Slaked Lime Sales Volume Market : Projected to Garner Significant Revenues by 2027
Global Lime Market: Key Highlights
- In terms of value, the Slaked Lime Sales Volume Market is anticipated to expand at a CAGR of ~6% from 2019 to 2027.
- Lime is recognized as a highly diverse ingredient for the downstream manufacturing industry. It is an essential ingredient in steel manufacturing.
- Based on product, the quicklime segment accounted for a major share of the Quicklime Industry in 2018, owing to the high consumption of quicklime in metal manufacturing applications.
- In terms of application, the metallurgical segment dominated the global lime market in 2018, due to its high consumption as a flux to remove impurities efficiently in the steel manufacturing industry, and rise in adoption in non-ferrous metal manufacturing operations.
- The lime market in Asia Pacific is estimated to expand at a CAGR of ~ 6% during the forecast period, led by growth in metal manufacturing and construction industries in the region.
- The emission of air pollutants such as sulfur dioxide, carbon monoxide, and nitrogen oxide during the production of lime leads to environmental hazards. This is estimated to hamper the demand for lime due to the rise in the implementation of stringent environmental norms, primarily in North America and Europe.
Flourishing Construction Industry and Rise in Application in Wastewater Management to Fuel Slaked Lime Sales Volume Market
- Lime is employed as an anti-stripping agent and binding agent in the building & construction industry. Furthermore, lime can be utilized for soil stabilization in road construction, and airfield and building foundations.
- Rise in public and private investments and governmental focus on establishing basic infrastructure in emerging economies such as China, India, and Brazil have boosted the construction industry in these countries. Improvements in the standard of construction and considerable renovation activities in developed countries of North America and Europe are augmenting the demand for lime. Thus, growth in the construction industry is positively impacting the lime market.
- Lime is an excellent alkali that can neutralize natural and industrial acids. This can lead to the creation of neutral solid wastes, which are easy to dispose. Furthermore, lime treatment cleanses wastewater, and allows it to return to its natural environment. Lime treatment can be employed in residential sewage and industrial wastewater. Thus, increase in awareness about wastewater treatment is anticipated to fuel the demand for lime during the forecast period.
Availability of Alternatives to Pose Significant Challenges to Lime Market
- Calcined gypsum, limestone, and magnesium hydroxide are the key alternatives to lime. Calcined gypsum can be employed in industrial plasters and mortars, while magnesium hydroxide can regulate the acidity of material, efficiently.
- Limestone can be used as a flux and sulfur removal agent. Furthermore, limestone is available at lower costs as compared to lime. Thus, the availability of alternatives is estimated to pose significant challenges to the global lime market.
Asia Pacific Expected to Remain Highly Lucrative Region of Slaked Lime Sales Volume Market
- In terms of value, Asia Pacific accounted for ~ 65% share of the Slaked Lime Sales Volume Market in 2018.
- Constant demand for lime in the metal manufacturing industry owing to ongoing industrial development activities in China, India, and ASEAN countries is driving the demand for lime.
- Increase in construction activities due to rapid urbanization is also anticipated to propel the demand for construction materials during the forecast period. This, in turn, is projected to boost the lime market.
- Surge in wastewater management owing to rise in awareness about water pollution among end users is augmenting the demand for cleaning agents in Asia Pacific. This, in turn, is likely to fuel the demand for lime in the region.