Natural Stone Market to Reach $48.06 Billion by 2026
A lead analyst at AMR highlighted the market across the Asia-Pacific region is expected to dominate in terms of revenues throughout the forecast period.
Allied Market Research published a research report on the natural stone market. The findings of the report states that the global market for Natural stone is expected to reach $48.06 billion by 2026, manifesting a CAGR of 3.9% from 2019 to 2026. The report provides valuable data on changing market dynamics, key segments, top investment pockets, and competitive scenario for market players, new entrants, investors, and shareholders.
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“A number of domestic players are expanding their business in Asia-Pacific and North American regions, owing to increased customer base, developed product portfolios, and expanded geographical reach. This is anticipated to fuel the demand for the granite and marble, thereby augmenting the growth of the market. Furthermore, by type, the granite segment is expected to experience rapid surge in demand due to its durability and aesthetic appearance.” Stated Amar Chinchane, Lead Analyst, Construction and Manufacturing at Allied Market Research.
The report provides detailed information based on the key determinants of the market to assist market players in devising growth strategies. Rise in the rate of building renovation & remodeling, urbanization due to population boom, growth in popularity of the outdoor entertaining area among wall cladding end-user have boosted the growth of the global natural stone market. Furthermore, the increase in demand for natural stone in developing economies fuels the market growth. On the other hand, rise in utilization of green and eco-friendly materials impedes the market growth. Conversely, rise in government and private investments in the infrastructure industry would open worthwhile opportunities for the market players in the future.
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The report provides a detailed scenario of impact of the Covid-19 pandemic on the Natural stone market globally. This helps the investors, market players, and new entrants to strategize according to impacts by the outbreak of the pandemic. The outbreak of Covid-19 led to the announcement of lockdown across the globe along with the implementation of strict guidelines. This immensely affected the construction sector as all new construction activities were postponed owing to lack of workforce. This in turn decreased the demand for natural stone. Nevertheless, the demand is expected to increase post-lockdown as the construction activities would recoup.
The report offers detailed segmentation of the global natural stone market on the basis of type, application, and region. These insights are helpful for the new entrants as well as current market players to capitalize on the fastest growing and highest revenue generating segment to accomplish growth in the coming years.
Based on type, the market is segmented into marble, granite, limestone, and others. The marble segment is expected to cite the highest CAGR of 4.7% during the forecast period. Whereas, the granite segment accounted for the lion’s share in 2018, contributing to more than two-fifths of the market.
Based on application, the market is divided into flooring, memorial arts, wall cladding, and others. The wall cladding segment is estimated to portray the highest CAGR of 4.5% during the forecast period. On the other hand, the flooring segment held the largest share in 2018, holding nearly two-fifths of the market.
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The global natural stone market is studied across regions including North America, Europe, Asia-Pacific, and LAMEA. The market across North America is projected to manifest the highest CAGR of 4.2% during the forecast period. On the other hand, the market across Asia-Pacific dominated with the largest share in 2018, contributing to nearly half of the market.
The global Natural stone market report includes an in-depth analysis of the prime market players such as Aro Granite Industries Ltd., Dimpomar, Dermitzakis Bros S.A., Levantina y Asociados de Minerales, S.A., MARGRAF, Mumal Marble, Polycor Inc., Temmer Marble, Topalidis, and Xishi Stone Group.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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