Natural Stone Market to Reach $57.6 Billion, Globally, by 2032 at 4.4% CAGR: Allied Market Research

The growth in residential and construction activities are some of the prominent factors driving the growth of the natural stone market. In addition, an increase in the disposable income of individuals and an improvement in the standard of living of people in developing countries are expected to boost the growth of the natural stone market.

WILMINGTON, Del., Nov. 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Natural Stone Market by Type (Marble, Granite, Limestone, and Others), Application (Flooring, Memorial Arts, Wall Cladding, and Others), and Construction Type (New Construction and Renovation): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global natural stone industry generated $33,776.3 million in 2020, and is anticipated to generate $57,606.3 million by 2032, witnessing a CAGR of 4.4% from 2023 to 2032.

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Prime determinants of growth

The increase in spending on home remodeling and retrofitting activities drives the natural stone market. However, fluctuations in foreign currencies and an increase in emphasis toward utilization of artificial materials are restraining the growth of the market. On the contrary, increase in government and private investments in the infrastructure are expected to offer lucrative opportunities for the growth of the market.

Report coverage & details:

Analysis of the impact of inflation on the market

• The natural stone market is experiencing slow-paced growth due to various global events such as the economic downturn, and the COVID-19 pandemic. Formerly, the COVID-19 pandemic forced countries across the world to halt all industrial and trade activities, which severely impacted market growth. This led to reduced output from the key players in the natural stone market and resulted in lower demand from various end users. However, the COVID-19 pandemic has mostly subsided, and the probability of its severe negative impact on the natural stone market is relatively low.
• Currently, the market is mainly impacted by the worldwide economic downturn which is a big restraining factor for the entire industrial and construction sectors. The current inflation is a result of the Ukraine-Russia conflict, as well as the quantitative easing that was performed in various countries across the world to tackle the economic downturn during the coronavirus outbreak.

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The granite segment to maintain its leadership status throughout the forecast period

Based on type, the granite segment held the highest market share in 2020, accounting for nearly two-fifths of the global natural stone market. Granite is widely used for making gravestones, sculpture, and memorials, due its hardness. Increase in adoption of granite as a flooring tile has been witnessed in the recent years in commercial and public buildings, owing to its aesthetic appearance. Moreover, it is used in manufacturing countertops and bathroom vanities. Many natural stone producers have adopted business expansion strategy to sustain the intense competition and improve their product portfolio. For example, Granite Top, Inc., a U.S.-based manufacturer of granite countertops invested in high-tech automated machinery to increase its production capacity to meet the growing demands for granite. In addition, the rise in demand for granite for residential properties and the rise in investment in construction activities, fuel the growth of the global natural stone market. However, marble segment is projected to manifest the highest CAGR of 4.7% from 2023 to 2032. Marble is preferred for residential and commercial construction activities by architects and decorators, owing to its qualities such as rich colors, natural textures, and polished finish. In addition, marble serves as a popular choice for the residential construction, due to its inalterable properties. Furthermore, it is widely adopted for internal walls, floors, facades, and countertops, as it only requires polishing to retain the original natural gloss. Moreover, rise in disposable income of people in developing countries, rapid urbanization, and presence of huge customer base are expected to significantly contribute toward the growth of the global market.

The flooring segment to maintain its leadership status throughout the forecast period

Based on application, the flooring segment held the highest market share in 2020, accounting for nearly two-fifths of the global natural stone market. Features of natural stone such as prolonged durability, design flexibility, and easy installation drive the growth of the natural stone market. In addition, the vast availability and decline in prices of natural stones significantly contribute toward the market growth. Moreover, abundant demand for natural stone such as marble and sandstone in flooring, for cathedrals and mosques across the globe, augments the growth of the market. However, the wall cladding segment is projected to manifest the highest CAGR of 4.9% from 2023 to 2032. Natural stones such as marble and granite enhance the overall appearance of commercial and residential landscapes, which fuel their adoption across the globe. In addition, an increase in adoption of natural stones has been witnessed for wall cladding, owing to factors such as prolonged durability and superior aesthetics. Moreover, the demand for natural stones for wall cladding is driven by the easy availability of raw materials along with smart cladding systems, which are used for optimizing temperature levels inside buildings.

The renovation segment to maintain its lead position during the forecast period

Based on construction type, the renovation segment accounted for the largest share in 2020, contributing to nearly three-fifths of the global natural stone market revenue, and is projected to maintain its lead position during the forecast period. Many companies are engaged in adopting various strategies to expand their base and increase their production capacity to sustain the intense competition and improve the product portfolio of natural stones. For instance, in January 2021, Canada-based Polycor acquired North Carolina Granite Corporation, which deals in the manufacturing and trading of granite marbles, natural stones, and tiles. The acquisition aimed to improve the geographical footprint, and product portfolio of natural stone products. Moreover, the renovation of old heritage homes is expected to offer lucrative opportunities for the expansion of the market during the forecast period. Thus, all these factors are anticipated to drive the growth of this segment during the forecast period.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global natural stone market revenue, and is likely to dominate the market during the forecast period. The demand for granite and marble is growing at a significant rate in Asia-Pacific, owing to strong economic growth in the developing economies, such as China, India, Japan, Malaysia, and Australia. Furthermore, an increase in demand for wall cladding construction is anticipated to boost the need for natural stones, thereby driving the growth of the market. In addition, rapid urbanization is substantially fueling the development of infrastructure such as townships, wall-cladding buildings, parks, and public spaces, which is anticipated to fuel the Asia-Pacific natural stone market growth during the forecast period. However, the LAMEA region is expected to witness the fastest CAGR of 5.0% from 2023 to 2032. Significant investment toward infrastructure development by government and private firms and an increase in the popularity of outdoor flooring in the Middle East are the major driving factors of the market in LAMEA. Moreover, the government initiative to promote tourism has resulted in a significant increase in construction activities, which is expected to drive the demand for natural stones.

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Leading Market Players: -

• Aro Granite Industries Ltd.
• Dimpomar
• Dermitzakis Bros S.A.
• Levantina y Asociados de Minerales, S.A.
• MARGRAF
• Mumal Marble
• Polycor Inc.
• Temmer Marble
• Topalidis
• Xishi Stone Group

The report provides a detailed analysis of these key players in the global natural stone market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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