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A05837 | Pages: 269 | Charts: 50 | Tables: 119 |
The Global Natural Stone Market Size was valued at $33.8 billion in 2020, and is projected to reach $57.6 billion by 2032, growing at a CAGR of 4.4% from 2023 to 2032.Natural stone is a mountain-acquired mineral, which includes quartzite, slate, limestone, sandstone, marble, granite, and others. It majorly finds its application in residential and commercial flooring and wall cladding, owing to its durability, hardness, and aesthetic appearance. It finds applications in furniture, statuary, and monuments.
An expansion of the building industry, owing to a rise in investment in the housing sector, and increased construction spending across various countries such as the U.S., Japan, India, and others, which fuels the growth of the global natural stone. In addition, the rise in urbanization, and population growth, which is expected to rise in demand for natural stones, for flooring, and wall cladding applications, boost the growth of the natural stone market. Benefits associated with natural stones such as long durable, aesthetic presence, and reliable, in turn, boost adoption of slate, and limestone in the commercial and residential building, which drive the growth of the natural stone market. In addition, the Increase in disposable income of individuals and surge in awareness of attractive outdoor designs have shifted the inclination toward home remodeling among residential end users, especially in urban areas.
Stones such as marble and granite used for flooring in patios, porches, backyards, and pavements enhance the visual appeal of residential buildings, thereby fueling their adoption. Moreover, an increase in the number of engineering, procurement, and construction (EPC) projects in the infrastructure sector coupled with real estate and various urban infrastructure projects is expected to increase the demand for natural stones at a global scale. Thus, the market is majorly driven by infrastructure construction activities, which include building roads, bridges, airports, power plants, and notably highway & road projects. Furthermore, an increase in industrialization and rise in need for residential & commercial infrastructure setup are expected to boost the global market.
In emerging economies, the increase in popularity of outdoor entertaining area has created the need for natural stones for wall cladding, which has positively influenced the market. In addition, the demand for construction materials such as marble is on the rise at a significant pace, owing to an increase in its adoption for the construction of memorials and furniture. However, fluctuations in climate in recent years due to global warming and exploitation of resources have resulted implementation of stringent policies toward the utilization of natural resources and reduce emission globally. Thus, government initiatives toward the reduction of stone mining restrict the global market growth.
Growth in response to the rise in consumer demand for home renovation and replacement is one of the major factors boosting the natural stone market growth. For instance, according to a Harvard Joint Centre for Housing Studies article published in January 2021, the growth of house remodeling and repair expenditures is expected to increase from 3.5% at the end of 2020 to 3.8% by the year-end of 2021, based on the most recent Leading Indicator of Remodeling Activity (LIRA). Similarly, officials at the National Association of Home Builders' IBSx virtual event in February 2021, predicted that remodeling expenditure on owner-occupied single-family homes is expected to witness a rise by 4% in 2021, then another 2% in 2022. Remodeling and renovation across the globe are factors that provide lucrative growth in the natural stone industry throughout the forecast period.
However, fluctuation in raw material prices, and an increase in the adoption of artificial stone is projected to hinder the growth of the market in the coming years. Furthermore, an increase in new construction activities, especially in emerging economies is anticipated to provide lucrative opportunities for the growth of the natural stone market during the forecast period.
The natural stone market is segmented on the basis of type, application, construction type, and region. By type, it is divided into marble, granite, limestone and others. By application, the natural stone market is classified into flooring, memorial arts, wall cladding, and others. By construction type, it is categorized into new construction and renovation. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
[TYPEGRAPH]
The natural stone market is divided into marble, granite, limestone, and others. In 2022, the granite segment dominated the natural stone market, in terms of revenue, and the marble segment is expected to grow at a significant CAGR during the forecast period. Granite is widely used for making gravestones, sculpture, and memorials, due its hardness. Increase in adoption of granite as a flooring tile has been witnessed in the recent years in commercial and public buildings, owing to its aesthetic appearance.
Moreover, it is used in manufacturing countertops and bathroom vanities. Many natural stone producers have adopted business expansion strategy to sustain the intense competition and improve their product portfolio. For example, Granite Top, Inc., a U.S.-based manufacturer of granite countertops invested in high-tech automated machinery to increase its production capacity to meet the growing demands for granite. In addition, the rise in demand for granite for residential properties and the rise in investment in construction activities, fuel the growth of the global natural stone market. For instance, the Indonesian construction industry is expected to grow at a rate of 5.6% from 2020 to 2024. All these factors collectively are anticipated to offer lucrative growth opportunities for market expansion.
[APPLICATIONGRAPH]
The market is classified into flooring, memorial arts, wall cladding, and others. In 2022, the flooring segment dominated the natural stone market, in terms of revenue, and the wall cladding segment is expected to grow at a significant CAGR during the forecast period. Features of natural stone such as prolonged durability, design flexibility, and easy installation drive the growth of the market. In addition, the vast availability and decline in prices of natural stones significantly contribute toward the market growth. Moreover, abundant demand for natural stone such as marble and sandstone in flooring, for cathedrals and mosques across the globe, augments the growth of the market. Furthermore, the large scope for the application of marble and granite tiles in flooring in commercial spaces such as educational buildings, airports, office buildings, malls, and large public spaces, acts as a key driver for the market. In addition, the rapid expansion of the household furnishing industry is projected to drive the growth of the market. All such factors drive the growth of the natural stone market.
[CONSTRUCTIONTYPEGRAPH]
The natural stone market is categorized into new construction type and renovation. In 2022, the renovation segment dominated the natural stone market, in terms of revenue, and is expected to grow at a significant CAGR during the forecast period. Many companies are engaged in adopting various strategies to expand their base and increase their production capacity to sustain the intense competition and improve the product portfolio of natural stones. For instance, in January 2021, Canada-based Polycor acquired North Carolina Granite Corporation, which deals in the manufacturing and trading of granite marbles, natural stones, and tiles. The acquisition aimed to improve the geographical footprint, and product portfolio of natural stone products. Moreover, the renovation of old heritage homes is expected to offer lucrative opportunities for the expansion of the market during the forecast period. Thus, all these factors are anticipated to drive the growth of this segment during the forecast period.
Various governments are initiating renovation of old buildings and structures, which creates a high demand for natural stones. For example, the Government of Canada launched a $30 million rebate scheme in June 2020, which is projected to assist to save a considerable amount of money on building and remodeling projects and hence, this investment is projected to provide lucrative growth in the market. Similarly, in 2020, European Commission announced “Renovation Wave” initiative for public and private buildings. The plan states additional investment of approximately $295 billion for residential and $90 billion for public buildings. Hence, these investments are expected to boost the natural stone market opportunity.
[REGIONGRAPH]
The natural stone market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2022, Asia-Pacific had the highest share in natural stone market share and is anticipated to secure the leading position during the forecast period, due to extensive demand in the construction & infrastructure segment. The natural stone market in Asia-Pacific has gained traction in recent years, owing to ongoing infrastructure development in China and India. Moreover, the increase in development-related projects such as infrastructure, transportation, and airports in emerging economies, especially in East Asian countries, fuels the growth of the natural stone market. Furthermore, the Asia-Pacific region is projected to witness an increase in the adoption of granite and marble due to the development of the construction industry and the easy availability of raw materials.
The demand for granite and marble is growing at a significant rate in Asia-Pacific, owing to strong economic growth in the developing economies, such as China, India, Japan, Malaysia, and Australia. Furthermore, an increase in demand for wall cladding construction is anticipated to boost the need for natural stones, thereby driving the growth of the market. In addition, rapid urbanization is substantially fueling the development of infrastructure such as townships, wall-cladding buildings, parks, and public spaces, which is anticipated to fuel the Asia-Pacific natural stone market. during the forecast period.
Competitive analysis and profiles of the major players in the natural stone market include Aro Granite Industries Ltd., Dimpomar, Dermitzakis Bros S.A., Levantina y Asociados de Minerales, S.A., MARGRAF, Mumal Marble, Polycor Inc., Temmer Marble, Topalidis, and Xishi Stone Group. There are some important players in the market such as Aro Granite Industries Ltd. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the natural stone market.
In January 2021, Polycor acquired North Carolina Granite Corporation, which deals in the manufacturing and trading of granite marbles, natural stones, and tiles. The acquisition aimed to improve the geographical footprint, and product portfolio of natural stones products.
Key Market Segments
Key Market Players