According to a new report published by Allied Market Research, titled, “Granite Flooring Market," The Granite Flooring Market Size was valued at $5.3 billion in 2021, and is estimated to reach $8.3 billion by 2031, growing at a CAGR of 4.4% from 2022 to 2031.
The increasing demand for granite flooring can be attributed to the increasing construction activities such as residential and non-residential. Typically, granite flooring consists of types such as tiles, slabs, and cobble stone. Among these, the tiles segment accounted for the highest market share in 2021, owing to its high strength, and durability. 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 market is analyzed with respect to different locations such as indoor and outdoor. Out of these, the indoor segment accounted for the highest market share in 2021, owing to high demand from residential and non-residential users. By application, it is based on residential and non-residential. The market is mainly driven by the increase in popularity of interior designing, availability of various designs, and surge in spending on home remodeling projects in developing countries has significantly increased the use of granite for flooring in remodeling projects. Furthermore, floors are a vital part of any building as they provide an aesthetic, smooth, and level floor surface, thereby elevating the ambience of the spaces. The availability of granite in a wide range of colors and patterns makes it suitable for use in luxury residential, commercial, and hospitality projects. However, the higher cost than ceramic flooring constrains the granite flooring market growth.
In 2021, Asia-Pacific held the largest granite flooring market share, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to growth in the construction sector in the region.
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 industry in the region.
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 entire range of MSI's products for the home and commercial markets, including flooring, countertops made of natural stone, hardscaping materials, and much more.
However, during the pandemic lockdown, various manufacturers in the granite flooring market had to stop their business in countries such as China, Australia, U.S., UAE, and countries in Europe. This break directly impacted sales of granite flooring manufacturing companies. In addition, the lack of manpower and raw materials constricted the supply of raw materials for granite flooring; and negatively influenced the growth of the market. However, after two years of COVID-19 outbreak and the introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging global granite flooring market trends and dynamics.
- By type, the tile has dominated the granite flooring market, in terms of revenue in 2021 and slab is projected to grow at a significant CAGR during the forecast period.
- By application, the residential segment has registered the highest revenue in 2021.
- By region, Asia-Pacific is projected to register the highest growth rate in the coming years.
- The key players within the global granite flooring market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the granite flooring market outlook.
- The granite flooring market forecast analysis from 2022 to 2031 is included in the report.
- In-depth global granite flooring market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.