Natural Stone Market Size Projected to Surge USD 61.5 Billion Growth by 2033, Exhibit a CAGR of 4.1%

Natural stone market size from USD 41.2 billion in 2023 to USD 61.5 billion in 10 years. The increase in construction activities is expected to drive the market’s growth. Asia Pacific emerged as the largest global natural stone market, with a 38.7% market revenue share in 2023.

Newark, May 23, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 41.2 billion natural stone market will reach USD 61.5 billion by 2033. Natural stone, which includes quartzite, slate, limestone, sandstone, marble, granite, and other minerals, is obtained from mountains. Because of its strength, toughness, and attractive appearance, it is mostly used for wall cladding and flooring in commercial and residential settings. It is used in monuments, furniture, and statues. Natural stones' long-lasting, aesthetically pleasing, and dependable qualities encourage the use of slate and limestone in residential and commercial construction, propelling the market for natural stones expansion. Additionally, a rise in people's disposable income and increased knowledge of visually appealing outside designs has changed residential end users' inclinations towards home remodelling, particularly in urban regions. Stones like marble and granite used for pavement, patio, porch, and backyard flooring add visual attractiveness to residential buildings, encouraging their use. Furthermore, the demand for natural stones is anticipated to rise globally due to increased engineering, procurement, and construction (EPC) projects in infrastructure, real estate, and various urban infrastructure projects.

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Scope of Natural Stone Market

Report CoverageDetails
CAGR        4.1% from 2024 to 2033
Market Size in 2023USD 41.2 Billion
Market Size by 2033USD 61.5 Billion
Largest MarketEurope
Base Year2023
Forecast Year2024 to 2033
Historical Year2020-2022
Segments Coveredby Type, Application, Construction Type
Regions Covered        North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Asia Pacific to account for the largest market size during the forecast period.

The need for natural stones for civil works, memorial arts, flooring, wall cladding, and other applications is predicted to increase due to growing building activity brought on by fast urbanisation and industrialisation. The size of the Asia-Pacific natural stone market is predicted to increase due to the presence of the two largest manufacturers of natural stones, China and India. For example, according to a statement made on August 13, 2018, in the World of Stones, a reputable provider and exporter of high-quality natural stone, India produces 27% of the natural stone used in commercial applications from its quarries.

The granite segment dominated the market with the most significant revenue of USD 14.0 billion.

The granite segment dominated the market, with the most significant revenue of USD 14.0 billion. Because of its toughness, granite is a common material for gravestones, sculptures, and memorials. Due to its stunning beauty, granite has recently become popular as flooring tile in public and commercial buildings.

The flooring segment dominated the market with the most significant revenue of USD 12.7 billion.

The flooring segment dominated the market, with the most significant revenue of USD 12.7 billion. The market is growing due to the global demand for natural stone flooring, namely marble and sandstone, for cathedrals and mosques.

The renovation segment dominated the market with the most significant revenue of USD 23.8 billion.

The renovation segment dominated the market, with the most significant revenue of USD 23.8 billion. Historic property restoration is projected to offer lucrative prospects for market expansion during the forecast period. As a result, these factors are anticipated to support the segment's expansion over the projection period.

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Market Dynamics:

Driver: Sharp rise in construction activities

Building and construction projects, smart city development, and increased urbanisation have all contributed to the sector's recent notable rise. Natural stones like marble, granite, and others are frequently used in the residential and commercial sectors for infrastructure development, renovation, and rebuilding projects.

Restraint: Presence of alternative building material

Since glazed ceramic tile is ready for use and doesn't require further treatment, alternative materials like ceramic tiles are becoming increasingly common. On the other hand, because natural stone tiles are porous and prone to stains, they must be sealed, and resins must be used to cover the pores appropriately. Ceramic tiles come in various colours and patterns and are manufactured by humans. Furthermore, ceramic tiles can be specially designed to mimic the appearance of real stone, which is predicted to limit the growth of the natural stone market in the years.

Some of the major players operating in the natural stone market are:

● Dimpomar
● Levantina Y Asociados de Minerales, S.A.
● Mumal Marbles Pvt. Ltd.
● Temmer Mermer Madencilik İnşaat Sanayi ve Ticaret A.Ş.
● Aro Granite Industries Ltd.
● Dermitzakis Bros S.A.
● Polycor Inc.

Key Segments cover in the market:

By Type:

● Limestone
● Marble
● Granite
● Others
By Application:
● Memorial Arts
● Flooring
● Wall Cladding
● Others

By Construction Type:

● Renovation
● New Construction

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About the report:

The global natural stone market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and 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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