sambit March 12, 2021

The global natural stone & marble market size is projected to reach USD 62.58 billion by 2027, exhibiting a CAGR of 7.57% during the forecast period. Rapid growth in construction activities in developing nations is expected to speed up the expansion of this market, states Fortune Business Insights™ in its report, titled “Natural Stone & Marble Market Size, Share & Industry Analysis, By Type (Granite, Limestone, Marble, Sandstone, Slate and Others), By Application (Building & Construction, Monumental, and Others), and Regional Forecast, 2020-2027”. According to a joint study by Oxford Economics and Global Construction Perspectives, the volume of construction output worldwide is set to surge by 85% over the next decade, reaching a value of USD 15.5 trillion toward the end of 2030. This exponential rise will be led by booming growth in the construction industries of India and China, the study notes, underpinned by strong economic development in these two countries. With improving standard of living, the demand for natural stone & marble is also likely to rise steadily in India and China, as consumers look to augment their properties with premium materials.

The COVID-19 pandemic outbreak has triggered unprecedented, widespread uncertainty across the global economic spectrum. Businesses worldwide are struggling to cope with the rapidly devolving circumstances. Governments are developing and implementing new policies and measures to steer their countries out these challenging times. We are also taking solid efforts to generate intelligent analysis on different markets and providing detailed assessment of the impact of this pandemic on your business.

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As per the report, the global market value stood at USD 57.48 billion in 2019. The report also offers the following:

  • Careful segmentation of the market and detailed study of each segment;
  • Actionable research into the various market drivers and restraints;
  • Granular analysis of the regional developments and competitive milieu of the market; and
  • Comprehensive understanding of the industry outlook and trends shaping the market.

Market Driver

Growing Popularity of Sustainable Architecture to Fuel the Market

One of the most promising factors driving the natural stone & marble market growth is the rising trend of sustainable architecture around the world. Natural stone is fast emerging as one of the preferred green building materials owing to its wide eco-friendly properties. For example, the US-based Natural Stone Institute has found that most of the natural stone found at deconstructed sites is recyclable, making it useful for other projects such as road building. Furthermore, research conducted by the Center for Clean Products at the University of Tennessee showed that natural stone does not emit Volatile Organic Compounds (VOCs), which are known to be one of the largest contributors of urban pollution. Even more significant is the ability of light-colored natural stones to lower a building’s “heat island” effect, as these stones are able to reflect heat, and not absorb it like concrete.  Thus, using natural stone & marble bolsters the movement toward establishing sustainable architectural practices and complements the growth of this market.

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Regional Insights

Abundant Availability of Natural Stone to Foster Growth in Asia Pacific

At USD 33.51 billion, Asia Pacific dominated the natural stone & marble market share in 2019 and is expected to continue its dominance during the forecast period. This is mainly attributable to the abundance of natural stones and marbles found in India and China. India, in fact, is the largest exporter of granite in the world, while China leads the market through its expertise in manufacturing refined stone and marble products.

In Europe, stone companies are concentrated in Italy and Spain, which are driving the regional market. In addition to this, massive renovation projects being undertaken across the continent are creating novel growth opportunities for the market players. The market in the Middle East is primarily propelled by the demand from the construction industries in Turkey, Saudi Arabia, and UAE.

Competitive Landscape

Expansion of Distribution Operations by Key Players to Intensify Competitive Spirits

In a bid to expand their regional operations, key players in this market are strategically entering areas with attractive prospects. These players are also heavily investing in new technologies to enhance their products and widen their portfolio to attract new customers and generate sales opportunities.

Industry Developments:

  • June 2020: The Cupa Group inaugurated its new distribution center in Lisbon, Portugal, strengthening its expansion strategy in southern Europe. With this new center, the group will able to consolidate its presence across the Iberian Peninsula, offering high-quality natural stones such as granite, quartz, limestone, and many others.
  • March 2020: Magraf S.P.A signed an agreement with The Breton Company for three CONTOURFIVE machining centers with five interpolated axes to provide superior quality finished natural stone & marble products. This deal is in line with the company’s plans to make big investments in next-gen CNC machinery and other futuristic production technologies.

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