The global natural stone and marble market size was USD 50.65 billion in 2022. The market is anticipated to rise from USD 53.82 billion in 2023 to USD 73.47 billion by 2030, exhibiting a CAGR of 4.5% over the estimated period. The rise is driven by the increasing product deployment in the building and construction industry. The industry expansion is further driven by the soaring product adoption on account of durability and natural aesthetics. Fortune Business Insights™ provides this information in its research report, titled “Natural Stone and Marble Market, 2023-2030”.
Segments:
Granite Segment to Lead Driven by Substantial Product Demand from Asia
On the basis of type, the market for natural stone and marble is subdivided into limestone, granite, marble, sandstone, slate, and others. The granite segment recorded the highest share in 2022. The surge is propelled by the excellent durability of the product and a substantial demand from Asia.
Building & Construction Segment Held the Largest Market Share due to Extensive Application of the Product
By application, the market for natural stone and marble is fragmented into monumental, building & construction, and others. The building & construction segment registered the largest market share in 2022 driven by rising product deployment in residential buildings.
Based on geography, the market for natural stone and marble has been studied across Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Report Coverage:
The report gives a comprehensive coverage of the key trends slated to propel the industry expansion over the coming years. It further provides an account of the significant steps undertaken by leading companies for strengthening their industry footings. Additional components include the major factors driving the global business scenario across various regions.
Drivers and Restraints:
Market Value to Surge on Account of Rising Demand from Construction Sector
The natural stone and marble market growth is being propelled by the rising product consumption across the construction sector. This is mainly on account of rapid industrialization and urbanization across various regions. However, the industry expansion may be hindered by the soaring adoption of artificial stone over natural stone.
Source- https://www.fortunebusinessinsights.com/natural-stone-and-marble-market-104040
Regional Insights:
Asia Pacific to Hold Key Share Driven by Soaring Expenditure on Residential and Commercial Construction
The Asia Pacific natural stone and marble market share is slated to expand at a commendable pace over the study period. The region holds a dominant position in the market on account of an upsurge in expenditure on commercial and residential construction projects.
The Europe market is poised to register substantial growth over the projected period. The rise is on account of an increase in renovation activities.
Competitive Landscape:
Leading Industry Players to Ink Collaborations to Strengthen Market Foothold
Key market participants are centered on adopting a range of strategic deals for strengthening their industry footings. Some of these steps include partnership agreements, mergers, acquisitions, and the launch of new natural stone and marble products. Additional initiatives comprise research activities and the formation of alliances.
Key Industry Development:
March 2021 – Cupa Group acquired 100% shares of Rinus Roofing Supplies via Burton. The deal strengthens Burton’s position in the U.K. as the largest independent specialist distributor of roofing materials.
List of Key Players Mentioned in the Report:
- Aro Granite Industries Ltd. (India)
- Dimpomar (Portugal)
- Antolini Luigi & C. S.p.A. (Italy)
- Dermitzakis Bros S.A. (Greece)
- Levantina y Asociados de Minerales, S.A. (Spain)
- MARGRAF (Italy)
- RANAMAR (Turkey)
- Polycor Inc. (Canada)
- Temmer Marble (Turkey)
- Southland Stone USA, Inc. (U.S.)
- Xishi Stone Group (China)
- CUPA Group (Spain)
