Granite Flooring Market Research, 2031
The Global Granite Flooring Market Size was valued at $5.3 billion in 2021, and is projected to reach $8.3 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.Flooring is necessary to cover the rough and uneven surfaces of concrete slabs, improve the architectural appearance of the space, prevent water leakage and maintain the structural integrity of the slabs. Granite is used as a flooring material due to its properties such as toughness and durability. In addition, granite comes in a wide variety of colors and patterns, making it an important element of interior design.
The rise in urbanization across the world has increased the demand to build infrastructure such as residential and non-residential. By 2040, the global population is estimated to grow approximately by two billion with the urban population growing by over 40%. In addition, the construction industries in the U.S., China and India are anticipated to develop, according to the Global Construction Perspectives and Oxford Economics research on Global Construction 2030. By 2030, the construction output globally is anticipated to increase by almost 85% to $15.5 trillion by 2030. The greatest consumer of granite is the building and construction sector. The use of these commodities in emerging nations has dramatically increased as a result of rapid urbanization and industrialization.
The two countries with the largest exports of these goods are China and India. The majority of the imported granite is processed in China, and the finished goods are then exported to other countries. Moreover, the growing popularity of interior design, the availability of a variety of designs, and increased spending on home remodeling projects in developing countries have led to a significant increase in the use of granite as a flooring material for remodeling projects. In addition, floors are an integral part of the building as they provide an aesthetically pleasing, smooth and even floor surface, thereby enhancing the ambiance of the space. Granite is available in a wide range of colors and patterns, making it suitable for use in luxury residential, commercial and hospitality projects.
However, the higher cost of granite than ceramic is restraining the growth of the granite flooring market. Contrarily, population growth and urbanization have significantly increased the demand for housing, especially in metropolitan areas. These factors are expected to offer lucrative opportunities for the granite flooring market growth.
Rise in consumer expenses on home remodeling and improvement in developed economies, such as the U.S., Canada, and European region drives the demand for granite flooring solutions. Furthermore, the prices of homes have increased significantly in the past few years. For instance, according to the statistical office of the European Union (Eurostat), the prices of homes in the European Union increased by 9.8% in euro area and 10.1% in countries of EU during the fourth quarter of 2021 as compared to the same period of 2020.
Owing to such an increase in house prices, homeowners have increased their spending on home remodeling projects. For instance, according to the ‘Leading Indicator of Remodeling Activity’ (LIRA) report published by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, in the U.S., the annual owner improvement and repair spending can reach $430 billion by the second half of 2022. Such factors are expected to propel the growth of the granite flooring industry.
The demand for granite flooring decreased in the year 2020, owing to low demand from different industries due to lockdowns imposed by the government of many countries. The COVID-19 pandemic has shut down production of various products for the granite flooring end-user, mainly owing to prolonged lockdowns in major global countries. This has hampered the growth of the granite flooring market significantly during the pandemic. The major demand for granite flooring was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, which was badly affected by the spread of coronavirus, thereby halting demand for granite flooring. Granite flooring manufacturers must focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19 infection cases start to decrease.
The granite flooring market is segmented into Type, Location and Application and region. By type, the market is categorized into tiles, slabs, cobble stone. On the basis of location, it is bifurcated into indoor and outdoor. And on the basis of application, the market is categorized into residential, and non-residential. Region wise, the market is analyzed across North America, Europe, Asia-Pacic and LAMEA.
The granite flooring market is divided into tiles, slabs, and services. In 2021, the tiles segment dominated the granite flooring market, in terms of revenue, and slab segment is expected to grow at a significant CAGR during the forecast period. Granite is a very popular in-home renovation due to its strength and durability, making it ideal for kitchens countertops, flooring, monuments, wall cladding and others. In addition, granite tile is very strong and durable, scratch resistant which is best applicable for flooring.
It comes in various different shades, colors and patterns. Granite tiles are very hard in nature owing to this it can take heavy loads. It is used for high traffic areas such as subway, shopping mall pathway, living room and office flooring. In addition, it offers various advantages such as flexibility, durability, easy cleaning and cost effectiveness. All such factors are anticipated to boost the demand of granite flooring market during the forecast period.
The granite flooring market is classified into indoor and outdoor. In 2021, the indoor segment registered the highest revenue, and the outdoor segment is expected to grow rapidly during the forecast period. Granite is extensively used in countertops, floors, gardens and stair treads and others. It is used as a flooring solution owing to their properties such as toughness and durability. In addition, granites are available in a wide range of colors and patterns, which makes it a vital component of interior design. Furthermore, granite adds a smooth finish to the floor and increases the overall aesthetical appearance of the space. With the growth in globalization, and the increase in disposable income of the masses, a substantial rise in the number of residential and non-residential can be witnessed; thereby, providing opportunities for growth for the granite flooring market.
The granite flooring market is divided into residential and non-residential. The residential segment generated the highest revenue, and the non-residential segment is expected to grow at the highest CAGR during the forecast period. Gradual increase in population and rise in disposable income of majority population in various developing countries, including India and Brazil, boost the growth of the granite flooring market. Moreover, rise in trend of remodeling and renovations in developed nations, such as the U.S., the UK, and Germany is expected to propel the market growth.
For instance, Oxford Properties Group announced a plan to construct a mixed-use building complex consisting of four towers. This construction is expected to start in 2023, and according to the estimates it will cost around $3.5 billion. It will be one of the largest mixed-use complexes in Toronto's history. Hence, these kinds of projects are expected to create opportunities for granite flooring companies and provide lucrative growth in the market.
The granite flooring market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific had the highest granite flooring market share and is anticipated to secure the leading position during the forecast period, due to extensive demand in the construction & infrastructure segment. Asia-Pacific is one of the fastest growing regions globally, owing to its large population and growing disposable income. China and India are leading in construction of affordable housing.
Furthermore, the building construction and tourism sector in countries, such as Indonesia, Singapore, and Malaysia are experiencing growth. These factors boost the demand for granite flooring as they are extensively used in the construction of residential and non-residential buildings.
The affordable housing schemes of countries, such as India and China have positively influenced the residential construction sector in the region. Furthermore, increased investment in the tourism sector by private as well as public sector has also led to an increase in building construction activities, thereby creating a demand for flooring. Furthermore, increased spending on interior designing of the homes is also increasing the demand for custom made flooring, thus driving the growth of the granite flooring market in the region.
Competitive analysis and profiles of the major players in the granite flooring market, include Arizona Tile, Emser Tile, M S International, Inc., Aro granite industries ltd., Stone Glamour S.r.l., Elegant Marbles and Grani Industries Limited, Blyth Marble Limited., STONE SOURCE LLC, Fortuna Marmo Granite, Mohawk Industries, Inc. (Daltile). are provided in this report. There are some important players in the market such as Sany, CNH, and Terex. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the granite flooring market.
Some examples of expansion in the market
Various manufacturers in the granite flooring market such as Arizona Tile, Emser Tile, M S International, Inc., Aro granite industries ltd., Stone Glamour S.r.l., Elegant Marbles and Grani Industries Limited offer a wide variety of granite flooring for residential as well as non-residential applications. For instance, in February 2021, M S International, Inc., established a new showroom and distribution facility in Raleigh, North Carolina. This showroom, which is around 70,000 square feet, offers the whole range of MSI's products for the home and commercial markets, including flooring, countertops made of natural stone, hardscaping materials, and much more.
Key Benefits for Stakeholdes
- The report provides an extensive analysis of the current and emerging Granite flooring market trends and dynamics.
- In-depth market granite flooring market analysis is conducted by constructing market estimations for key market segments between 2022 and 2031.
- Extensive analysis of granite flooring market is conducted by following key product positioning and monitoring top competitors within the market framework.
- A comprehensive analysis of the region is provided to determine the prevailing opportunities.
- Granite flooring market forecast analysis from 2022 to 2031 is included in the report.
- The key players within granite flooring market are profiled in this report and their strategies are analysed thoroughly, which help understand the granite flooring market outlook.
Granite Flooring Market Report Highlights
Market Size By 2031
USD 8.3 billion
CAGR of 4.4%
2021 - 2031
Key Market Players
Elegant Marbles and Grani Industries Limited, M S International, Inc., Emser Tile, Blyth Marble Limited., Arizona Tile, Stone Glamour S.r.l., Mohawk Industries, Inc. (Daltile), STONE SOURCE LLC., Aro granite industries ltd., Fortuna Marmo Granite
The granite flooring market has observed huge demand in North America, Asia-Pacific, and Europe. Asia-Pacific registered the highest share of the global granite flooring market share in 2021, owing to strong economic growth, rapid urbanization, and presence of large population base significantly contributing toward the growth of the granite flooring market in Asia-Pacific. The tiles segment registered the highest revenue and slab segment is expected to grow at a significant CAGR because it is very strong and durable, scratch resistant which is best applicable for flooring. It comes in various shades, different colors and patterns. Granite tiles are very hard in nature owing to this it can take heavy loads. It is used for high traffic areas such as subway, shopping mall pathway, living room and office flooring.
Various market players have adopted strategies such as product launch, business expansion, Investment, and acquisition to expand their business and strengthen their market position. For instance, in February 2021, M S International, Inc., established a new showroom and distribution facility in Raleigh, North Carolina. This showroom, which is around 70,000 square feet, offers the whole range of MSI's products for the home and commercial markets, including flooring, countertops made of natural stone, hardscaping materials, and much more. As a result, such strategic moves are expected to provide lucrative growth opportunities in the global granite flooring market.