Natural Stone Market Industry Development Analysis, Global Trends , Growth Factors, CAGR Status, Industry Insights 2030
PORTLAND, OR, UNITED STATES, September 17, 2023/EINPresswire.com/ — Natural stones are used for building purpose and construction of monuments. They have features such as superior aesthetic, hydraulic binding, and decorative properties. It plays a vital role in improving the visual appeal of commercial buildings and infrastructure through innovative steps and flooring solutions.
A rise in awareness toward outdoor entertainment area, especially among millennial, is anticipated to drive the growth of the global natural stone market in the coming years. Furthermore, rise in adoption of marble and granite for kitchen countertop is expected to gain traction in the recent years, due to their enhanced durability and hardness, which drive the growth of the global natural stone market.
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Growth in urbanization and rise in number of nuclear families, especially in developing nations, has created a significant need for natural stones for construction and flooring applications. In addition, factors such as growing urbanization and greater demand for flooring and architecture applications are expected to drive the global natural stone market growth.
The global natural stone market size was valued at $33.4 billion in 2020, and is projected to reach $50.5 billion by 2030, registering a CAGR of 4.0%. The granite segment generated nearly two-fifths of the natural stone market share in 2020.
The growth in new construction and renovation properties, leads to rise in demand for granites and marbles for interior decoration, thereby fueling the growth of the global natural stone market. For instance, the U.S. government spending on renovation activities increased by 7.9% from 2018 to 2020.
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However, fluctuation in raw material prices and increase in adoption of artificial stone is projected to hinder the growth of the global natural stone market in the coming years. Conversely, increase in new construction activities, especially in emerging economies, is anticipated to provide lucrative opportunities for the growth of global natural stone market during the forecast period.
However, numerous manufacturers in the global natural stone market had to halt their business production, due to lockdown imposed in countries such as China, the U.S., India, and others, due to the coronavirus issue. This disruption had a direct impact on the sales of natural stone. However, reopening of production facilities and introduction of coronavirus vaccines are projected to lead to the reopening of natural stones firms.
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The key players profiled in the report include Aro Granite Industries Ltd., Dimpomar, Dermitzakis Bros S.A., Levantina y Asociados de Minerales, S.A., MARGRAF, Mumal Marble, Polycor Inc., Temmer Marble, Topalidis, and Xishi Stone Group.