Statistics 2021-2028: Global Natural Stone Market Worth $ 53,550.3 Million Growing at a CAGR of 4.6%

NEW YORK, November 29, 2021 / PRNewswire / – Research Dive has added a new report to its offering titled “Natural Stone market by type (granite, marble, limestone, travertine and others), application (flooring, wall covering, custom cut items and others) and regional analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028. “

According to the report published by Research Dive, the Global natural stone market should generate a turnover of $ 53,550.3 million by 2028, pushing to a 4.6% CAGR during the forecast period 2021-2028.

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Impact of COVID-19 on the global natural stone market

The COVID-19 outbreak has had a devastating impact on the global natural stone market, due to the prevalence of blockages in various countries around the world. The closures have led to the shutdown of quarry operations around the world as well as processing facilities, logistics and other parts of the natural stone industry, resulting in lower demand. Thus, the outbreak of the pandemic had a negative impact on the growth of the natural stone market.

Discover the impact of Covid-19 on the global natural stone market

Dynamics of the global natural stone market

Natural stones are used in a number of applications inside a house itself. Granite, being one of the hardest stones, is widely used in kitchen countertops. Marble, on the other hand, is widely used for steps, tables, floors, columns, and the like. These factors are expected to drive the growth of the natural stone market during the forecast period. Furthermore, the sharp increase in construction activity across the globe is expected to create immense opportunities for market growth during the forecast period. However, the availability of alternative building materials is expected to hamper the growth of the market during the forecast period.

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Global natural stone market segments

The report has divided the natural stone market into different segments based on type, application, and region.

  • By type, the granite sub-segment is expected to be the most profitable and generate sales of $ 20,201.8 million during the forecast period. The distinctive varieties of granite along with its immaculate hardness, strength, abrasion and elegance make it ideal for serving as a countertop surface. This factor is expected to support the growth of the sub-segment during the forecast period.
  • By application, the flooring sub-segment is expected to be the most lucrative with sales of $ 28,318.7 million during the forecast period. Natural stone is a flooring widely used in the residential and commercial sectors due to its durability, safety and beauty that brings significant value to premises. This factor is expected to accelerate the growth of the natural stone market sub-segment during the forecast period.
  • By region, the Asia Pacific The region is expected to experience promising growth with a CAGR of 5.4% during the forecast period. The increase in construction activities in this region due to the increasing rate of urbanization is expected to drive the growth of the market. Furthermore, the presence of the major market players in this region is further expected to enhance the growth of the regional natural stone market during the forecast period.

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Key players in the global natural stone market

  1. ARO Granite Industries Ltd.
  2. Dimpomar
  3. Dermitzakis Bros SA
  4. Levantina Asociados de Minerales, SA
  5. Spa Margraf
  6. Mumal Marbles Pvt. Ltd.
  7. Polycor inc.
  8. Temmer Marble
  9. Ranamar
  10. Xishi stone group.

These players work on developing strategies such as product development, mergers and acquisitions, partnerships and collaborations to support the growth of the market.

For example, in July 2021, Mosaic Companies, the largest US producer of potash and phosphate fertilizers, acquired Zanger Walker and Opustone, the leading distributors of luxury natural and engineered stone slabs and tiles in the North American market, to initiate unparalleled customer experiences and create power in the luxury surfaces industry.

The report also summarizes many important aspects including financial performance of key players, SWOT analysis, product portfolio and latest strategic developments – Educate yourself and get quick access to the summary report of the best business development strategies

Porter’s Five Forces Analysis For Global Natural Stone Market:

  • Bargaining power of suppliers: The bargaining power of suppliers is high as natural stone producers are heavily dependent on suppliers of raw materials such as production of natural stone from quarries and polishing to produce a finished product. Therefore, suppliers can use their bargaining power to achieve higher profits. Thus, the bargaining power of suppliers is high.
  • The bargaining power of buyers: The bargaining power of buyers is moderate as the number of clients is moderate due to various other alternatives to natural stones available in the market such as artificial stones. The purchase quantity is high, allowing the available consumer base to utilize its bargaining potential to some extent.

    So the buyer’s bargaining power will be moderate.

  • The threat of new participants: New entrants entering this market must invest significant capital to extract the natural stones and polish them into the desired product for import and export. Thus, the threat from new entrants is moderate.
  • The threat of substitutes: The availability of a variety of substitute products such as ceramic tile, silestone and quartz countertops is increasing in popularity these days, increasing the threat of substitution.

    Thus, the threat of substitutes is high.

  • Competitive rivalry in the market: Companies operating in this market focus on new projects, investments and business expansion to boost the consumer base. Therefore, the competitive rivalry in the market is moderate.

More about Natural stone

The natural stone market is expected to grow at a CAGR of 4.6% and generate revenue of $ 53,550.3 million By 2028

Natural stone: a visually appealing and versatile building material

Surpassing the global natural stone market $ 53,550.3 million by 2028, due to increased construction activity around the world

The report answers questions such as:

Q1. What is the size of the global natural stone market?

Q2. Who are the major companies in the natural stone market?

Q3. Which region, among others, has the greatest investment opportunities in the near future?

Q4. What will be the growth rate of the Asia Pacific natural stone market?

Q5. What are the strategies chosen by the main players in this market?

Q6. Which companies invest more in R&D practices?

Q7. What are the different types of natural stone?

Q8. What type of stone is travertine?

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