The global market for natural stone slabs is projected to expand at a CAGR of 4.5% during the forecast of 2024 to 2032. An increase in worldwide restructuring initiatives is anticipated to support the expansion of the residential and commercial building industries. Increasing demand for the product in the construction of arches, walls, dams, abutments, and other structures is likely to stimulate market growth throughout the forecast period. In addition, the qualities of natural stone slabs, such as exceptional strength, high usefulness, and longevity, are likely to fuel the industry's expansion. Due to the rapid expansion of the residential and commercial application industries, it is anticipated that the U.S. would experience considerable growth. In the next years, the expanding number of repair and redevelopment projects around the nation is also projected to increase the demand for natural stone slabs. Due to the rising development of residential and commercial buildings in the United States, it is anticipated that the industry will experience considerable expansion over the next several years. The market is experiencing a rapid shift toward local manufacturing, which is supported by rising demand for flooring and walling applications. Due to the availability of numerous raw materials and a vast client base, an increasing number of Italian firms are investing in the industry. Natural stone slabs are in high demand due to the growing demand for green and eco-friendly building materials. In addition, increased government and private investments in the infrastructure sector are predicted to create growth prospects for industry participants, hence driving the growth of the industry.
Through subsurface extraction and mining, the product is naturally available. It is frequently employed in the construction of institutional structures and monuments. In addition, rising urbanization and the adoption of natural stone slabs for indoor and outdoor floorings are expected to contribute to the expansion of the market. It is anticipated that rising living standards and increasing customer preferences for unique and distinctive patterns to enhance the aesthetics of floors, walls, and other buildings will further increase product demand. In addition, the expanding range of applications for slip-resistant flooring in outdoor areas is projected to drive product demand.
Increasing Construction Industry Demand to Foster Growth
According to the Global Construction Perspectives and Oxford Economics report on Global Construction 2030, the U.S. and Indian construction industries are anticipated to have greater growth than China's construction industry. By 2030, the worldwide building volume is anticipated to increase by around 85 percent. The construction and building industry is the leading user of natural stone and marble. Rapid urbanization and industrialization have led to a massive increase in the use of these commodities in developing nations. China and India are now the leading exporters of these goods. The majority of India's granite exports go to China. China processes imported granite extensively and re-exports the processed materials to other countries.
The demand for housing and other infrastructure growth has increased as a result of a rise in the worldwide population and an improvement in the consumer's earning capability. In addition, as urbanization and industrialization have accelerated, the number of high-rise structures and commercial complexes has increased substantially. Natural stones play a crucial function in enhancing the interior beauty of a building. Natural stone items are more resilient than synthetic alternatives, and they can last for decades with minimal upkeep. In addition, countertops fabricated from these stones offer functional advantages in critical areas such as kitchens, baths, and others. The increased interest of homeowners in stone wall claddings has also contributed to the market's expansion.
Increasing Adoption of Man-Made Stone to Restrain Growth
Even if the need for genuine stone and marble is increasing, artificial concrete blocks and ceramic tiles are in high demand. In addition, they are inexpensive, making them an attractive option in countries with little disposable income, so affecting the market growth of natural stones. The glazed surface of ceramic tiles renders them watertight, stain-resistant, and durable. Consequently, they eliminate the requirement for an additional sealant layer.
Natural stones, on the other hand, are porous, necessitating the periodic application of a sealer to plug the pores and ensure water and stain resistance. However, the expense is the most significant of all the advantages and cons. Customers who value elegance and a natural appearance frequently opt for natural stone and marble. Innovative technologies in alternative product categories, such as ceramic and LVT, enable producers to give stone-like aesthetics for a fraction of the price of natural stone. These hard surfaces pose a threat to the expansion of the stone industry. However, ceramic and LVT products are often utilized for floor applications, leaving a significant possibility for genuine stone and marble installation in vertical situations.
Granite Segment to be the Fastest Growing Segment
The granite product segment is projected to have the highest CAGR during the forecast period of 2023 and 2031, at 6%. Granite slabs are utilized for countertops, tile flooring, stair treads, and several other design aspects. In addition, crushed granite stones are available in a variety of hues and are utilized as landscape stones and planters, which is likely to contribute to the segment's expansion. Travertine is utilized in offices and other business buildings due to its aesthetic benefits. In addition, the product is utilized in bathroom vanity tops, shower cladding, tub surrounds, flooring, kitchens, courtyards, driveways, and pool surrounds, among other applications, which is projected to increase demand. Limestone slabs are available in several dimensions, including 15, 18, 20, 30, 40, and 50 mm in thickness. According to its applications in buildings, the thickness varies. In addition, the normal length of the limestone slab is between 1500 and 1850 mm, making it suitable for installation in expansive flooring areas. Limestone slabs are gaining popularity on the market because of their widespread availability and low maintenance requirements.
Marble slabs are gaining favor in the commercial construction sector, where they are used to create a luxurious ambiance. The demand for other natural stone slabs is predicted to be bolstered by flooring applications in hotels and other high-end accommodation facilities, owing to their better characteristics and low maintenance requirements.
The Flooring Segment Dominated the Application Market in 2023
In 2023, the flooring sector led the market and held the biggest market share at 30%. The worldwide natural stone slab market is split by application into flooring, memorial arts, wall cladding, and others. This expansion is attributable to rising building and infrastructure developments, including warehouse industries, hotels & leisure facilities, and schools & universities, especially in growing regions.
APAC Remains as the Global Leader
Asia-Pacific dominated the market in 2023, accounting for more than 38% of the global natural stone slab revenue share, and is anticipated to grow at the quickest CAGR of 6% during the forecast period. The region is anticipated to maintain its pre-eminence over the foreseeable future. This rise can be ascribed to the rapid expansion of the residential and non-residential building sectors, particularly in emerging economies such as China, India, Indonesia, and South Korea. In addition, the rising purchasing power of individuals in these economies is anticipated to stimulate the building industry, hence fostering industrial expansion. In addition, growing awareness of the properties of natural stone slabs, such as exceptional strength, high durability, and resistance to wear and slippage, is predicted to drive market expansion.
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 nations are expected to fuel industry expansion over the forecast period. In addition, the rising average age of homes is projected to increase the demand for home restorations, boosting the market for natural stone slabs. The growth of the natural stone slab sector would increase due to causes such as the expansion of the tourism industry, the expansion of retail trade, and the expansion of EU companies. The commercial construction of hotels & restaurants, resorts, shopping malls, supermarkets, and offices is anticipated to increase in 28 countries, including Sweden, the Netherlands, Germany, Hungary, and Austria. Europe's demand for natural stone slabs is being driven by rising investments in the commercial construction sector by domestic and foreign corporations.
Market Consolidation to Minimize New Entrants
The global market is characterized by a large number of participants, with established firms driving market trends. The majority of these businesses emphasize forward integration by delivering their products straight to end-users in various industrial verticals. Some of these businesses additionally utilize an existing distribution and sales network to effortlessly connect with customers in different regions. To boost their market positions, major firms are embracing marketing methods such as mergers and acquisitions, and alliances. Additionally, the corporations are expanding their geographic presence in order to get a competitive advantage and a larger market share. For example, in October 2019, Polycor Inc. bought Elliott Stone Company Inc., which is expected to increase its geographic reach and customer base. 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 are some major participants in the worldwide natural stone slab market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Natural Stone Slabs market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
