The natural stone market saw steady growth, increasing from $31.03 billion in 2023 to $32.26 billion in 2024, with a stable CAGR of 4.0%. Growth was driven by architectural trends, infrastructure growth, and cultural preferences. The market is projected to reach $35.41 billion by 2028, with a CAGR of 2.4%. Key drivers include consumer preferences, economic growth, and luxury real estate. Trends include wellness focus, uniqueness, and heritage craftsmanship.
Major Driver In The Natural Stone Market
The surge in construction projects is fueling the expansion of the natural stones market, as natural stones serve as durable and weather-resistant building materials across various construction endeavors. In September 2023, the United States Census Bureau reported an over 8% increase in the value of residential and non-residential construction in the US from 2020 to 2021. Moreover, global construction output in 2020, as documented by Oxford Economics, stood at US$10.7 trillion, projected to grow by approximately 42% to US$15.2 trillion by 2030. This substantial growth trajectory underscores the pivotal role of natural stones in construction projects, promising sustained market growth through 2023, 2024, and beyond.
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Natural Stone Market Competitive Landscape
Granite Canada Incorporated, MSI Stone Group Incorporated, Granitestone Incorporated, Cosentino Sociedad Anónima Unipersonal, Stone International Limited, Southland Stone USA Incorporated, Dongxing Group Company Limited, CUPA Group Sociedad Anónima, Antolini Luigi & C. Società per Azioni, Polycor Incorporated, Rock of Ages Canada Limited, Aro Granite Industries Limited, Xishi Stone Group Company Limited, Pakistan Onyx Marble & Granite Trading Company Limited, Vetter Stone Gesellschaft mit beschränkter Haftung, Levantina y Asociados de Minerales Sociedad Anónima, Worldwide Stone Imports Limited Liability Company, Ahjar Sinai Marble & Granite Company Limited, Stone Source International Incorporated, Granite & Marble Warehouse Limited Liability Company, Dimpomar Sociedad Anónima, Dermatzakis Brothers Sociedad Anónima, MARGRAF Società per Azioni, Mumal Marbles Private Limited, Temmer Marble & Granite Trading Gesellschaft mit beschränkter Haftung, Topalidis Sociedad Anónima, Ranamar Mármoles Sociedad Anónima, Amso International société par actions simplifiée, Marble Innovators Limited Liability Company, Marble Trends Incorporated, Marble Granite and Stone Incorporated
Key Natural Stone Market Trend
Technological advancement is the key trend that is gaining popularity in the natural stones market going forward. Major companies operating in the natural stones sector are focused on technological advancements to strengthen their position. For instance, in January 2022, Häfele GmbH & Co KG, a Germany-based manufacturer, and supplier of furniture fittings and architectural hardware, introduced Dekton, a commercial surface that incorporates components of metamorphic rocks, sand, soil, and even marine surfaces. It uses super compacting technology to recreate and reimagine these characteristics as natural stone. Dekton surfaces provide higher resistance to abrasion and ultraviolet (UV) light which prevents them from fading or degrading over time and makes them an ideal surface for high-traffic areas and outdoors.
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Natural Stone Market Segmentation
The natural stone market covered in this report is segmented –
1) By Type: Marble, Granite, Limestone, Other Types
2) By Construction Type: New Construction, Renovation
3) By Distribution Channel: Online Channel, Offline Channel
4) By Application: Flooring, Memorial Arts, Wall Cladding, Other Applications
By Geography:The regions covered in the natural stone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the natural stone market in 2023.
The Natural Stone Global Market Report 2024 furnishes information about the global natural stone market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
