Stone Market is forecast to reach $33.28 billion by 2025, after growing at a CAGR of 3.55 % during 2020-2025. The Stone is expected to grow at a significant rate due to its utilization in residential and commercial flooring and wall cladding, owing to its durability, hardness, and aesthetic appearance. Natural stone is a mineral obtained in the mountains, consisting of quartzite, slate, calcareous, sandstone, marble, granite and others.
The report: “Stone Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Stone Market.
- Asia Pacific dominates the Stone market owing to increase in infrastructural development.
- The growing individual’s disposable income and increasing awareness of attractive outdoor designs have shifted the inclination among residential end users, especially in urban areas, towards home remodeling.
- Urbanization has increased significantly over the past decade and is expected to continue to expand over the forecast period, which is expected to provide lucrative growth opportunities for natural stone market growth.
Type - Segment Analysis
Granite held the largest share in the Stone market in 2019. The granite market continue to grow due to increasing consumption of exterior and interior materials in the building and demand from the construction industry. Globally, India is the largest producer of natural stones and has long been leading in granite production and granite exports over the decades. With rising demand from residential and commercial sector, India’s leading position in the global granite market is expected to be further strengthened.
Application – Segment Analysis
Floor covering are likely to gain high market demand owing to owing to increase in residential construction activities and urbanization. The common natural stone flooring includes slate, marble, limestone, granite and sandstone. There are many aesthetic and practical reasons to choose natural stone for flooring. Unlike any other building material, the natural stone's mountain-born qualities will help give living spaces a clear and everlasting link to the natural world. Stone tiles are clean, environmentally friendly, non-polluting products.
End Use - Segment Analysis
Non-Residential sector accounts for the highest market share in the global market. According to American Institute of Architects, spending on nonresidential building construction is expected to increase by almost 2% in 2020. The demographic shift will have a significant effect on demand for real estate. In Asia, Africa, and South America, the rising urban middle-class populations would need far more accommodation which are increasing the demand for construction of new residential and non-residential buildings. Furthermore, increasing requirement to construct institutional buildings for the education and healthcare purpose will drive the market in the coming years. Healthcare sectors are recording strong growth in developing countries such as India, Malaysia, Indonesia, and others.
Geography - Segment Analysis
Asia Pacific dominated the Stone market with a share of more than 34%, followed by North America and Europe. The growth of stone market in Asia Pacific is anticipated to grow due to rising infrastructure activity in the region. Residential and non-residential construction will outpace overall economic growth in most Asian economies. Residential growth will be driven by demographic trends and rising incomes that will continue to support gains in residential building construction activity in the region. India is a major exporter of natural stone globally, which is the second largest foreign exchange earner for India besides iron ore in minerals category. The surge in exports in the last two decades has led to increasing numbers of sandstone quarrying and processing units in India.
Drivers – Stone Market
- The growing demand across various application will fuel the Stone market.
Among various natural stones, granites are the most demanded materials as they offer rustic finished that generally have high demand into exterior application and are also installed in the interior of the buildings. In recent year both interior and exterior applications have extremely increased. Apart from traditional ones like paving, worktops, roofing slate, dimensional stones, stone is being used in many different applications like shower trays, massive sinks, furniture and others.
Challenges – Stone Market
- The lack of investment on R&D can restrict the market growth
The stone market is highly competitive due to fragmented market. The negligible investment in R&D from suppliers in stone development can minimize its sales and growth. The natural stone companies should focus their efforts on those stones which are more competitive and invest in innovation to find new surface finishes. Natural stone products should look like a trendy product which offer a wide range of possibilities in any kind of project.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Stone market. In 2019, the market of Stone has been consolidated by the top five players accounting for xx% of the share. Major players in the Stone Market are Aro Granite Industries Ltd., Dimpomar, Dermitzakis Bros S.A., Levantina y Asociados de Minerales, S.A., and MARGRAF, among others.
- In October 2019, Polycor Inc. acquired Elliott Stone Company Inc., a quarrier and fabricator of Indiana limestone based in Bedford, Indiana. The acquisition will help Polycor Inc. to expand its product portfolio and will have ability to deliver the most comprehensive offering of natural stone building products for the hardscapes and masonry industry.