New York, USA, May 08, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global paving stone market. According to the report, the global market is projected to surpass $86,730.90 million and grow at a CAGR of 7.9% in the estimated period, 2022-2031. This all-inclusive report delivers a comprehensive overview of the current and future situation of the paving stone market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Paving Stone Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global paving stone market. During the pandemic, the necessity to maintain a minimum 2-meter social distance forced the building and architectural sectors to entirely halt activities, making normal functioning extremely difficult. Moreover, the shutdown of the import-export market had a significant impact on the worldwide sourcing of natural stones, notably high-quality imported marble from countries. These factors significantly hindered the market growth amidst the pandemic.
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Factors Impacting the Paving Stone Market Growth
The key factor boosting the growth of the global paving stone market is a significant rise in the need for paving stone owing to growing use in the commercial and industrial sectors across the globe. Furthermore, the increase in use of concrete pavers in staircases, pathways, and landscapes is estimated to unlock lucrative opportunities for market growth in the forecast period. However, the interlocking nature of paving stone is anticipated to act as a restrain in the market’s growth.
The report segments the global paving stone market into paving material, natural stone pavers, application, end-use, and region.
Concrete Pavers Sub-Segment to Grab a Leading Share of the Market
The concrete pavers sub-segment of the paving material segment is predicted to observe leading growth in the forecast period. This growth is mainly because concrete pavers can be quickly constructed to do a number of jobs such as barriers, gutters, and surfaces of varying widths.
Granite Sub-Segment to Grab a Foremost Share of the Market
The granite sub-segment of the natural stone pavers segment is foreseen to experience massive growth in the forecast period. This growth is mainly because granite is widely utilized to build lasting structures like temples, gravestones, and memorials.
Walkways Sub-Segment to Observer Rapid Growth
The walkways sub-segment of the application segment is projected to grow enormously in the forecast period. This growth is mainly because walkways are convenient, particularly while wearing high heels, when there are elderly people nearby, or when the weather is terrible.
Commercial Construction Sub-Segment to Witness Rapid Growth
The commercial construction sub-segment of the end-use segment is expected to grow enormously in the forecast period. This growth is mainly because commercial pavers are often less expensive and are frequently used in workplaces such as malls, restaurants, and other such establishments.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global Paving Stone market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly due to an increase in the number of cars on the road, followed by the demand for more ecologically friendly materials to pave roads, the emergence of a demand for more durable and longer lasting roads, the growth of the global economic system, and a rise in urbanization in this region.
Key Players of the Global Paving Stone Market
The report states some of the foremost players operating in the global paving stone market including
- Marshalls
- Belgard
- NewLine Hardscapes
- Fendt Builder
- King's Material
- Rosetta
- Anchor Block Company
- Midwest Manufacturing
- Brock International
- Wienerberger
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in September 2022, FCN, the company that provides concrete block goods for landscaping and gardening, launched new low-carbon paving stones in Germany using Betolar's Geoprime technology.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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
