Dimension Stone Market, by type (Granite, Limestone, Marble, Standstone, Others), by application (Structural Use, Decorative Uses): Global Opportunity Analysis and Industry Forecast, 2021-2031

Dimension Stone Market Research, 2031

The global dimension stone market was valued at $13.4 billion in 2021, and is projected to reach $20.2 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.

Dimension stone can be defined as natural rock material used for the purpose of obtaining blocks or slabs that meet specific criteria such as size and shape. Dimension stone is cut and finished to specified sizes and shapes, which can be used for buildings, monuments, paving, furniture, and decorative objects. Furthermore, a variety of finishes can be applied to dimension stone to achieve diverse architectural and aesthetic effects. Other important properties are its prolonged durability, ability of dimension stone to endure and to maintain its essential and distinctive characteristics of strength, resistance to decay, and appearance. Moreover, dimension stone is a natural product that has an advantage over synthetic/artificial stone products, composite and space-age materials.

Surge in population base has led to rapid urbanization in both developed and developing economies such as the U.S., China, India, and others. This has increased government spending on building & construction sector to develop various upcoming infrastructure projects. For instance, according to a report published by National Investment Promotion and Facilitation Agency, the infrastructure activities accounted for 13% share of the total foreign direct investment (FDI) inflows in 2021. Furthermore, rapid development of water supply, sanitation, urban transport, schools, and healthcare help boost the growth of the building & construction sector.

Dimension stones such as marbles, granite, sandstone, and others are widely used in concrete floors, warehouses, kitchen countertops, bathroom floors, hospitals, and others for surface protection and to enhance the aesthetics of buildings. Moreover, installation of dimension stones makes the surface durable and can withstand a high volume of foot traffic owing to its durability. Furthermore, it has a long shelf-life that makes the use of dimension stone an absolutely worthy investment. These factors are anticipated to fuel the demand for dimension stones in the growing building & construction sector. 

Furthermore, dimension stones such as marbles, granite, sandstone, and other are widely used in concrete floors, warehouses, kitchen countertops, bathroom floors, hospitals, and others for surface protection and to enhance the aesthetics of buildings. Moreover, installation of dimension stones makes the surface durable and can withstand a high volume of foot traffic owing to its durability. Furthermore, it has a long shelf-life that makes the use of dimension stone an absolutely worthy investment. These factors are anticipated to fuel the demand for dimension stones in the growing building & construction sector.

However, cost involved in the mining and processing of dimension stone is high that results in expensive final product. Furthermore, dimension stones are relatively expensive as compared to its other substitutes such as cemented bricks, stabilized soil blocks, and others. In addition to this, the production of dimension stones requires the availability of skilled workforce. For instance, according to a report published by the Government of Canada in 2021, Canada's mining industry is expected to face a shortage of up to 127,000 workers. These factors are projected to retrain the growth of the dimension stone market during the forecast period.

Operations such as drilling, blasting explosives in the mines, and guiding increasingly use the application of robotics. Several companies such as Komatsu, Caterpillar, JCB, and others are constantly engaged in producing more advanced machines and equipment that may further reduce the requirement of workforce; thus, making dimension stone mining process more effective, efficient, and simple. These factors are anticipated to offer remunerative opportunities for the dimension stone market in the coming future.

The dimension stone market is segmented into type, application,and region. On the basis of type, the market is categorized into granite, limestone, marble, sandstone, and others. On the basis of application, it is classified into structural use and decorative use. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

By type, the marble segment dominated the global market and is anticipated to grow at a highest CAGR of 4.5% during the forecast period. Surge in monument restoration activities in both developed and developing economies boosts the demand for marbles owing to the fact that marble looks gorgeous, is durable, hardwearing and resistant to shattering, is an excellent insulator, and reflects light. These factors altogether boost the growth of the dimension stone market for marble type.

By application, the structural use segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.1% during the forecast period. Surge in population led the building & construction sector to witness significant growth where dimension stones in form of blocks or slabs are used as walling, paving and roofing material. For instance, according to a report published by International Trade Administration, China’s construction industry is projected to grow at an annual average rate of 8.6% from 2022 to 2030. This is anticipated to propel the demand for dimension stone for structural use during the forecast period.

The Asia-Pacific dimension stone market is projected to grow at the highest CAGR of 4.7% during the forecast period and accounted for 43.5% of dimension stone market share in 2021. This is attributed to the rise in residential and commercial projects wherein dimension stones are widely used for flooring, kitchen counterparts, cascades, and other purposes. This factor has enhanced the performance of dimension stone market in the Asia-Pacific region. There is an increase in the growth of the construction sector in China, which has forced the manufacturers of dimension stone to produce a wide range of tiles, marbles, granite sandstone, and others in the region. According to a report published by International Trade Administration, China's construction industry is anticipated to grow at an annual average rate of 5.2% between 2021 and 2029, owing to the highest urbanization rate in China.

The major companies profiled in this report include Epiroc Middle East FZE, HMG Stones, Aditya Stonex, Aro granite industries ltd., Avid Marbles and Granites Pvt. Ltd., Fox Marble, MGT Stone Company, ArtGo Holdings Limited, Asian GIndia Limited, FHL Kiriakidis Group.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the dimension stone market analysis from 2021 to 2031 to identify the prevailing dimension stone market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the dimension stone market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global dimension stone market trends, key players, market segments, application areas, and market growth strategies.

  Dimension Stone Market, by type Report Highlights

Aspects	Details
Market Size By 2031	USD 20.2 billion
Growth Rate	CAGR of 4.2%
Forecast period	2021 - 2031
Report Pages	257
By type	Granite Limestone Marble Standstone Others
By application	Structural Use Decorative Uses
By Region	North America  (U.S., Canada, Mexico) Europe  (Germany, UK, France, Spain, Italy, Rest of Europe) Asia-Pacific  (China, India, Japan, South Korea, Australia, Rest of Asia-Pacific) LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players	ArtGo Holdings Limited, MGT Stone Company, fox marble, FHL Kiriakidis Group, Aro granite industries ltd., Avid Marbles & Granites Pvt. Ltd., Epiroc Middle East FZE, HMG Stones, Aditya Stonex, asian granito india limited

Analyst Review

According to CXOs of leading companies, the global dimension stone market is expected to exhibit high growth potential. Dimension stones are used in various applications including building monuments, jewelry, fireplace mantles, floors, bathroom skins, shelves, tabletops, basins, and others. Structural and decorative applications equipment that require high strength, corrosion protection, and abrasion resistant surface can be accomplished with the use of dimension stones. 

In addition, dimension stone is commonly used for sculpture and as a building material for construction both modern and old monuments. Furthermore, factors such as the increase in monument restoration activities in both developed and developing economies coupled with government initiatives, acts, and provisions to protect the heritage monuments such as Ancient Monuments and Archaeological Sites and Remains Act, 1958, Antiquities and Art Treasure Act, 1972, and others fuel the demand for dimension stone during the forecast period. CXOs further added that sustained economic growth and development of the building & construction sector have increased the popularity of dimension stone.

Author Name(s) : Raushan Karn | Eswara Prasad

Related Tags

• Minerals
• Structural Materials
• Construction Materials

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