According to a new report published by Allied Market Research, titled, "Natural Stone Market," The natural stone market 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.
Rapid urbanization and surge in adoption of natural stones for indoor flooring in building structures such as temples, luxurious houses, government buildings, and schools drive the growth of the market. In addition, rise in consciousness toward exterior entertainment area and propensity to spend on home remodeling boost the growth of the global natural stone market. Besides, rise in government spending on new construction and renovation activities globally fuels the growth of the global natural stone market. For instance, in August 2021, the Federal Government of Canada planned to invest around $180 billion for a 12-year period to improve the new infrastructure development. Moreover, the rise in disposable income of people in developing countries such as India, Brazil, Africa, and others, leads to increased spending on renovation activities, which drive the growth of the global natural stone market. For instance, the disposable income of South Africa is growing at a rate of over 1.5% from 2020 to 2022. However, an increase in emphasis on the utilization of green and eco-friendly materials hamper the market growth. On the other hand, developing economies in Asia-Pacific and LAMEA continue to offer lucrative growth opportunities for natural stone producers, due to a surge in investments in residential construction activities in these regions.
The natural stone market is segmented on the basis of type, application, construction type, and region. By type, the market is categorized into marble, granite, limestone, and others. The granite segment dominated the market in 2020. On the basis of application, it is segmented into flooring, memorial arts, wall cladding, and others. The flooring segment accounted for a major market share in 2020. As per construction type, the market is categorized into new construction and renovation. The renovation segment is expected to grow at the highest rate during the study period. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region dominated the market in 2020.
The major players that operate in the global market have adopted key strategies such as product launches and product development to strengthen their market outreach and sustain the stiff competition in the market.
Competition Analysis
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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the natural stone market analysis from 2020 to 2032 to identify the prevailing natural stone market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the natural stone market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global natural stone market trends, key players, market segments, application areas, and market growth strategies.
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- Installed Base analysis
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- New Product Development/ Product Matrix of Key Players
- Additional company profiles with specific to client's interest
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- Per Capita Consumption Trends
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- SWOT Analysis
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Key Market Segments
By Type
- Marble
- Granite
- Limestone
- Others
By Application
- Flooring
- Memorial Arts
- Wall Cladding
- Others
By Construction Type
- New construction
- Renovation
By Region
- North America
- Europe
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Rest of Asia-Pacific
Key Market Players:
- Aro Granite Industries Ltd.
- Polycor Inc.
- Dimpomar
- Dermitzakis Bros S.A.
- Mumal Marbles Pvt. Ltd.
- TOPALIDIS S.A.
- XISHI GROUP LTD.
- Levantina Y Asociados de Minerales, S.A.
- MARGRAF
- Temmer Mermer Madencilik ?n?aat Sanayi ve Ticaret A.?.