Extensive Application of Natural Stone in the Residential Sector to Propel the Growth of the Global Natural Stone Market by 2028
Abstract: The global natural stone market is expected to witness a progressive growth by 2028, owing to its numerous applications. The granite sub-segment is expected to be most profitable. The Asia-Pacific region is expected to dominate the market.
NEW YORK, Nov. 29, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Natural Stone Market by Type (Granite, Marble, Limestone, Travertine, and Others), Application (Flooring, Wall Cladding, Cut-to-size Items, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028."
According to the report published by Research Dive, the Global Natural Stone Market is expected to generate a revenue of $53,550.3 million by 2028, growing at a CAGR of 4.6% during the forecast period 2021-2028.
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COVID-19 Impact on the Global Natural Stone Market
The outbreak of COVID-19 has had a devastating impact on the global natural stone market, owing to the prevalence of lockdowns in various countries across the globe. Lockdowns led to the closure of quarry activities across the globe along with the processing facilities, logistics, and other parts of the natural stone industry which led to its decreased demand. Thus, outbreak of the pandemic has had a negative impact on the growth of the natural stone market.
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Dynamics of the Global Natural Stone Market
Natural stones are used in a number of applications inside a home itself. Granite, being one of the hardest stones, is extensively used in kitchen countertops. Marble, on the other hand, is broadly used for steps, table, flooring, columns, and others. These factors are expected to drive the growth of the natural stone market during the forecast period. In addition, acute rise in construction activities across the globe is expected to create immense opportunities for the growth of the market during the forecast period. However, availability of alternate building materials is expected to impede the growth of the market during the forecast period.
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Segments of the Global Natural Stone Market
The report has divided the natural stone market into various segments based on type, application, and region.
- By type, the granite sub-segment is expected to be most profitable and generate a revenue of $20,201.8 million during the forecast period. The distinctive varieties of granite along with its immaculate hardness, resistance, abrasion, and elegance makes it ideal to serve as a countertop surface. This factor is expected to bolster the growth of the sub-segment during the forecast period.
- By application, the flooring sub-segment is expected to be most lucrative and generate a revenue of $28,318.7 million during the forecast period. Natural stone is extensively used flooring in residential and commercial sectors due to its durability, safety, and beauty that brings a significant value to the premises. This factor is expected to accelerate the growth of the natural stone market sub-segment during the forecast period.
- By region, the Asia-Pacific region is expected to witness a promising growth with a CAGR of 5.4% during the forecast period. Rising construction activities in this region due to the growing rate of urbanization is this region is expected to stimulate the growth of the market. In addition, presence of the prominent players of the market in this region is further expected to bolster the growth of the regional natural stone market during the forecast period.
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Key Players of the Global Natural Stone Market
- ARO Granite Industries Ltd.
- Dimpomar
- Dermitzakis Bros S. A.
- Levantina Asociados de Minerales, S.A.
- Margraf Spa
- Mumal Marbles Pvt. Ltd.
- Polycor Inc.
- Temmer Marble
- Ranamar
- Xishi Stone Group.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth
For instance, in July 2021, Mosaic Companies, the largest U.S. producer of potash and phosphate fertilizer, acquired Walker Zanger and Opustone, industry-leading distributors of luxury natural and engineered stone slabs and tiles in the North American market, in order to initiate unparalleled customer experiences, and create a powerhouse in the luxury surfaces industry.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments - Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
Porter's Five Forces Analysis for the Global Natural Stone Market:
- Bargaining Power of Suppliers: The bargaining power of suppliers is high as the natural stone producers largely depend on raw material suppliers such as natural stone production from quarries, and polishing to produce a finished product. Hence, the suppliers can use their bargaining power to grab higher profits. Thus, the bargaining power of suppliers is high.
- Threat of New Entrants: New entrants entering this market have to invest significant capital amount for quarrying the natural stones and polishing it to transform it into the desired product for import and export. Thus, the threat of the new entrants is moderate.
- Competitive Rivalry in the Market: The companies operating in this market are focusing on new projects, investment, and business expansion to boost the consumer base. Therefore, competitive rivalry in the market is moderate.
Bargaining Power of Buyers: The bargaining power of buyers is moderate as the number of customers are moderate owing to various other natural stone alternatives available in the market such as artificial stones. The purchase quantity is high due to which the available consumer base can use their bargaining potential to some extent.
Thus, buyer's bargaining power will be moderate.
Threat of Substitutes: The availability of variety of substitute products such as ceramic tiles, silestone, and quartz countertops are gaining huge popularity nowadays which increases the threat from substitution.
Thus, the threat of substitutes is high.
More about Natural Stone
Natural Stone Market Projected To Grow At A CAGR Of 4.6% And Generate A Revenue Of $53,550.3 Million By 2028
Natural Stone: A Visually Appealing and Versatile Construction Material
Global Natural Stone Market to Surpass $53,550.3 Million by 2028, Owing to Increasing Construction Activities across The Globe
The Report Answers Questions such as:
Q1. What is the size of the global natural stone market?
Q2. Which are the major companies in the natural stone market?
Q3. Which region, among others, possesses greater investment opportunities in the near future?
Q4. What will be the growth rate of the Asia-Pacific natural stone market?
Q5. What are the strategies opted by the leading players in this market?
Q6. Which companies are investing more on R&D practices?
Q7. What are the different types of natural stone?
Q8. What type of stone is travertine?
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