The global market for natural stone slabs is anticipated to expand at a 4.5% CAGR between 2024 and 2032. The expansion of the residential and commercial building sectors is projected to be facilitated by a rise in global reorganization efforts. Increasing demand for the product in the building of arches, walls, dams, abutments, and other structures is anticipated to drive market expansion over the forecast period. In addition, the extraordinary strength, high utility, and durability of natural stone slabs are projected to contribute to the industry's growth. As a result of the rapid growth of the residential and commercial application industries, it is projected that the United States will see significant economic expansion. In the coming years, it is anticipated that the growing number of repair and redevelopment projects around the country would also enhance the need for natural stone slabs. Due to the increasing construction of residential and commercial structures in the United States, it is projected that the industry would enjoy significant growth in the coming years. The market is seeing a rapid shift toward domestic production, which is backed by the increasing demand for flooring and walling applications. A growing number of Italian companies are engaging in the business due to the availability of different raw materials and a large clientele. As the need for green and eco-friendly building materials increases, natural stone slabs are in high demand. Additionally, growing government and private investments in the infrastructure sector are anticipated to generate growth opportunities for industry participants, hence driving the industry's growth.
The product is naturally available through subterranean extraction and mining. It is utilized extensively in the construction of institutional buildings and monuments. In addition, increasing urbanization and the use of natural stone slabs for indoor and outdoor flooring are anticipated to contribute to the market's rise. It is projected that rising living standards and expanding customer preferences for unique and distinctive patterns to enhance the beauty of floors, walls, and other buildings would raise product demand further. In addition, the increasing number of applications for slip-resistant flooring in outdoor locations is anticipated to fuel product demand.
According to the Global Construction Perspectives and Oxford Economics report on Global Construction 2030, the U.S. and Indian construction industries will experience greater growth than the Chinese construction industry. The global building volume is projected to expand by around 85 percent by 2030. Natural stone and marble are mostly utilized by the construction and building industries. Rapid urbanization and industrialization have resulted in a dramatic increase in the consumption of these goods in developing countries. China and India are currently the major exporters of these products. China receives the majority of India's exports of granite. China intensively processes imported granite and re-exports the finished materials to other nations.
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The demand for housing and other infrastructure growth has increased due to the rise in the global population and the improvement in consumer purchasing power. Moreover, as urbanization and industrialization have progressed, the number of high-rise buildings and commercial complexes has expanded significantly. Natural stones are essential for boosting the inner aesthetic of a structure. Natural stone products are more durable than their synthetic counterparts and can endure for decades with minimal maintenance. In addition, countertops made from these stones provide utilitarian benefits in places such as kitchens, bathrooms, and others. Increased homeowner interest in stone wall claddings has also contributed to the growth of the market.
Even as the need for natural stone and marble rises, synthetic concrete blocks and ceramic tiles are in high demand. In addition, they are inexpensive, which makes them an attractive option in nations with little disposable income, so affecting the growth of the market for natural stones. Ceramic tiles' glazed surface makes them waterproof, stain-resistant, and long-lasting. They, therefore, eliminate the need for an additional sealing layer.
Natural stones, on the other hand, are porous and require frequent sealing to prevent water and stain absorption. Nevertheless, the cost is the most significant of all the pros and negatives. Customers who value elegance and a natural appearance choose natural stone and marble on a regular basis. Innovative technologies in alternative product categories, such as ceramic and LVT, permit manufacturers to offer stone-like aesthetics for a fraction of the cost of natural stone. These hard surfaces represent a danger to the stone industry's growth. However, ceramic and LVT products are frequently used for floor applications, leaving genuine stone and marble a substantial opportunity for installation in vertical circumstances.
The granite product segment is anticipated to experience the largest CAGR between 2024 and 2032, at 6%. Granite slabs are used for countertops, tile flooring, stair treads, and a variety of other design applications. In addition, crushed granite stones are available in a range of colors and are used as landscaping stones and planters, which is projected to contribute to the rise of this market sector. Due to its aesthetic qualities, travertine is used in offices and other corporate structures. In addition, the product is used for bathroom vanity tops, shower cladding, tub surrounds, flooring, kitchens, courtyards, driveways, and pool surrounds, which is expected to enhance demand. There are numerous thickness options for limestone slabs, including 15, 18, 20, 30, 40, and 50 mm. Depending on its building usage, the thickness varies. In addition, the typical length of a limestone slab is between 1500 and 1850 mm, making it suited for large flooring surfaces. Due to their widespread availability and low maintenance requirements, limestone slabs are gaining appeal on the market. Marble slabs are becoming increasingly popular in the commercial construction industry, where they are utilized to create a sumptuous atmosphere. Flooring applications in hotels and other high-end accommodation facilities are anticipated to increase the demand for other natural stone slabs due to their superior qualities and minimal maintenance needs.
In 2023, the flooring industry dominated the market with a 30% market share. By application, the global natural stone slab market is segmented into flooring, memorial arts, wall cladding, and others. Increasing building and infrastructure expansions, including warehouse industries, hotels & recreational facilities, and schools & universities, are responsible for this growth, particularly in expanding regions.
APAC Remains the Worldwide Leader In 2023, APAC dominated the market, accounting for more than 38% of the global natural stone slab revenue share, and is expected to grow at the fastest CAGR of 6% over the forecast period. It is projected that the region will maintain its pre-eminence in the foreseeable future. This increase is attributable to the rapid expansion of the residential and non-residential building industries, especially in rising economies like China, India, Indonesia, and South Korea. Additionally, the increased purchasing power of individuals in these economies is expected to promote the construction industry, hence promoting industrial expansion. In addition, increased awareness of the features of natural stone slabs, such as outstanding strength, high durability, and resistance to wear and slippage, is anticipated to fuel market growth.
Increasing upgrades and restoration activities of existing infrastructures in major economies such as the United States, Germany, the United Kingdom, Spain, and a number of other countries are anticipated to drive industry growth throughout the projection period. Moreover, the increasing average age of residences is anticipated to raise the demand for home renovations, hence driving the market for natural stone slabs. The growth of the natural stone slab industry would increase due to factors such as the expansion of the tourism industry, the retail sector, and EU companies. In 28 nations, including Sweden, the Netherlands, Germany, Hungary, and Austria, the commercial construction of hotels & restaurants, resorts, retail malls, supermarkets, and offices is projected to expand. Europe's demand for natural stone slabs is being driven by increased investments by domestic and foreign firms in the commercial construction industry.
The worldwide market is comprised of a huge number of competitors, with established companies influencing industry trends. The vast majority of these companies stress forward integration by selling their goods directly to end-users in a variety of industrial sectors. Moreover, some of these enterprises employ an existing distribution and sales network to connect with customers in other regions. Major corporations are embracing marketing strategies such as mergers and acquisitions and alliances to strengthen their market positions. In order to gain a competitive advantage and a larger market share, firms are also increasing their geographical presence. For instance, Polycor Inc. acquired Elliott Stone Company Inc. in October 2019, which is anticipated to expand its geographic reach and customer base. Major players in the global natural stone slab market are Levantina y Asociados de Minerales, Aro Granite Industries Ltd., S.A., Indiana Limestone Company (ILCO), MARGRAF, Mumal Marble, Polycor Inc., Temmer Marble, Dimpomar, Dermitzakis Bros S.A., Topalidis, Xishi Stone Group, and others.
