The global natural & engineered stone market is expected to grow primarily due to the growing rate of construction activities. Residential sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow with a high CAGR by 2031.
NEW YORK, March 15, 2023 /PRNewswire/ —
Global Natural & Engineered Stone Market Forecast Analysis:
As per the report published by Research Dive, the global natural & engineered stone market is expected to register a revenue of $109,888.2 million by 2031 with at a CAGR of 5.7% during the forecast period 2022-2031.
Segments of the Natural & Engineered Stone Market
The report has divided the natural & engineered stone market into the following segments:
Type: natural stone (granite, marble, limestone, travertine, and others) and engineered stone (engineered quartz, polymer concrete, engineered marble stone)
Application: flooring, wall cladding, cut-to-size items, and others
End-use Industry: commercial and residential
Region: North America, Europe, Asia-Pacific, and LAMEA
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Engineered Stone – Most dominant market share in 2021
Growing use of engineered stones in wet environments such as washrooms, pools, and bathtubs due to their non-porous nature is expected to push the growth of this sub-segment further.
Flooring – Highest market share in 2021
Increased use of marble, travertine, limestone, granite, quartzite, slate, and sandstone for both indoor and outdoor flooring is expected to propel the sub-segment forward.
Residential – Huge market revenue in 2021
Rise in construction activities in the residential building sector is anticipated to offer numerous growth opportunities to the sub-segment in the forecast period.
Asia-Pacific – Most profitable by 2031
Growing urbanization and industrialization leading increase in the construction activities in this region is predicted to propel the market in the forecast period.
Dynamics of the Global Natural & Engineered Stone Market
A massive surge in the rate of construction activities across the globe is expected to become the primary growth driver of the natural & engineered stone market in the forecast period. Additionally, the distinctive features and aesthetic appeal offered by natural stones due to their texture, colour, and composition is predicted to propel the market forward. However, according to market analysts, porous nature of natural stones leading to easy staining might become a restraint in the growth of the market.
Growing number of remodelling activities in both commercial and residential sectors is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the strength and durability offered by engineered stones has led to an increase in their demand which is expected to propel the natural & engineered stone market forward in the coming period.
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COVID-19 Impact on the Global Natural & Engineered Stone Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The natural & engineered stone market, too, was negatively impacted due to the pandemic. The pandemic period saw a virtual halt to construction activities due to disruption in supply of raw materials. Also, the travel restrictions created a shortage of labour which further hampered the demand for natural and engineered stones. These factors brought down the growth rate of the market significantly during the pandemic period.
Key Players of the Global Natural & Engineered Stone Market
The major players of the market include
- ARO Granite Industries Ltd.
- Margraf Spa
- Caesarstone Ltd.
- LG Hausys
- Cosentino S.A.
- Dermitzakis Bros S. A.
- Johnson Marble & Quartz
- Levantina Asociados de Minerales S.A.
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in March 2022, Architectural Surfaces, a leading distributor of natural and engineered stone, announced the acquisition of two companies, Stone Boutique and Allure. Both these companies, Stone Boutique and Allure are based in Texas and this acquisition is predicted to boost the market share of Architectural Surfaces massively in the near future.
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What the Report Covers?
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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