Stone Market - Forecast(2024 - 2030)

Stone market size is forecast to reach $39.62 billion by 2030, after growing at a CAGR of 3.55 % during 2024-2030. 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.

There's a growing emphasis on sustainability in the stone market, driven by concerns about environmental impact and ethical sourcing. Consumers and businesses are increasingly seeking out stones that are responsibly sourced, such as those certified by organizations like the Forest Stewardship Council (FSC) or sourced locally to reduce carbon footprint. Additionally, there's a rising interest in recycled and reclaimed stones, which not only reduce waste but also add unique character to projects.

Technology is revolutionizing the stone market, enabling greater customization and efficiency. Digital tools such as computer-aided design (CAD) and computer numerical control (CNC) machines allow for precise cutting and shaping of stone, leading to intricate designs and tailored solutions for architectural and interior projects. Furthermore, digital platforms are streamlining the purchasing process, making it easier for consumers to explore a wide range of stone options and visualize how they will look in their space before making a purchase.

Many stone quarries and processing facilities faced temporary closures or reduced operations due to lockdowns and restrictions imposed to curb the spread of the virus. This led to disruptions in the supply chain, affecting the availability of various types of stones. The pandemic led to economic uncertainty, causing many construction projects to be delayed or canceled. With fewer construction projects underway, demand for stones used in building materials like granite, marble, and limestone decreased.

With more people spending time at home due to lockdowns and remote work, there was a shift in consumer preferences towards home improvement projects. This led to increased demand for stones used in residential applications such as countertops, flooring, and landscaping.

As the world moved towards recovery, the stone market rebounded, driven by factors such as infrastructure development, urbanization, and continued demand for residential renovations and upgrades.

The report: “Stone Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Stone Market.

By Type: Granite, Basalt and Trap, Limestone, Quartzite, Slate, Laterite, Gneiss, Marble, Sandstone, Others

By Application: Kitchens, Bathrooms, Facades, Floor Coverings, Sidings, Aggregates, Lime Burning, Cement, Others

By End Use: Residential, Non-Residential (Commercial Buildings, Educational Buildings, Hospitals, Others)

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East, and Africa).

• 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.

                 

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Granite held the largest share in the Stone market in 2023. The granite market continues 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.

Floor Covering is 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.

Non-Residential sector accounts for the highest market share in the global market. According to American Institute of Architects, spending on nonresidential building construction increased by almost 6% in 2023. 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.

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.

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.

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. The key companies in the Stone Market are:

1. Aro Granite Industries Ltd.

2. Dimpomar

3. Dermitzakis Bros S.A.

4. Levantina y Asociados de MineralesS.A.

5. MARGRAF

6. Mumal Marbles Pvt. Ltd.

7. Polycor Inc.

8. Temmer Marble

9. Topalidis S.A. Marble & Granite

10. Xishi Group Development Co., Ltd.

• In February, 2023, Polycor acquired full ownership of ROCAMAT, France's leading producer of natural stone. The acquisition was expected to be completed on September 18, 2023.