New York, USA, March 28, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the global natural stone market is expected to garner $60,367.30 million by 2030 and rise at a stable CAGR of 5.0% in the 2022-2030 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the natural stone market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2030. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: In the last few years, there has been a massive increase in the range of applicability of natural stones which is expected to be the primary growth driver of the natural stone market in the forecast period. Additionally, sharp increase in the construction activities across the globe is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Increasing popularity of natural stones such as marble, granite, travertine, etc., for kitchen countertops, flooring, and wall cladding is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the versatile characteristics of natural stones such as timeless appeal and immense beauty are expected to augment the growth rate of the market
Restraints: However, according to market analysts, availability of alternative building materials such as ceramic tiles might become a restraint in the growth of the natural stone market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The natural stone market, too, faced a negative impact of the pandemic. A virtual stoppage of almost all construction activities across the globe due to lockdowns and travel restrictions brought down the demand for natural stones drastically. This affected the growth rate of the market in the pandemic period.
Segments of the Market
The Research Dive report has fragmented the natural stone market across different segments such as type, application, end-use industry, and region.
Type: Granite Sub-segment to be Highly Dominant
By type, the granite sub-segment is expected to garner significant market share and surpass $23,376.80 million by 2030. The increasing applications of granite due to its unique properties like hardness, abrasion resistance, and elegance is expected to push the growth of this sub-segment in the forecast period.
Application: Flooring Sub-segment to Flourish Immensely
By application, the flooring sub-segment of the natural stone market is predicted to be highly profitable and garner a revenue of $31,971.30 million by 2030. Natural stone is widely used for flooring in residential and commercial sectors due to its durability, beauty, and increased value. This growth in usage of natural stones for flooring is expected to boost the growth of this sub-segment in the forecast period.
End-Use Industry: Commercial Sub-segment to be Highly Lucrative
By end-use industry, the commercial sub-segment is expected to be highly lucrative one and generate a revenue of $30,809.80 million by 2030. Growing use of natural stones in commercial buildings like shopping centers and big complexes is expected to boost the growth of this sub-segment in the forecast period.
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Asia-Pacific Region to be Most Profitable
By regional analysis, the natural stone market in Asia-Pacific region is predicted to be the fastest growing in the analysis timeframe with a CAGR of 6.3%. Presence of leading natural stone producers, especially India and China is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the natural stone market are
- ARO Granite Industries Ltd.
- Margraf Spa
- Temmer Marble
- Dimpomar
- Mumal Marbles Pvt. Ltd.
- Ranamar
- Polycor Inc.
- Xishi Stone Group.
- Dermitzakis Bros S. A.
- Levantina Asociados de Minerales S.A.
These players are introducing and coming up with new technological advancements and innovations to gain a primacy in the market.
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For instance, in March 2022, Architectural Surfaces, a leading natural stones distributor, announced the acquisition of Stone Boutique and Allure, two Texas-based natural stones distributing companies. This acquisition will help Architectural Surfaces to expand its presence in the market in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Natural Stone Market:
- Natural Stones: Applications and Do’s and Don’ts You Should Know
- Acquisitions like That of Unique Stone Concepts by Triton Stone Group to Boost the Growth of Global Natural Stone Market
