The Natural Stone Market Projected to Grow at a CAGR of 5.0% and Generate a Revenue of $60,367.30 Million by 2030Download Sample Reports Overview
The global natural stone market is predicted to be valued at $60,367.30 million by 2030, surging from $35,998.50 million in 2021, at a noteworthy CAGR of 5.0%.
COVID-19 Impact on Natural Stone Market
The coronavirus outbreak has led to enormous uncertainty, halting the production and transportation of natural stones due to lockdown imposed across various countries. Sudden decline in demand owing to delay or postponements of construction projects has negatively impacted the natural stone market size during the pandemic. This is because natural stones are widely used in construction activities for various remodeling and reconstruction projects. The export operations were greatly affected due to sudden decline in demand from domestic and foreign markets. The entire quarrying and production process was at standstill and the quality imported marbles from countries such as Italy, Spain, and Turkey stopped completely. The B2B demand was impacted as there was no clarity regarding when the construction projects will be resumed. All these aspects greatly affected the natural stone market share during the pandemic.
Various initiatives and government directives such as safety & hygiene protocols and social distancing norms at workplace & quarries are helping the industry to meet the natural stone demand up to some extent. Balancing the available staff for incoming projects has helped the natural stone manufacturers to gain some revenue. In addition, some ongoing construction projects such as development of hospitals and isolation centers have provided some momentum to the natural stone demand which led to revenue generation. Hence, natural stone industry is confident enough to emerge with more agility and unity to face the challenges and emerge stronger.
Global Natural Stone Market Analysis
Growing popularity of natural stone for interior spaces of your house due to increase in reconstruction and remodeling projects is estimated to propel the natural stone market demand. These reconstruction & remodeling projects involve the use of various natural stones such as marble, limestone, slate, granite, and others. For instance, granite is popular choice for kitchen as it can last longer and requires minimal maintenance. Also, granite is the hardest stone known for its durability and heat resistance properties. Similarly, marble is preferred material for bathroom as it has unique veining combination, spectacular colors, and amazing texture that can make your space look incredible. Slate is an ideal material for office or study room because it can be innovated and is known for its durability, temperature resistance, and non-porous nature.
However, weight of natural stone is heavier compared to artificial stone due to which the building process consumes more time. Also, some natural stones such as Italian marble and travertine are porous, soft, brittle, more susceptible to chipping, and develop cracks easily. Hence, such natural stones must be sealed properly with resins.
Growing popularity of granite for kitchen countertops is anticipated to generate huge growth opportunities. Granite is widely used natural stone for kitchen countertops as it can resist chipping, scratching, and it is extremely durable. Granite is affordable natural stone, and its price can range from $40 to $200, including the installation cost. With the use of appropriate sealant, granite shows resistance to moisture, stain, and heat. Each piece of granite has unique color, pattern, or veining that will match your kitchen décor. This is majorly owing to mineral composition of granite that contains quartz, feldspar, mica, amphiboles, and other minerals. As the mineral composition of granite slabs vary, each slab has unique pattern and coloring.
Global Natural Stone Market, Segmentation
The global natural stone market is segmented based on type, application, end-use industry, and region.
The type segment is further classified into granite, marble, limestone, travertine, and others. Among these, the granite sub-segment is anticipated to have a dominant market share and shall surpass $23,376.80 million by 2030, with an increase from $13,074.50 million in 2021. This is because granite adds value to your home and investing in this countertop will increase your home’s sale price. The use of granite countertops can withstand spills, drops, and stains. These countertops are perfectly flat and ideal for your cooking and baking needs. Granite is known as magmatic stone which is formed when liquid magma is cooled and becomes very hard. Hence, it is very hard, freeze, or thaw stable and can hold household chemicals.
The application segment is further classified into flooring, wall cladding, cut-to-size items, and others. Among these, the flooring sub-segment is anticipated to have a dominant market share and shall surpass $31,971.30 million by 2030, with an increase from $18,352.10 million in 2021. Natural stone floorings are gaining huge popularity and can be used both indoor and outdoor owing to their versatility, sustainability, and aesthetic appeal. Granite and quartzite are preferred choices for flooring as these natural stones tend to be impervious to acids and are widely used in high traffic areas. Also, marble is popular choice for flooring owing to its classic luxury look high gloss finish and smooth texture. In addition, marble tiles are available in different sizes and shapes such as triangular, square, rectangle, and hexagonal that can match your requirements.
The end-use industry segment is further classified into residential and commercial. Among these, the commercial sub-segment is anticipated to have the highest market share in the forecast time period and shall surpass $30,809.80 million by 2030, with an increase from $18,798.30 million in 2021. The demand for natural stones in commercial industry has increased tremendously in the last few years. Natural stones, most popularly granite, are increasingly used as flooring materials in big corporate buildings. Thus, increasing commercial buildings’ construction activities have accelerated the demand for natural stones. Also, natural stones give a regal and esthetic look to shopping malls and other commercial places, thus further accelerating its demand. These factors are anticipated to have huge growth on the market in the next few years.
The natural stone market in the Asia-Pacific region is projected to acquire dominant market share during the forecast period. The Asia-Pacific natural stone market accounted $19,907.20 million in 2021 and is projected to grow with a CAGR of 6.3%. Asia-Pacific countries such as India and China are the largest natural stone producers and exporter globally. For instance, India is the granite hub which caters to the need of dealers, suppliers, and exporters. The two big granite destinations in India are North India and South India. In North India, granite is majorly quarried and exported from Rajasthan, Jharkhand, Chhattisgarh, and Odisha. Whereas in South India, Telangana, Tamil Nadu, Karnataka, and Andhra Pradesh are popular granite destinations. As stated on November 4, 2019, by the Regatta Granites India, the international exporter of quality granite, India holds over 20% of world granite reserves. Some of the rare granite colors namely black beauty, black galaxy, and Kashmir white stones are unique and popular granite hues found in India. All these factors are anticipated to drive the Asia-Pacific natural stone market size during the analysis timeframe.
Key Players in the Global Natural Stone Market
Some of the leading natural stone market players are
- ARO Granite Industries Ltd.
- Dermitzakis Bros S. A.
- Levantina Asociados de Minerales, S.A.
- Margraf Spa
- Mumal Marbles Pvt. Ltd.
- Polycor Inc.
- Temmer Marble
- Xishi Stone Group.