Global Natural Stone Market Predicted to Hit $60,367.30 Million, Growing at 5.0% CAGR from 2022 to 2030 | Says [235-Pages] Research Dive
Rising demand for natural stones in residential and commercial projects is fueling the global natural stone market growth. The COVID-19 pandemic has adversely impacted the market. The Asia-Pacific region is likely to be most dominant by 2030.
NEW YORK, July 20, 2022 /PRNewswire/ -- Research Dive has added a new report to its offerings titled, 'Natural Stone Market by Type (Granite, Marble, Limestone, Travertine, and Others), Application (Flooring, Wall Cladding, Cut-to-size Items, and Others), End-use Industry (Residential and Commercial), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2030.'
The global natural stone market is expected to garner $60,367.30 million by 2030, growing at a CAGR of 5.0% from 2022 to 2030. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Natural Stone Market
The market is segmented based on type, application, end-use industry, and region.
- The granite sub-segment of the type segment is estimated to witness leading growth by surpassing $23,376.80 million in the estimated period. This growth is mainly because of the growing use of granite in making kitchen countertops, as it is a resilient stone that can withstand very high temperature when subjected to direct heat.
- The flooring sub-segment of the application segment is anticipated to observe highest growth and surpass $31,971.30 million in the estimated period. This growth is mainly because of the rising use of natural stone in construction projects including residential projects, office spaces, and others, due to its durability and beautiful appearance.
- The commercial sub-segment of the end-use industry segment is anticipated to observe maximum growth and collect a revenue of $30,809.80 million in the estimated period. This growth is mainly because of the rising use of natural stone in floorings of commercial projects like shopping centers and big complexes worldwide.
- Regionally, the Asia Pacific natural stone market is projected to observe augmented growth with a CAGR of 6.3% in the estimated period. The growth of this region market is mostly owing to the rising demand for natural stone due to growing housing projects, industrial development, and urbanization in this region.
Natural Stone Market Dynamics
The key factor fueling the growth of the global natural stone market is a significant rise in the use of natural stones in residential and commercial projects in flooring, steps, columns, table, or countertops. In addition, increasing developments in the building & construction sector, owing to speedy urbanization, growth of smart cities, and development of mega projects, is projected to open doors to innovative opportunities for the market growth in the projected period. However, existence of substitute building materials, such as ceramic tiles, in the marketplace is projected to deter the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Natural Stone Market
The COVID-19 pandemic has made a negative impact on the growth of the global natural stone market in 2020. In the pandemic period, the construction sector has witnessed a significant decline in terms of growth, owing to the implementation of strict lockdown and restrictions on transport activities. As a result, the demand for natural stone has greatly dropped. All these factors are hindering the natural stone market growth amidst the pandemic period. However, as the pandemic is relaxing since the end of 2021, several construction companies have recommenced their normal processing; which is obliquely helping the natural stone market to make headway.
Top Players of the Natural stone Market
The major players of the global natural stone market are
- Mumal Marbles Pvt. Ltd.
- ARO Granite Industries Ltd.
- Ranamar
- Dimpomar
- Dermitzakis Bros S. A.
- Xishi Stone Group
- Levantina Asociados de Minerales, S.A.
- Margraf Spa
- Polycor Inc.
- Temmer Marble, and others.
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a robust position in the global market. – Buy the Full report here starting at $2999 (Read-only)
For instance, in May 2022, StoneLoads, a company that connects natural stone quarries and fabricators with landscape supply yards for enabling them to complete orders effortlessly online, launched its online natural stone marketplace, which can be found at StoneLoads.com. With this launch, StoneLoads is aiming to make a strong presence in the global natural stone market.
Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter's five forces analysis and SWOT analysis.
More about Natural Stone Market:
- Acquisitions like That of Unique Stone Concepts by Triton Stone Group to Boost the Growth of Global Natural Stone Market
- Natural Stones: Applications and Do's and Don'ts You Should Know
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