging countries such as India and China are also focusing on industrial water recycling to counter water scarcity and groundwater pollution. Therefore, the focus on wastewater treatment and recycling, globally, is expected to aid the growth of the global lime market during the forecast period.
“Other factors such as the increased adoption of lightweight machinery across industries, and the growing emphasis on energy-efficient raw materials will have a significant impact on the growth of the lime market value during the forecast period,” says a senior analyst at Technavio.
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Lime Market: Segmentation Analysis
This market research report segments the lime market by product (hydrated lime and quicklime) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the lime market share in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the various applications of lime in ferrous and non-ferrous metal production, growth in metal production, and the increasing number of construction projects.
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Some of the key topics covered in the report include:
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