NEW YORK, May 22, 2023 /PRNewswire/ -- The global paving stone market is expected to grow primarily due to increasing emphasis on public-private partnerships. Granite sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
Global Paving Stone Market Forecast Analysis:
As per the report published by Research Dive, the global paving stone market is expected to register a revenue of $86,730.90 million by 2031 at a CAGR of 7.9% during the forecast period 2022-2031.
Segments of the Paving Stone Market
The report has divided the paving stone market into the following segments:
- Paving Material: concrete pavers, natural stone pavers, and clay brick pavers
- Concrete Pavers– Dominant market share in 2021
- The increasing preference for adaptability over quality is predicted to boost the growth of this sub-segment by 2031.
- Natural Stone Pavers: granite, marble, limestone, slate, sandstone, and others
- Granite– Significant growth rate by 2031
- The ability of granite to withstand extreme temperatures has led to an increase in its demand which is expected to aid the sub-segment to register significant growth numbers by 2031.
- Application: driveway, walkway, patio, pool decks, garden, and others
- Walkways– Significant market share by 2031
- Increasing number of walkways being constructed for the safety and convenience of elderly people and children is expected to aid the sub-segment to register significant growth numbers by 2031.
- End-Use: residential construction and commercial construction
- Commercial Construction– Significant market share by 2031
- Growing utilization of paving stones in construction of retail malls, restaurants, and other such commercial establishments is expected to aid the sub-segment to register significant growth numbers by 2031.
- Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific – Most dominant by 2031
The increase in the demand for paving stone from various countries of this region like China, India, Japan, Australia, and Indonesia is expected to help the paving stone market to flourish immensely and grow with a CAGR of 8.4% in the forecast period.
Dynamics of the Global Paving Stone Market
Growing emphasis of governments across the world on public-private partnerships (PPPs) for infrastructure development is expected to make the paving stone market highly lucrative in the forecast period. Furthermore, increasing demand for paving stones from commercial and industrial sectors is anticipated to help the market reach new heights. However, according to market analysts, disadvantages of paving stones might become a restraint in the growth of the market.
Increasing usage of paving stones in different types of construction activities is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the expanding building industry in India, particularly in urban areas expected to propel the paving stone market forward in the coming period.
COVID-19 Impact on the Global Paving Stone Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The paving stone market, too, experienced a negative growth during the pandemic. Import-export restrictions during the pandemic deeply affected the steady supply of raw materials while at the same time, the demand for paving stones also decreased due to halting of construction activities. Both these factors led to decline in the growth rate of the market.
Key Players of the Global Paving Stone Market
The major players of the market include
- Brock International
- NewLine Hardscapes
- King's Material
- Midwest Manufacturing
- Anchor Block Company
- Fendt Builder
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain market growth.
For instance, in March 2022, Oldcastle APG, a leader in architectural buildings products, announced that it was signing an acquisition agreement with Calstone, a concrete masonry and pavers manufacturing company. This acquisition is anticipated to help Oldcastle APG to expand its business globally in the next few years.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Paving Stone Market:
- A Quick Guide to the 4 Most Popular Types of Paving Stones in the Market in 2023
- Global Paving Stone Market to Generate $86,730.90 Million by 2031, Due to Increased Demand from Industrial and Commercial Sectors
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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