New York, USA, June 29, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global natural stone market is anticipated to generate a revenue of $60,367.30 million and grow at a noteworthy CAGR of 5.0% over the analysis timeframe from 2022 to 2030.
Factors Impacting the Natural Stone Market Growth
As per our analysts, the increasing use of natural stones for a variety of applications in interior spaces such as bathrooms, living rooms, kitchens, and others is expected to foster the growth of the natural stone market over the forecast period. Moreover, the remarkable growth in the construction activities all across the world due to urbanization, smart city projects, and others is expected to create expansive growth opportunities for the market during the analysis timeframe. However, the presence of alternative building materials such as ceramic tiles may hinder the growth of the market throughout the estimated period.
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Segments of the Natural Stone Market
The report has divided the market into segments based on type, application, end-use industry, and region.
Type: Granite Sub-Segment to be Most Profitable
The granite sub-segment is expected to generate a revenue of $23,376.80 million during the analysis timeframe. This is mainly because of the beneficial properties of granite such as abrasion resistance, outstanding hardness, and elegance. Moreover, the increasing use of granite countertops for easy cleaning, bearing significant weight, and resisting weathering are predicted to amplify the growth of the market sub-segment over the forecast period.
Application: Flooring Sub-Segment to be Most Productive
The flooring sub-segment is projected to generate a revenue of $31,971.30 million over the estimated period. This is mainly due to the increasing use of natural stones in residential and commercial sectors for beauty, increased durability, and value. In addition, the growing use of natural stone for flooring due to its stain resistance properties and availability in a wide range of colors and shades is expected to upsurge the growth of the market sub-segment during the analysis timeframe.
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End-Use Industry: Commercial Sub-Segment to be Most Beneficial
The commercial sub-segment is expected to generate a revenue of $30,809.80 million throughout the forecast period. The increasing demand for natural stones for flooring in commercial buildings such as shopping malls or big complexes due to their availability in a wide variety of textures and colors is the factor predicted to propel the growth of the market sub-segment over the analysis period.
Region: Asia-Pacific Region to Hold the Largest Share of the Market
The Asia-Pacific region of the natural stone market accounted for $19,907.20 million in 2021 and is anticipated to grow at a CAGR of 6.3% during the estimated timeframe. This is majorly due to the growing construction activities in this region due to rapid urbanization and industrialization. Moreover, the strong existence of leading natural stone producers in this region is expected to drive the regional growth of the market over the forecast timeframe.
Covid-19 Impact of the Natural Stone Market
The outbreak of the Covid-19 pandemic has had a negative impact on the natural stone market, likewise several other industries. Due to the lockdown imposed across several countries, the operations in the natural stone industry such as quarry activities, logistics, processing facilities, and many others have been suspended. This led to an economic crisis and the laying off of employees. Furthermore, the natural stone-producing companies were unable to meet the demand from ongoing construction projects due to transport restrictions and a shortage of workers. All these factors have declined the demand for natural stones from domestic and foreign markets during the pandemic period.
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Key Players of the Natural Stone Market
The major players of the natural stone market include
- ARO Granite Industries Ltd.
- Dimpomar
- Dermitzakis Bros S. A.
- Levantina Asociados de Minerales, S.A.
- Margraf Spa
- Mumal Marbles Pvt. Ltd.
- Polycor Inc.
- Temmer Marble
- Ranamar
- Xishi Stone Group. and many more.
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry. – Grab a Full report here
For instance, in January 2022, Triton Stone Group of New Orleans, a leading Louisiana-based wholesaler, and provider of granite and natural stone products, announced its acquisition of Unique Stone Concepts, the renowned provider of luxurious granite, marble, and travertine. With this acquisition, the companies planned to offer unique customer-focused natural stone products and provide unparalleled services to their customers globally.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic development.
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
