New York, USA, Nov. 29, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global natural stone market is projected to generate a revenue of $53,550.3 million and rise at a healthy CAGR of 4.6% over the estimated timeframe from 2021-2028.
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Covid-19 Impact on the Natural Stone Market
The rise of the Covid-19 pandemic has had a negative impact on the natural stone market, likewise, several other industries. During the pandemic, the natural stones industry has suspended its operations such as quarry activities, logistics, functioning of administrative offices due to the spontaneous spread of the novel coronavirus. Moreover, the stringent lockdowns have forced the natural stone manufacturers to completely shut their factories and lay–off employees. The unavailability of laborers has further led to creating challenges for the industry to meet the demand for emergency construction projects. All these factors are responsible for the downfall of the natural stone market during the coronavirus crisis period.
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As per our analysts, with the growing demand for natural stones in the wide range of applications in the interior spaces of homes such as living rooms, bathrooms, kitchens, and many others, the natural stone market is expected to see exponential growth during the analysis period. Moreover, the use of natural stone, most commonly, the granite in the kitchen countertops for its durability and heat resistance capacity is expected to fuel the growth of the market during the forecast period. Besides, the rising demand for natural stones in construction activities, owing to the rapid urbanization, development of smart cities, and mega projects are the factors expected to bolster the growth of the natural stone market during the estimated timeframe. However, the presence of alternative building materials such as ceramic tiles may hinder the growth of the market during the forecast period.
Segments of the Natural Stone Market
The report has divided the natural stone market into segments namely type, application, and region.
Type: Granite Sub-Segment to be Most Lucrative
The granite sub-segment is projected to generate a revenue of $20,201.8 million and is expected to continue a steady growth during the forecast period. This is mainly due to the beneficial properties of granite such as hardness, elegance, and great resistance to heat. In addition, the granite can bear significant weight, resist weathering, resist abrasion, these factors are expected to upsurge the growth of the natural stone market sub-segment over the analysis period.
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Application: Flooring Sub-Segment to be Most Profitable
The flooring sub-segment is anticipated to garner a revenue of $28,318.7 million over the forecast timeframe. This is mainly because of the use of natural stones for flooring in residential and commercial sectors owing to the features such as durability, beauty, and giving an increased value to the platforms. Moreover, the increasing preference of natural stones for flooring such as granite, slate, limestone, and their properties such as resisting allergenic organisms, and making the floors durable and safe is further expected to uplift the growth of the natural stone market sub-segment during the forecast period.
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Region: The Asia-Pacific Region Anticipated to Have Vast Growth Opportunities
The Asia-Pacific region is predicted to grow at a noteworthy CAGR of 5.4% during the analysis period. This is mainly due to the growing construction activities in this region, owing to the rapid urbanization and industrialization and the usage of natural stones in flooring, wall cladding, civil works, memorial arts, and many others in this region. Furthermore, the presence of leading natural stone producers is expected to drive the regional growth of the market during the analysis period.
Key Players in the Global Natural Stone Market
1. ARO Granite Industries Ltd.
2. Dimpomar
3. Dermitzakis Bros S. A.
4. Levantina Asociados de Minerales, S.A.
5. Margraf Spa
6. Mumal Marbles Pvt. Ltd.
7. Polycor Inc.
8. Temmer Marble
9. Ranamar
10. Xishi Stone Group.
For instance, in October 2019, Elliott Stone Company Inc., a leading company in the United States-based building materials company was acquired by Polycor, a renowned Canadian, American, and French natural stones manufacturer. Elliott is widely known for quarrying and fabrication of Indiana limestone. With this acquisition, the companies are aiming to expand their product lines all across the world.
In addition, the report also presents other crucial aspects such as SWOT analysis, project portfolio, the financial performance of the key players, and the latest strategic developments. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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