According to the latest report by IMARC Group, titled "Natural Stone Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global natural stone market reached a value of US$ 35.4 Billion in 2021. Natural stone is generally derived from substances that have been quarried from the earth. It is formed by the combination of pressure and heat that is widely utilized for decorative and foundation elements in buildings across the commercial, residential and industrial segments. It is available in different types, each having unique properties that differ on the basis of the texture, color, luminosity, veining, grade and absorption and porousness properties. Owing to its durability, low maintenance needs, and resistance to harmful chemicals, it is mainly used for designing floors, countertops, patios, walls and driveways.
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Global Natural Stone Market Trends:
The global market is primarily driven by significant growth in the construction industry. Coupled with the increasing investments by public and private firms in infrastructural development projects across several countries, this is providing a boost to the demand for natural stones. Moreover, the rising reconstruction and remodeling activities of commercial and residential spaces are creating a positive market outlook. Rapid urbanization and the inflating disposable income levels of the masses that have led to the widespread preference for modern home décor and aesthetic spaces among individuals are significantly supporting the product demand across the globe. Along with this, the growing environmental concerns among the masses and the augmenting adoption of green building concepts have impelled the adoption of natural stones, thereby impacting the market growth favorably. Other factors, including the increasing development of outdoor entertainment areas, the escalating popularity of social media and continuous developments in the e-commerce infrastructures and supply chain distributions, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 45.7 Billion by 2027, exhibiting a CAGR of 4.20% during 2022-2027.
- On the basis of the type, the market has been segmented into granite, marble, limestone and others.
- Based on the construction type, the market has been segregated into new construction and renovation.
- On the basis of the distribution channel, the market has been classified into online and offline.
- Based on the application, the market has been categorized into flooring, memorial arts, wall cladding and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ARO Granite Industries Ltd., Dermitzakis Bros S.A, Dimpomar, Levantina y Asociados de Minerales S.A., Margraf SPA, Mumal Marbles Pvt. Ltd., Polycor Inc., Ranamar Marble, Temmer Marble, Topalidis S.A. and Xishi Group Ltd.
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