Dublin, May 30, 2023 (GLOBE NEWSWIRE) -- The "Bangladesh Quicklime Market (2022-2028): Trends, Value, Revenue, Outlook, Forecast, Size, Analysis, Growth, Industry, Share, Segmentation & COVID-19 IMPACT: Market Forecast By Types (Quick Quicklime, Hydrated Quicklime), By Products, By Applications and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Bangladesh Quicklime market size is projected to grow at a CAGR of 4.7% during 2022E-2028.
Bangladesh Quicklime Market is expected to grow during the forecast period due to the growing residential sector, as it is expected that half of the population will be living in urban areas by 2030, increasing the demand for housing units by 600,000 to 800,000 units, which will boost the demand for cement, building materials, and steel in the coming years, thereby driving the demand for Quicklime.
However, the 2020 lockdown and the fear of the spread of coronavirus in Bangladesh caused a halt in manufacturing and construction activities, as well as a supply chain disruption in application industries, which negatively impacted the Bangladesh Quicklime Industry, causing it to shrink by more than 4%. The main reason for such a large drop was a decline in the construction sector, which shrank by 1.2 percent in 2020.
Bangladesh Quicklime market is growing significantly owing to growth in steel manufacturing and increasing infrastructure investment which has augmented the demand for cement, building materials, steel, resulting in increased demand for Quicklime in Bangladesh. Bangladesh Quicklime market recorded significant growth during the pre-COVID-19 years with growth of more than 5% annually.
The growth of the market was driven majorly on the back of construction activities such as Dhaka Elevated Expressway, Padma Multipurpose Bridge, Bangabandhu Tunnel and other prominent infrastructural projects. In addition, the government of Bangladesh signed a $100 million financing agreement in 2019 with the World Bank to ensure improved water supply, sanitation, and drainage system in selected 30 municipalities, benefiting about 600,000 people which backed the demand for Quicklime in water treatment plants.
Quicklime Market in Bangladesh is expected to show significant growth over the coming years driven by the growing demand from industrial and construction sector. The Bangladesh Quicklime Industry is the key part of the Asia Pacific Quicklime Market. In the coming years, increased infrastructure investment in road and rail development and mega construction projects are seen as a catalyst for accelerating the Quicklime market in Bangladesh.
Market by Types
By Types, Quicklime dominated the Bangladesh Lime market in 2021 owing to heavy demand for steel along with its utilization to treat gas from industries, power plants and waste incinerators in the country as 25,000 tons of solid waste is generated daily in urban areas.
Furthermore, agriculture sector contribute around 60% in the country's GDP and Quicklime is required for better soil fertility and productivity which would augment the demand of Quicklime in the forthcoming period.
Market by Products
By Product Forms, Ground segment dominated the Bangladesh Quicklime in 2021 owing to rising demand for steel in the country, which increased by 15 to 20% in 2021.
Furthermore, demand for steel is expected to rise from 7 million tons to 18 million tons by 2030 coupled with increasing investment in the construction sector for instance, an investment of about $11.5 billion in the housing sector of Dhaka, Chattogram, and nearby divisions would augment the growth of the segment in the forthcoming period.
Market by Applications
By Application, steel manufacturing acquired the highest revenue share in Bangladesh Quicklime market and the same trend is expected to continue in the upcoming years on account of rising demand for steel for the construction of roads, railways, building and other infrastructural developments.
Furthermore, government investment of about $5.8 billion, $663 million and $283 million for the construction of roads, railways and airports respectively, is expected to surge the demand for steel thus subsequently increasing the demand for Quicklime used in steel manufacturing.
Key Highlights of the Report
- Bangladesh Quicklime Market Overview
- Bangladesh Quicklime Market Outlook
- Bangladesh Quicklime Market Forecast
- Historical Data and Forecast of Bangladesh Quicklime Market Revenues for the Period 2018-2028F
- Historical Data and Forecast of Bangladesh Quicklime Market Revenues & Volumes, By Types, for the Period 2018-2028F
- Historical Data and Forecast of Bangladesh Quicklime Market Revenues & Volumes, By Product Forms, for the Period 2018-2028F
- Historical Data and Forecast of Bangladesh Quicklime Market Revenues, By Application, for the Period 2018-2028F
- Market Drivers and Restraints
- Value Chain and Ecosystem
- Industry Life Cycle
- Porter's Five Force Analysis
- Impact Analysis of COVID-19
- Bangladesh Quicklime Import Export Trade Statistic
- Market Trends
- Bangladesh Quicklime Market Opportunity Assessment
- Bangladesh Quicklime Market Revenue Share, By Companies
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
By Types
- Quick Quicklime
- Hydrated Quicklime
By Products
- Ground
- Large Lumps
- Crushed & Pebbles
- Pulverised
- Pelletised
By Applications
- Agriculture
- Building Material
- Water Treatment
- Mining & Metallurgy
- Others
For more information about this report visit https://www.researchandmarkets.com/r/kpvp98
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