Natural stones, as the name suggests, are naturally occurring lithic materials that are quarried from earth and used extensively as building materials. These lithic materials include sandstone, marble, onyx, quartzite, granite, limestone, travertine, etc. Natural stones have been used as building materials and for decorative enhancements since ancient times and examples of such buildings include the Pyramids, the Taj Mahal, etc. Since these stones possess limitless design potential and great durability, they are nowadays used for a wide range of applications such as for flooring, fireplaces, kitchen countertops, etc. in residential and commercial projects.
Forecast Analysis of the Global Market
In the recent years, there has been an increase in the demand for natural stones owing to the wide range of construction applications in which they can be used. From kitchen countertops to fireplaces, natural stones come in handy as they give a unique and distinct look to home interiors. This growing demand for different types of natural stones in the construction sector is expected to be the primary growth driver of the global natural stone market in the coming years. Along with this, recent technological advancements have simplified the processes of quarrying, extracting, and fabricating these naturals stones which has made it quite easier to use these stones. This is expected to push the natural stone market further. Also, sharp rise in construction activities all across the globe is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, presence of alternative building materials such as ceramic tiles may restrain the growth of the market in the forecast period.
According to the report published by Research Dive, the global natural stone market is expected to gather a revenue of $60,367.30 million by 2030 and grow at 5.0% CAGR in the 2022–2030 timeframe. Regionally, the natural stone market in the Asia-Pacific region is expected to be the most dominant as well as have the fastest growth rate of 6.3% CAGR by 2030. Growth in the number of construction activities due to rapid urbanization and industrialization in this part of the world is anticipated to become the primary growth driver of the market in this region. Additionally, presence of leading natural stone producing countries like India and China is expected to the push the market in this region further.
Covid-19 Impact on the Market
The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The natural stone market faced a similar fate due to the pandemic. Almost all the quarrying, extraction, and fabrication processes virtually came to a halt due to the pandemic and the subsequent lockdowns that were put in place to curb the spread of the virus. Along with this, majority of the construction activities across the globe were stopped due to the lockdowns which led to a decline in the demand and growth rate of the global market. All these factors have collectively imposed a disastrous impact on the natural stone market.
Significant Market Developments
Some prominent players in the global natural stone market include ARO Granite Industries Ltd., Levantina Asociados de Minerales, S.A., Polycor Inc., Dimpomar, Margraf Spa, Temmer Marble, Xishi Stone Group, Dermitzakis Bros S. A., Mumal Marbles Pvt. Ltd., Ranamar, and many others.
The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the natural stones market to flourish. For instance:
In January 2022, Triton Stone Group, a US-based provider of marble and granite, announced the acquisition of Unique Stone Concepts, a leading supplier of natural stones and quartz slabs. The acquisition is expected to help Triton Stone Group, which is among the largest importers of natural stone in the US, to increase its foothold in the market in the coming years.
In March 2022, Architectural Surfaces, a US-based importer and distributor of natural stone, announced the acquisition of two Dallas-based natural stone suppliers, viz., Stone Boutique and Allure. With this acquisition, Architectural Surfaces has consolidated its position in the natural stone market considerably and is expected to continue on this growth trajectory in the years to come.
In June 2022, in a unique collaboration, Mejuri, a leading online jewelry shop, announced a tie-up with Claude Home, an online gallery selling vintage and contemporary artworks from artisans around the globe. The collaboration is aimed at providing natural stone-based storage spaces for ornaments and jewelry sets sold by Mejuri. This collaboration is being touted as a great experiment and will help the natural stone market to grow in such different segments that were unexplored before.