According to a new report published by Allied Market Research, titled, "Natural Stone Market by Type, and Application: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global natural stone market size was valued at $35.1 billion in 2018, and is projected to reach $48.0 billion by 2026, growing at a CAGR of 3.9% from 2019 to 2026. The natural stones include quartzite, slate, limestone, sandstone, marble, granite, and others. Natural stone are used for building purposes and construction of monuments. They play a vital role in improving the visual appeal of commercial buildings and infrastructure through innovative landscaping and flooring solutions. Increase 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 expired to gains traction in the recent years, due to their enhanced durability and hardness.
The increasing rate of building renovation and remodeling majorly drive the growth of the market. However, fluctuations in foreign currency exchange continue to influence the profit margins for the market players, and is projected to hinder the growth of the market in the coming years. Furthermore, increase in new construction activities, especially in emerging economies is anticipated to drive the natural stone market growth during the forecast period.
Depending on type, the granite segment garnered the largest share in 2018 in the market. This is attributed to expansion of the infrastructure sector throughout the globe, especially in emerging nations such as China and India. Moreover, producers of natural stones are adopting new strategies such as merger and acquisition to increase their market shares. For instance, in October 2019, Polycor acquired the company Elliott Stone Company Inc. Elliot is engaged in quarrying and fabrication of Indiana limestone. The acquisition has expanded Polycor’s product portfolio for natural stone building products. Similarly, in February 2017, Temmer Marble established a new showroom and gallery in Afyon, Turkey to expand its business and presence in Asia Minor. The showroom is 600 square meter in area and the gallery is 2,000 square meters, which displays over 150 samples of natural marble.
By application, the flooring sector exhibited the largest share in 2018, owing to increase in residential construction activities and urbanization around the globe. However, the wall cladding segment is estimated to register a CAGR of 4.5%, owing to the expansion of infrastructure sector in developing regions. Region wise, Asia-Pacific and LAMEA collectively contributed around 72.1% of share in the global market in 2018.
In 2018, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 47.6% share of the global market, followed by LAMEA, owing to rise in demand for affordable and efficient natural stones such as marble and granite.
The key players profiled in the natural stone market report 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. These players have adopted acquisition as their key developmental strategy improve their product portfolio. For instance, in July 2018, Polycor acquired four limestone quarries in Burgundy, France. The quarries were previously owned by Rocamat. The acquisition of these quarries has enhanced Polycor’s presence in Europe.
Key Finding of The Natural Stone Market:
- The report provides an extensive analysis of the current and emerging natural stone market trends and dynamics.
- Depending on type, the granite segment dominated the market, in terms of revenue, in 2018; however, the marble segment is projected to grow at a CAGR 4.7% during the forecast period.
- By application, the flooring segment led the market in 2018.
- North America is projected to register the highest growth rate in the coming years.
- Key market players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the natural stone industry.
- The report provides an extensive analysis of the natural stone market trends and emerging opportunities of the natural stone market.
- In-depth natural stone market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global natural stone market forecast analysis from 2019 to 2026 is included in the report.