Calcite Market to Reach US$ 23 BN by 2028-End, as Growing Adoption in Construction Sector Creates Opportunities
Sales of calcite have witnessed utter proliferation in recent time, in line with the growing demand from paper and pulp sector wherein calcite is highly adopted as a coating and filler material. According to Transparency Market Research analysis, global calcite market is anticipated to register 4.7% CAGR during the study period 2018–2028.
The TMR report opines that demand for calcite is highly driven by its significant properties that are paving way for its wide applications in end-use industries, such as F&B, pharmaceuticals, personal care, and pharmaceutical among others. This growing uptake in diverse arenas is likely to stimulate growth of calcite market. Additionally, as per the TMR study, calcite continues to witness immense consumption in the manufacture of sealants, adhesive, plastics, and polymers, which is also driving the growth of the calcite market.
According to the study, demand for paints, coatings & cement has been growing at a steady clip, especially in developing countries. The sustained growth in the automotive industry in these developing regions has been a key catalyst for growing demand for paints, coatings, and cement. According to the study, these broader factors are likely to provide an impetus to the growth of calcite market during the forecast period.
The TMR report opines that the worldwide calcite market is witnessing a proliferation of local manufacturers. Further, the regional markets are mainly driven by the local manufactures who have been engaging in selling calcite to domestic end-users only. With the competition in calcite market on rise, calcite manufacturers are prioritizing development of novel offerings and product lines, while participating in lasting collaborations and mergers with calcite end users. According to TMR analysis, the leading market players are increasingly focusing on developing countries and regions, such as India, China, ASEAN, and Latin America to grow their consumer base.
China Holds Pole Position in Calcite Market, India to Expand at Highest CAGR
China continues to be one of the leading markets for calcite sales globally. The TMR study expects China calcite market to accelerate at 5% CAGR during 2018-2028. The growth of calcite market in China can be accredited to the abundant calcite mineral resources in the region. According to the study, PCC remains a lucrative segment, holding a significant share in the China calcite market. However, in China most of the demand is met by domestic calcite manufacturers, leading to limited opportunities for multinational companies.
The report opines that India is envisaged to grow at highest CAGR during the study period, owing to the increasing production of plastics and polymers in the country. Additionally, the expanding Indian population has set up the foundation for growth of construction sector, which is likely to augur well for the prospects of calcite manufacturers. The TMR study indicates that bulk of calcite demand in India is met by calcite manufacturers from other parts of the world, including MEA and South East Asia.
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