Dimension Stone Market Expected to Reach $20.2 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Dimension Stone Market," The dimension stone market was valued at $13.4 billion in 2021, and is estimated 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. Dimension stones are natural stones that are selected and finished (trimmed, cut, drilled, ground, or other) to specific shapes and sizes. Some examples of dimension stone include marble, sandstone, limestone, travertine, granite, and others. Dimension stones are used in various applications including building monuments, jewellery, fireplace mantles, floors, bathroom skins, shelves, tabletops, basins, and others.

Increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, have led the building & construction sector to witness a significant growth where dimension stone is used in flooring, roofing, masonry, paving roads and also as aggregates for concrete. In addition, government of developing economies such as China, India, and others has increased spending on the development of townships, housing, built up infrastructure and construction development projects where dimension stone is used for structural applications in both residential and commercial facilities.

For instance, according to a report published by National Investment Promotion and Facilitation Agency of India, the Indian Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India in March 2021. These factors altogether are anticipated to fuel the growth of the dimension stone market during the forecast period.

However, dimension stones are relatively expensive as compared to its other substitutes such as cemented bricks, stabilized soil blocks, and others. Thus, the availability of substitutes at cheaper rates is projected to hamper the growth of the dimension stone market.

On the contrary, precision surface excavation machines are gaining popularity in the dimension stone mining activities owing to the fact that they reduce pollution and noise in sensitive areas. Furthermore, they are versatile units that offer numerous advantages over customary drilling and blasting strategies. Moreover, precision surface excavation mining machines can cut more precisely and produce a smaller, more consistent dimension stone particle size thus eliminating the need for a primary crusher. This has resulted in the production of finely finished dimension stones with enhanced surface finish characteristics. These factors altogether may surge the demand for high-finish dimension stone across various end use sector; thus, creating lucrative opportunities for the dimension stone market

The dimension stone market is segmented on the basis of type, application, and region. By type, the market is segregated into granite, limestone, marble, sandstone, and others. The marble segment dominated the global market in terms of revenue in 2021, with 30.3% of the total share. Several 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 marbles used for monument restoration purposes. This factor may further augment the growth of the dimension stone market for marble type.

By application, the market is divided into structural use and decorative use. The structural use segment dominated the global market in terms of revenue in 2021, with 76.2% of the total share. Government of developing economies such as China, India, and others has increased spending on the development of townships, housing, built up infrastructure and construction development projects where dimension stone is used for structural applications in both residential and commercial facilities. This is expected to fuel the growth of the dimension stone market for structural use.

Region-wise, the dimension stone market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific paint thinner market size is projected to grow at the highest CAGR during the forecast period and accounted for a major paint thinner market share in 2021. The rising building & construction, industrial, and other sectors have enhanced the performance of the paint thinner market in the Asia-Pacific region. Countries such as India and Japan are witnessing a rapid increase in the development of parks and community gardens where dimension stone is widely used for decorative purposes.

For instance, according to an article published by The Japan Times, urban parks in Tokyo have increased by 16,000 hectare between 2015 and 2020 and are expected to increase in other major cities of Japan by 2025. Thus, the increase in green spaces in the Asia-Pacific region may enhance the performance of the dimension stone market in the Asia-Pacific region.

Key players operating in the global dimension stone market 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 Granito India Limited, FHL Kiriakidis Group.

COVID-19 impact analysis in dimension stone market:

The decreased purchasing potential of suppliers has also negatively impacted the market amid the COVID-19 scenario. Furthermore, the COVID-19 pandemic has led to disruptions in transportation, contractual implications problems, labour shortage, and other factors that together have led the construction sector to witness a downfall. For instance, according to a report published by the Australian Performance of Construction Index (PCI) Survey, the construction activity has dropped by 16.3 points to 21.6 points from March 20201 to August 2020. However, the construction sector is recovering rapidly post COVID-19 period owing to the increasing spendings on building hospitals, schools, residential & commercial flats, and other infrastructure projects in both developed and developing economies where dimension stone is widely used for both structural and decorative purposes. This may augment the growth of the dimension stone market during the forecast period.

Key findings of the study:

• By type, the marble segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.5% from 2022 to 2031.
• By application, the structural use segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.1% from 2022 to 2031.
• By region, Asia-Pacific garnered the highest share of 43.6% in 2021, in terms of revenue, growing at a CAGR of 4.7%.