USD 48.80 billion
Report ID: SQSG20B2005 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Natural Stone and Marble Market was valued at USD 48.80 billion in 2021, and it is expected to reach a value of USD 64.2 billion by 2028, at a CAGR of more than 4% over the forecast period (2022-2028).
Natural stone is a luxury material that may be used in construction and interior design. Marble is a metamorphic rock made up of recrystallized carbonate minerals like calcite and dolomite. It's popular for sculpting and as a construction material. Because of its great compressive strength, marble is used in a variety of industries. Natural stone has excellent aesthetic, ornamental, and hydraulic binding characteristics. Marble is widely used in building and construction operations. Light is reflected by marble. This contributes to better aesthetics and lower energy costs. Quarries require skilled labourers to excavate natural stones.
Natural beauty and durability are the primary motivators for natural stone and marble adoption in the worldwide building market. Companies that supply natural stones are thinking about expanding their manufacturing capacity to meet future demands. The developed countries of Europe and North America lead the market, but Asia Pacific now dominates it. A development of the building industry as a result of increasing investment in the housing sector and increased construction spending in various nations such as the United States, Japan, India, and others, fuels the growth of the natural stone and marbles market. Furthermore, rising urban population is predicted to increase demand for natural stones for flooring and wall adding applications, propelling the worldwide market forward. However, recent climatic changes caused by global warming and resource exploitation have led to the introduction of severe policies aimed at optimizing natural resource usage and lowering global emissions.
Global Market Size
USD 48.80 billion
Buildings and Constructions
more than 4% CAGR
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Global Natural Stone and Marble Market is segmented based on the product type, application, and region. Based on product type, the global market is segmented into granite, limestone, marble (black, red, brown, pink, yellow, green, and others), sandstone, slate, and others. Based on application, the market is segmented into building and constructions, monumental, and others. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Analysis by Product type
Granite accounted for a sizable chunk of the worldwide Global Natural Stone and Marble Market in 2021. Because of its durability, granite is a popular stone for building applications such as kitchen countertops, external wall claddings, and bathroom tiles. Granite is a widely accessible, low-cost building material that fits practical needs such as heat resistance, scratch resistance, and stain resistance while also being visually pleasing. As a result, the category is projected to dominate the market in the future. Due to high demand in Asia, the granite segment dominated the global market.
The Limestone segment expansion is being driven by the widespread use of limestone in road bases, railroad ballast, foundation stone, drain fields, concrete aggregate, and other building applications. The latest developments in the luxury marble industry include biophilic design, marble kitchen surfaces, numerous hues, and fluted treatments.
Slate is commonly used on kitchen and bathroom floors because it is resistant and has an opulent appearance. Because slate tiles are resistant to thaw and freeze cycles, outside usage is one of the fastest-growing uses.
Analysis by Application
Due to its broader applications, the building & construction segment maintained the largest market share in 2021. The building and construction category dominates the market, accounting for more than 68% of the total value. Residential structures are the primary drivers of growth in this market category. Stones are durable building materials that may be utilised in a variety of ways. Fine-grained granite is used in heavy engineering projects such as bridge piers, breakwaters, and other structures. Granite and compact sandstones are utilised for masonry construction in industrial areas exposed to smoke and fumes. The façade of buildings are composed of marble, granite, and sandstone. Limestone and sandstone are commonly used in building. Compact limestone and sandstone are used in fire-resistant building. Granite and quartzite stones, on the other hand, are used in foundations in places with high groundwater levels. Marble, slate, sandstone, and granite are used for floor paving. As a result, increased applications in the construction industry are driving segment expansion in this market.
The monumental category is the market's fastest-growing segment, owing to a surge in monument construction throughout the world, particularly in Asia Pacific. Similarly, several monumental initiatives have been suggested by regional governments in various nations, which are anticipated to support the monumental segment's growth. Stone furniture and ornamental goods are two other natural stone uses. Stone furniture is growing popular for enhancing the appearance of external houses and gardens. Stones are used to make natural stone benches, garden sets, outdoor benches, garden tables, stone dining & coffee tables, and other furniture. Natural stones, on the other hand, are utilised to produce architecturally stunning showpieces due to their exceptional durability and aesthetic appeal. Despite having the smallest market share, this category is expected to develop significantly in the future due to an increasing customer base for the same over the world.
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In 2021, the Asia Pacific dominated the global market. China has the largest regional market share, owing to increased demand from the building industry, followed by India. China and India are the world's biggest producers of natural stones. China and India jointly accounted for more than 40% of worldwide natural stone output. These countries export a considerable portion of their products to all major consuming countries. Japan, South Korea, and Southeast Asia are all making substantial contributions to the expansion of the Global Natural Stone and Marble Market. Because of Western culture's growing emphasis on emerging countries, demand for natural stones.
Europe will hold the second-largest proportion of the worldwide market in 2021. The majority of the regional market is accounted for by Western European nations such as Italy, Germany, and France. Furthermore, because to increased renovation activity, eastern and central European nations contribute to market growth. However, the severe environmental regulations placed on sourcing and using natural building materials provide a significant hurdle for small businesses seeking to expand in this industry memorial applications is projected to rise in the near future.
The United States is the leading market for all-natural stones in North America, with a well-established commercial and residential building sector. Higher consumer expenditure on refurbishment or remodelling operations is propelling the country's market growth. The house renovation sector rose 7.6% in the third quarter of 2021 compared to the same time in 2020, according to Harvard University's Joint Center for Housing Studies.
In the Middle East, the growing emphasis on natural stones through International Stone Events is critical to the growth and sustainability of the natural stone industry and supply chains. For example, 'Middle East Stone' is the Middle East's largest annual trade fair dedicated to the stone sector. The exhibition showcases the most innovative natural stone, ceramic goods and tiles, as well as installation and maintenance solution suppliers from over 30 nations. The expanding middle-class population, disposable money, and improved urbanisation are the primary drivers of building in Africa. The building markets in South Africa, Nigeria, and Ethiopia are expanding rapidly, fuelling the use of natural stone for flooring, cladding, kitchen worktops, and bathroom applications.
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Leading operating players are concentrating on acquiring local suppliers and increasing production capacity. Because natural stone supplies are unevenly distributed across the world, the global market is highly fragmented. Natural stone deposits are abundant in Turkey, Brazil, India, China, and Italy. The cost of the product is determined by the quality of the reserve and stone. Furthermore, contemporary technologies improve the manufacture of high-quality goods. Producers in these important nations are rapidly boosting their capacity by investing in quarrying technologies and equipment, purchasing small-scaled stone enterprises to increase their market position, and promoting their goods through social media platforms.
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According to our Global Natural Stone and Marble Market analysis, granite stone segment dominates the market because of durability and low cost. And in terms of application, buildings and constructions segment exhibit fastest growth of residential and commercial houses. Moreover, rising residential sector and demand for luxurious natural stone drives the market growth whereas, the production of duplicates of natural stones and marble can hamper the market growth.
|Market size value in 2021||USD 48.80 billion|
|Market size value in 2028||USD 64.2 billion|
|Growth Rate||more than 4%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Natural Stone And Marble Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Natural Stone And Marble Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG20B2005