Lime Market to Reach Valuation of USD 44.3 Billion By 2028 - Growing Steel Industry to bolster the market

In terms of revenue, the Global Lime Market is expected to reach USD 44.3 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 2.20% from 2022 to 2028.

Lime is one of the most widely used compounds on the planet. It is an inorganic calcium mineral comprised of oxide and hydroxide molecules. Lime is usually regarded as the sole mineral substance capable of producing both steel and sugar. Lime is widely used in various industries, including mining, sugar, pulp and paper, bioplastics, and flue gas and wastewater treatment. During the projected period, the Lime Market is expected to be propelled by increased demand for Lime in the metallurgical industry. Lime has exceptional qualities such as good plasticity, resistance to moisture, low shrinkage, flexibility, and so on, boosting its demand in various applications across sectors.

Key Highlights from Report:

· The Quick Lime segment dominated the growth of the Lime Market in 2021 because of the significant demand from the steel industry. The separation of impurities in the form of slag is aided by using such products for manufacturing metals. Steel becomes less brittle as a result, and metal performs better. Hydrated ones are mostly used in waste incinerators, glass & cement factories, and coal fire plants' flue gas treatment or desulphurization processes.

· The Mining & Metallurgy segment dominated the growth of the Lime Market in 2021. According to the International Organising Committee for the World Mining Congresses, mineral production has increased significantly in recent years worldwide. This is primarily due to increased demand for ferrous and non-ferrous metals from various end-use industries such as automotive, construction, shipping, and fabrication, among others, as Lime is primarily used to eliminate impurities during the manufacturing process of iron, steel, copper, alumina, gold, silver, and lead, among other metals.

· Asia Pacific is predicted to mention the fastest growth of the Lime Market during the forecast period. China, where there is a very high concentration of industries, is credited for dominating the region. It is the top producer of several metal goods, including steel, aluminum, and gold. The focus on infrastructure development in the region by India and other Southeast Asian nations will also play a significant role in the market's rapid expansion.

Market Dynamics:

The expanding steel sector is driving the need for Lime. Hydrated Lime can be used to protect steel items from contaminants as well as corrosion. It acts as a covering on the goods that aid in balancing the slag's acidic nature. Thus, the expansion of the steel sector has a direct impact on the expansion of the product's market. The Lime Market is expanding due to its use in metallurgical processes that produce steel. The product is also employed in the production of magnesium and aluminum. It has numerous uses, including refining non-ferrous metals like gold, silver, and aluminum, as well as metal ores.

Asia Pacific is accounted to have potential growth in the Lime Market during the forecast period. The constantly expanding construction industry in the area, particularly in China and India, positively impacts the Lime Market there. The rising building sector is supporting the expanding demand for hydrated Lime. Lime consumption is increasing due to the region's strong development in steel sector demand. The demand for the product in the Asia Pacific region has increased due to rising investments in these sectors by both private companies and the Chinese government. The region's expanding demand for mineral production is also anticipated to fuel the product's demand. In the upcoming years, China will most likely produce and consume the most Lime in the region.

The Global Lime Market is Segmented as follows:

• Product Type
  • Quick Lime
  • Hydrated Lime
• Application
  • Agriculture
  • Building Material
  • Mining & Metallurgy
  • Water Treatment
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players in the Global Lime Market is:

Adelaide Brighton Limited, Boral Limited, Sibelco Australia Ltd, Omya Australia Pty Ltd., Lime Group Australia, Wagners, Agricola Mining Pty Ltd., Calcimo Lime & Fertilizers Pty Ltd, CARMEUSE, United States Lime & Minerals Inc., Cheney Lime & Cement Company, Lhoist., Linwood Mining & Minerals Corp., Pete Lien & Sons Inc., Mississippi Lime Company., Graymont Limited., Valley Minerals LLC., Shanxi Jianqiang Active Lime Manufacturing Co., Shandong Zhongxin Calcium Industry Co. Ltd.

The Global Lime Market Scope can be Tabulated as below: