Natural Stone Market Expected to Reach $57.6 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Natural Stone Market," The natural stone market size was valued at $33.8 billion in 2020, and is estimated to reach $57.6 billion by 2032, growing at a CAGR of 4.4% from 2023 to 2032.

Natural stones are used for building purposes and the construction of monuments. They have features such as superior aesthetic, hydraulic binding, and decorative properties. Natural stones play a vital role in improving the visual appeal of commercial buildings and infrastructure through innovative steps and flooring solutions.

A rise in awareness toward outdoor entertainment area, especially among millennials, is anticipated to drive the growth of the global natural stone market in the coming years. Furthermore, rise in adoption of marble and granite for kitchen countertop is expected to gain traction in the recent years, due to their enhanced durability and hardness, which drive the growth of the global natural stone market. Growth in urbanization and rise in number of nuclear families, especially in developing nations, has created a significant need for natural stones for construction and flooring applications. In addition, factors such as growing urbanization and greater demand for flooring and architecture applications are expected to drive the global natural stone market.

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.

In 2020, Asia-Pacific accounted for the highest share in the global natural stone market share, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to growth in construction activities in the region.

Various manufacturers in the natural stone market, such as Dimpomar, Margarf S.P.A., and Xishi Group, are adopting acquisition as a key developmental strategy to improve the product portfolio of natural stone products. For instance, in May 2021, CUPA Group based in Spain acquired Pizarras Lomba, which deals in the production of natural stones and marbles. The acquisition aimed to improve the geographical presence of black and fine-grain color natural stones in France and the UK.

Outdoor entertainment area such as porches, patio, and backyards, have witnessed increasing popularity, owing to their functional utility for small gatherings and semi-natural ambience. As a result, people are increasingly opting for outdoor entertainment areas. Moreover, surge in demand for outdoor flooring in buildings such as bungalows, condos, townhouses, and row houses with aesthetic outdoor flooring solutions, fuels the market growth. In addition, increase in number of retrofitting flooring projects and home renovation activities drive the growth of the global natural stone market. 

The growth in new construction and renovation properties leads to rise in demand for granites and marbles for interior decoration, thereby fueling the growth of the global natural stone market. For instance, in 2022, the U.S. expenditure on renovation activities is approximately $418 billion and is expected to grow during the forecast period.

However, fluctuation in raw material prices and an increase in the adoption of artificial stone are projected to hinder the growth of the global natural stone market in the coming years. Conversely, an increase in new construction activities, especially in emerging economies, is anticipated to provide lucrative opportunities for the growth of the global natural stone market during the forecast period.

Key Benefits For Stakeholders

• The report provides an extensive analysis of the current and emerging natural stone market trends and dynamics. 
• In-depth natural stone market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2032.
• Extensive analysis of the natural stone market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
• A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
• The natural stone market forecast analysis from 2023 to 2032 is included in the report.
• The key market players within the natural stone market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the natural stone industry.