ALBANY, N.Y., Oct. 26, 2020 /PRNewswire/ -- Lime is a chemical derived from calcium carbonate rocks such as dolomite and limestone. Lime is used as a chemical reagent in producing several compounds, namely sodium alkali, petrochemicals, calcium carbide, magnesia, propylene glycol glycerin, citric acid, etc.
Lime Market: Existing and Future Growth Prospects
The universal application of lime across varied industries and sectors other than the construction sector may prove a prominent growth generator for the lime market during the forecast period of 2019-2027. The growing public and private investments in construction and infrastructure may invite great growth opportunities for the lime market.
A detailed analysis has been conducted on the lime market by the researchers at Transparency Market Research (TMR). After a scrutinized study on all the factors, the TMR researchers predict the global lime market to expand at a CAGR of ~6 percent during the assessment period of 2019-2027. The global lime market is expected to surpass a value of US$ 65.4 bn by 2027.
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The overwhelming demand for lime from metallurgical and mining applications, prominently for removing impurities, may prove to be a key factor influencing the growth of the lime market. In addition, the rising demand across industries like shipping, automotive, fabrication, and others may bring extensive growth prospects for the lime market.
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Lime Market: From Expert Lens
The analysts at Transparency Market Research highlight the rising influence of the lime market in Asia Pacific. Increase in construction activities across China, India, Indonesia, and Malaysia bring a large chunk of growth to the lime market. Furthermore, the adoption of lime in metallurgical applications may invite tremendous growth opportunities for the lime market, according to the analysts.
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Lime Market: Facts and Figures
- The quicklime segment acquired approximately three-fourth of the total market share in terms of product in 2018
- The quicklime segment may reach a market value of ~US$ 50 bn at the end of the forecast period
- The metallurgical segment acquired a lion's share of the global lime market in terms of application in 2018
- The lime market in Asia Pacific expects to expand at a CAGR of ~6 percent during the forecast period
- In regards to value, Asia Pacific acquired a ~65 percent share of the global lime market in 2018
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Lime Market: Growth Boosters
The utilization of lime as an anti-stripping agent and binding agent in the building and construction industry may bring expansive growth prospects for the lime market.
- The wastewater treatment industry may help the lime market gain extra stars of growth due to its excellent acid neutralization properties
- Rapid urbanization in developing economies is giving a Midas touch to the development of the lime market
Lime Market: Growth Dampeners
Though lime is used extensively across various applications, cheaper substitutes are available. Gypsum, limestone, and calcined gypsum are effective and cheaper alternatives to lime. Therefore, this aspect may hinder the growth of the lime market to a certain extent. Limestone is also available at a much lower rate when compared to lime. Therefore, this factor may serve as a growth restraint for the lime market.
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Global Lime Market: Segmentation
- Slacked Lime
- Chemical Intermediates
- Construction and Environment
- Paper & Pulp
- Others (including Plastic)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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