Newark, May 13, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global slate market is expected to grow from USD 1,005.71 Million in 2023 to USD 1,657.02 Million by 2033, at a CAGR of 5.12% during the forecast period 2023-2033.
Slate has been used as a construction material for a long time as it has exceptional resilience and strength, which make it the most versatile and durable roofing material. It is a natural resource that needs only small alterations from its natural shape to provide pollutant-resistant, long-lasting, fireproof and waterproof, elegant material.
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Scope of Slate Market
| Report Coverage | Details |
| CAGR | 5.12% from 2024 to 2033 |
| Market Size in 2023 | USD 1.005.71 Million |
| Market Size by 2033 | USD 1,657.02 Million |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Type, Application, Regions |
Competitive Strategy
To enhance their market position in the global Slate market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In October 2023: Burlington Stone invested a multi-million pound in Kirkby Quarry to secure the business for the future. The organization further invested USD 379,140 for the modern CNC machinery to properly cut and polish the stone product. Also, USD 315,950 for the solar panels. It helps in the better quality of the slate product and increases in production, which will help in the expansion of the company in the market share of the slate market.
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Market Growth & Trends
Slate is a homogenous, fine-grained, layered, metamorphic rock from the original shale-type sedimentary rock made of clay or volcanic ash via low-grade and regional metamorphism. It is considered the finest-grained, layered, metamorphic rock. It has very low porosity and is considered a good choice for outdoor use, such as wall cladding, garden slabs and roof coverings. It has excellent resilience and strength, which make it the most durable and versatile roofing material. It has a wet-like appearance under the sun. It is very suitable for roofing material because of its low water absorption index below 0.4%, making the material resistant to frost damage. These slates are also energy efficient and fire resistant. Building professionals generally use natural slates as they provide beauty and durability. For instance, in the US, the value of high-end property reached a record high in 2023 with a 9% annual increase. Based on one of the studies, Spain has the largest reserves of tectonic slate worldwide. There is an estimation that around 90% of the natural slate which is used in construction is from Spain. Slate is broadly used as a roofing product. It can be used as the flooring of basements, porches, bathrooms, and kitchens as they have an elegant and durable look. It needs less maintenance. Some of the slates used for indoor flooring have different finishes, shapes, patterns, and colours. Slate rocks can be used for landscaping as they are very resistant to weather and pollution. Slate has its application for interior flooring and cladding. It is also used for exterior paving and decoration. It was used for early switch boxes and electrical panels as a good electrical insulator. Its durability makes it an environmentally friendly solution. It can be used for interior and garden design, kitchen and furniture, etc.
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Key Findings
• In 2023, the natural segment dominated the market with the largest market share of 79.56% and market revenue of USD 800.14 Million.
The type segment is divided into natural and synthetic. In 2023, the natural segment dominated the market with the largest market share of 79.56% and market revenue of USD 800.14 Million. Natural slates are widely used as house roof materials.
• In 2023, the roof segment dominated the market with the largest market share of 67.88% and market revenue of USD 682.68 Million.
The application segment is divided into roof, floor, wall and others. In 2023, the roof segment dominated the market with the largest market share of 67.88% and market revenue of USD 682.68 Million. This market share is attributed to the heat-resistant nature of slate, which makes good roofing solutions for homes in a hotter climate.
Regional Segment Analysis of the Slate Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Europe region occurred as the largest market for the global Slate industry, with a market share of 55.61% and a market value of around USD 559.28 Million in 2023. This market share is attributed to slate being broadly used and largely manufactured in this region. Slate is also broadly used here in the infrastructure, home, and normal creation and decoration. Some countries in the region, like Spain, the UK and Portugal, hold significant shares in the slate market. Spain is considered the highest slate producer of natural slate for roofing worldwide. Asia Pacific has the fastest-growing CAGR in the forecasting period. This market share is attributed to rapid urbanization and demand for top-grade construction substances in emerging economies like China and India.
Key players operating in the global Slate market are:
• Grupo Minar
• Galbanox
• Stone Panels International
• Burlington Stone
• Glendyne Quarry
• Cupa Pizarras
• Greenstone Slate Company
• Vermont Structural Slate Company
• Beedon
• Cedral
• SOMANY IMPEX
• Delabole Slate
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global Slate market based on below mentioned segments:
Global Slate Market by Type:
• Natural
• Synthetic
Global Slate Market by Application:
• Roof
• Floor
• Wall
• Others
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About the report:
The global Slate market is analysed based on value (USD Million). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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