According to the latest report by IMARC Group, titled “Stone Flooring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global stone flooring market size reached US$ 9.7 Billion in 2021. Stone flooring is a highly durable permanent covering that is engineered by crushing, binding, cutting slabs, and processing various mountain-acquired minerals, including quartzite, slate, marble, and limestone, before shaping and polishing the product. It is incombustible, aesthetically appealing, easy to clean and stain, crack and moisture-resistant, temperature controlled, and can easily withstand the wear and tear caused by constant foot traffic. Apart from this, stone flooring offers a longer life span over vinyl floorings, requires low maintenance, and adds value to the space. As a result, it is extensively installed in constructing various monuments and residential and commercial complexes, including malls, office buildings, and educational institutes. Currently, stone flooring is commercially available in varying designs and patterns.
Stone Flooring Market Trends:
The growth of the global stone flooring market can be attributed to ongoing construction activities and increasing investments in various infrastructural and renovation projects. In line with this, the rising need for highly durable, aesthetically appealing, and luxurious natural stone floorings across commercial and residential buildings for retrofitting and wall cladding is acting as another growth-inducing factor. Additionally, the escalating environmental concerns amongst consumers have prompted governments to encourage the uptake of sustainable materials, such as stone floorings, as they are eco-friendly, reusable, and recyclable, which, in turn, is supporting the market growth. Such construction materials further have no formaldehyde and volatile organic compound (VOC) emissions; therefore, they are employed in porches, backyards, and pavements as floorings. Moreover, the advent of inexpensive and versatile stone plastic composite (SPC) floors or tiles by key players is propelling the market growth. Apart from this, rapid industrialization, fueling consumer spending capacities, considerable expansion in the real estate industry, and the growing consumer awareness regarding the multiple product benefits over conventional floorings are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 15.0 Billion by 2027, growing at a CAGR of 7.6% during 2022-2027.
- Based on the raw material, the market has been segregated into granite, marble, limestone, sandstone, slate, and others.
- On the basis of the flooring type, the market has been bifurcated into natural and artificial.
- Based on the color, the market has been segmented into white and black, beige and grey, green, and others.
- On the basis of the finished product, the market has been bifurcated into tiles and slabs.
- Based on the application, the market has been divided into residential and non-residential.
- On a regional basis, the market has been segmented 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 report has also analyzed the competitive landscape of the market along with the profiles of the key players.
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