The U.S. lime market size is anticipated to reach USD 2.46 billion by 2028 and exhibit a CAGR of 1.8% during the forecast period. The rising demand for calcium hydroxide by the steel industry is anticipated to boost market growth in the coming years. Fortune Business InsightsTMhas presented this information in its report titled “U.S. Lime Market, 2021-2028”. The market size stood at USD 2.14 billion in 2020 and USD 2.17 billion in 2021.
Additionally, the surging demand for several manufacturing applications, including the production of bioplastics, sugar, paper & pulp, glass, and others, is predicted to bolster the market growth in the forthcoming years.
Information Source - https://www.fortunebusinessins....ights.com/u-s-lime-m
On the basis of type, the market is bifurcated into hydrated lime and quick lime. On the basis of application, the market is fragmented into water treatment, mining & metallurgy, building material, agriculture, and others.
It includes key market developments and information on different market segments.
It assesses the COVID-19 pandemic’s impact on the market.
It assimilates key market drivers and restraints.
It profiles the rankings of key market players accordingly.
It provides a comprehensive market assessment.
Drivers & Restraints-
Rising Demand for Cleaner Steel to Amplify Market Growth
Lime plays a vital role in the steelmaking process. It impacts productivity, metallurgical properties, steel quality, and total production costs. The market is being driven by the high demand for cleaner steel by the automotive and construction industries. Additionally, the rising architectural development further augments the demand for steel, thereby fueling the U.S. lime market growth.
Lime is also used in treating industrial and mining wastewater. It maintains the pH levels of the wastewater and removes nitrogen, phosphorous, and other such toxins. This creates high product demand for various applications and amplifies the U.S. lime market growth. The stringent government regulations implemented to treat and limit water contaminants are further helping the market expand.
Additionally, lime is vital for several manufacturing applications, including the production of bioplastics, sugar, paper & pulp, glass, and others. This is predicted to fuel the market growth in the forthcoming years.
However, the high carbon emissions that arise during production may hamper the market growth.
Expanding Construction Industry to Fuel Region’s Growth
The market size in the U.S. was USD 2.14 billion in 2020. The high product demand from various end-use industries is a key factor boosting the U.S. lime market share. The expanding construction industry and rising infrastructural development are stimulating the market's growth. Moreover, the improvements of water treatment plants by companies located in the region are expected to complement the market growth.
The major consumers of the product have been construction, environmental, and chemical & industrial markets.
According to the U.S. government’s Mineral Commodity Study, approximately 16.9 million tons of lime were manufactured in the U.S. in 2019 and was estimated to be approximately 16 million tons in 2020.
Key Players Emphasize Expansions to Gain Competitive Edge
The market comprises several key players, including Lhoist Group, United States lime & Minerals Inc., Carmeuse, and Mississippi Lime Company. The key players emphasize investments and expansions to acquire a competitive edge in the market. For instance, Carmeuse Overseas commenced the construction of a greenfield lime plant, Chaux de la Teranga, in Bandia Senegal in May 2020. The plant is estimated to have 250 tons/day capacity.
November 2020: Lhoist North America opened a new distribution facility in Memphis, Tennessee, U.S., for dolomitic quicklime for the steel industry. The company aims to fulfill the rising demand for high purity steel in the steel industry.
List of Key Market Players-
Lhoist Group (Belgium)
Graymont Limited (Canada)
Mississippi Lime Company (U.S.)
United States Lime & Minerals Inc. (U.S.)
Linwood Mining & Minerals Corporation (U.S.)
Minerals Technologies Inc. (U.S.)
Cheney Lime & Cement Company (U.S.)
Pete Lien & Sons Inc. (U.S.)
Valley Mineral LLC (U.S.)
Brookville Manufacturing (U.S.)