The Europe limestone market was valued at USD 13.28 billion in 2022 and it is predicted to surpass around USD 21.49 billion by 2032 with a CAGR of 4.93% from 2023 to 2032.
Report Scope of the Europe Limestone Market
|Market Size in 2022||USD 13.28 billion|
|Revenue Forecast by 2032||USD 21.49 billion|
|Growth rate from 2023 to 2032||CAGR of 4.93%|
|Forecast Period||2023 to 2032|
|Market Analysis (Terms Used)||Value (US$ Million/Billion) or (Volume/Units)|
|Companies Covered||Nordkalk; CARMEUSE; Graymont; Lhoist; Sibelco; Ognyanovo-K; WIG Wietersdorfer Holding GmbH; Franzefoss Minerals; Kalkfabrik Netstal AG; CARRIÈRES DU HAINAUT|
The growth is expected to be favorably impacted by the usage of fertilizers in agriculture to feed the growing population. In addition, the popularity of green buildings in line with green energy initiatives adopted by governments worldwide is another prominent driver. Governments across the world have been pushing toward alignment with decarbonization goals, in line with the 2021 Paris Agreement. This has accelerated the popularity and construction of aesthetically pleasing buildings with construction materials having a low carbon footprint.
Germany is one of the largest cement producers in the world. Within the European Union, it is also the largest cement market. Currently, cement companies are actively moving towards fulfilling their CO2 emission reduction targets by investing in new technology. Few acquisitions took place in the industry in 2022. For instance, in October 2022, Ireland-based CRH decided to sell its subsidiaries Opterra Zement and Opterra Beton to Germany-based Thomas Gruppe as part of the latter’s competitive strategy.
While demand in 2022 was muted due to the Russia-Ukraine crisis and high energy costs, it is expected to improve in 2023 and beyond. The expansion of residential and non-residential construction sectors is projected to remain a key growth factor for the limestone demand. Economic growth factors such as industrial production and significant public investment are also anticipated to create a positive impact on the non-residential construction sector.
The growth in the market, however, faces obstruction from the stringent laws & regulations towards the mining sector, which hinders the production and supply in the market. The limestone extraction process severely impacts the environment as mining and further processing lead to air, soil, and water pollution; depletion of natural flora and fauna; degradation of agricultural land, and changes in landscapes. denudation of forests.
The construction segment held the largest revenue share of over 75% in 2022 of the overall market, and this trend is anticipated to continue over the forecast period. Limestone is used for manufacturing cement, construction aggregate, tiles, mortar & plaster, and other building materials. Construction and infrastructure needs are high in European countries mainly due to the ambitious policy agenda of the European Union since 2008, wherein they have set targets for improvement in energy efficiency, increase in renewable energy, and reduction in greenhouse gas emissions.
Agriculture is another growing segment for the market, where the product is used to neutralize acids in the soil for optimum soil conditions to foster crop growth. Rising agriculture production and agri-food exports in Europe are projected to drive the demand for limestone in agricultural applications. For instance, agri-food exports in the European Union reached EUR 229,428 million (USD 253,904.5 million) in 2022 compared to EUR 198,141 million (USD 219,279.7 million) in 2021, with a y-o-y increase of 15.8%.
Further, limestone is also used to produce GCC and PCC, which are used in a wide range of applications including paper, paints & coatings, plastics, and adhesives & sealants. The European paper industry has been witnessing steady growth over the past few years owing to the increasing sustainability trend in packaging. For instance, food & beverage companies are increasingly using paper packaging. This is expected to drive paper industry, thereby boosting the demand for calcium carbonate over the coming years.
Europe Limestone Market Segmentations: