Natural Stone and Marble Market Size, Share & Industry Analysis, By Type (Granite, Limestone, Marble, Sandstone, Slate, and Others), By Application (Building & Construction {Flooring, Wall Cladding, and Paving}, Monumental, and Others {Sculptures and Memorial Art}), and Regional Forecast, 2024-2032

The global natural stone and marble market size was valued at USD 3.29 billion in 2023. The market is projected to grow from USD 3.43 billion in 2024 to USD 4.91 billion by 2032, exhibiting a CAGR of 4.6% during the forecast period. Asia Pacific dominated the natural stone and marble market with a market share of 54.41% in 2023.

Natural stones have been utilized for a considerable time in the construction and building industry, as well as in monumental and decorative uses. Traditionally, the market has been led by the developed nations of Europe and North America. However, given the current situation, the Asia Pacific region now dominates the market. The global construction industry's preference for natural stone and marble is primarily driven by their aesthetic appeal and remarkable durability. Companies that supply natural stones are looking into expanding their production capacities to prepare for future challenges. Aro Granite Industries Ltd., Dimpomar, Dermitzakis Bros S.A., and MARGRAF are the key players operating in the market.

IMPACT OF COVID-19

Downturn in Public and Private Construction Activities Hindered Global Market

The emergence of the COVID-19 pandemic significantly affected nearly every sector, including the natural stones sector. The natural stone industry experienced a sharp decline due to lockdown measures, social distancing protocols, and the suspension of construction activities worldwide. This resulted in delays in completing construction projects, which led to increased costs and diminished profit margins. Construction companies at all levels encountered serious liquidity challenges. The restricted or complete halt of stone transportation from quarries to processing or construction sites adversely affected the entire stone industry's supply chain.

Throughout the pandemic, the interruptions in quarry operations resulted in inconsistent stone production, further weakening the resilience of the entire supply chain. The drop in construction activities led to a marked decrease in demand for all stone types. However, with the relief initiatives and mitigation tactics implemented by key players in the construction and stone industries, the market showed signs of recovery in 2021 and is expected to experience slow but steady growth in the forecast period.    

Natural Stone and Marble Market Trends

Use of Luxurious Natural Stones in Decorative Applications to Support Market Growth

The use of natural building materials is becoming more popular as the construction industry increasingly focuses on sustainability. Consumers are ready to invest more in the enduring and appealing aesthetics of materials such as natural stone and marble. There is also a growing interest among discerning buyers for premium stones, such as White Statuario marble. Kitchens and bathrooms remain significant areas of opportunity for the stone market, where homeowners usually seek out unique and decorative options. Natural stones serve as an excellent choice for these environments, offering waterproof installations with designs that can range from elegantly simple to highly intricate. Additionally, the outdoor use of these stones, such as for cladding and paving, is expected to drive further demand for appropriate natural stones in these applications.

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Natural Stone and Marble Market Growth Factors

Growing Demand from Construction Industry to Foster Market Growth

According to a report by Global Construction Perspectives and Oxford Economics regarding Global Construction 2030, the construction sectors in the U.S. and India are projected to outpace that of China in growth. The overall global construction volume is anticipated to increase by approximately 85% by the year 2030. The construction and building industry stands as the largest consumer of natural stone and marble. The rapid pace of industrialization and urban development has led to a significant rise in the consumption of these materials in emerging economies. China and India have risen to prominence as leading exporters of these products. India primarily sends its granite output to China, which processes the imported granite and redistributes the finished goods to various global markets.

A growing global population, coupled with enhanced consumer income, has driven the demand for housing and infrastructural development upward. In addition, the expansion of urban areas and swift industrial growth have considerably increased the number of high-rise buildings and commercial spaces. Natural stones significantly contribute to enhancing the visual attractiveness of a building’s interior. Compared to artificial alternatives, natural stone products are more resilient and can endure for many years with minimal upkeep. Moreover, countertops crafted from these stones offer practical advantages in crucial areas such as kitchens and bathrooms. Additionally, the rising interest among homeowners in stone wall claddings has fostered a favorable environment for the natural stone and marble market growth.

Modern Designs Imprinted on Natural Stones and Marble to Propel Market Growth

Modern designs applied to natural stones, and marble have significantly contributed to the growth of the natural stones and marble market by broadening their applications and appealing to a wider customer base. The application of these designs creates a distinctive and appealing aesthetic that attracts customers looking for unique and visually striking surfaces. These designs feature geometric configurations, elaborate patterns, and personalized images, providing designers and architects with improved options that enhance the consumption of imprinted natural stones and marble.

Imprinted natural stones and marble can fit seamlessly into contemporary architectural styles. The fusion of traditional materials with modern aesthetics results in beautiful surfaces, positioning imprinted natural stones and marble as desirable choices. Advanced design methods such as CNC milling, waterjet cutting, and laser engraving have opened new possibilities by allowing for intricate and precise detailing on natural stones and marbles. However, with the ease of customization, the scope of applications has broadened to include wall cladding, countertops, flooring, decorative elements, fireplace surrounds, and furniture.

RESTRAINING FACTORS

Rising Usage of Artificial Stone is Expected to Hinder Market Expansion

The demand for natural stones and marble is lower in comparison to ceramic tiles and artificial concrete blocks. These alternatives are more budget-friendly, making them an attractive choice in countries with limited disposable income. Furthermore, ceramic tiles feature a glazed surface that provides durability, waterproofing, and resistance to stains. Consequently, they minimize the requirement for any extra layer of sealant. This aspect impacts the market's development. Conversely, a sealant is necessary to seal the pores and render natural stones water and stain-resistant, given their porous nature. However, the cost aspect plays a significant role among the various advantages and disadvantages. Upscale consumers often favor luxury and natural aesthetics and are inclined to opt for natural stone and marble. Innovative technologies in alternative products, such as LVT and ceramic options, enable manufacturers to provide highly realistic stone appearances at a much lower price compared to natural stone. These durable surfaces are posing challenges to the growth of the stone sector. Nevertheless, ceramic and LVT products are primarily utilized in flooring, which creates a considerable opportunity for the installation of natural stone and marble in vertical applications.

Natural Stone and Marble Market Segmentation Analysis

By Type Analysis

Granite Segment to Dominate Global Market Due to Its Exceptional Properties

Based on type, the market is segmented into granite, limestone, marble, sandstone, slate, and others.

In 2023, granite occupied the largest global natural stone and marble market share in terms of value. Because of its remarkable durability, granite is commonly used in construction for items such as kitchen countertops, exterior wall cladding, and bathroom tiles. Granite is readily available as a building material at an affordable price and meets functional needs such as being heat, scratch, and stain resistant while also being visually appealing. This segment is projected to dominate the market throughout the forecast period.

The widespread application of limestone in areas such as road bases, railroad ballast, foundation stone, drain fields, concrete aggregate, and other construction uses is fueling the expansion of the limestone segment.

Biophilic design, marble kitchen countertops, a variety of colors, and fluted finishes are among the latest trends in the luxury marble industry. Marble has long been favored in the interior design field for countertops due to its lasting beauty, durability, and diverse patterns and colors.

Slate is typically used on kitchen and bathroom floors, offering waterproof qualities and a luxurious look. The exterior application is one of the fastest-growing areas for slate, as slate tiles can withstand freeze-thaw cycles.

Other varieties include key natural stones such as onyx, soapstone, and travertine. Each of these stones is utilized in the construction sector and is gaining popularity due to their excellent physical properties and natural aesthetics.     

By Application Analysis

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Building & Construction Segment Held Largest Market Share in 2023 Owing to Wider Application of Product

Based on application, the market is segregated into building & construction, monumental, and others.

The building & construction segment dominated the market in 2023, commanding around 62.4% of the value share. The primary drivers for growth in this segment are residential buildings. Stones are dependable construction materials, offering various applications. Heavy engineering projects such as breakwaters, bridge piers, and other structures utilize fine-grained granite. Granite and compact sandstones are preferred for masonry in industrial areas that are prone to smoke and gases. Building facades are constructed from granite, marble, and sandstone. For typical construction, limestone and sandstone are used, while fire-resistant structures employ compact limestone and sandstone. In regions with high groundwater levels, granite and quartzite are utilized for foundations. Marble, sandstone, slate, and granite are commonly used for floor paving. The extensive applications of these materials within the construction sector are driving the growth of this segment.

The monumental segment is the fastest-growing area in the market, propelled by an increase in monument construction globally, particularly in the Asia Pacific region. In August 2020, the Bangladesh Government unveiled plans to build a war memorial for Indian soldiers who lost their lives during the 1971 conflict. Similarly, several regional governments are proposing monumental projects, which are expected to stimulate growth in the monumental segment.

Other uses of natural stones include furniture and decorative pieces. Stone furniture is gaining popularity for enhancing the aesthetic appeal of gardens and outdoor spaces. Items such as natural stone benches, garden tables, outdoor sets, and dining and coffee tables are crafted from these materials. Additionally, natural stones are employed to create beautifully designed decorative items due to their durability and visual charm. While this segment currently holds the smallest market share, it is anticipated to experience notable growth in the future as the consumer base expands globally.       

REGIONAL INSIGHTS

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

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The market size in the Asia Pacific was USD 1.79 billion in 2023. The region possesses a significant share of the global market. China dominates the regional market, driven by increased demand from the construction sector, with India following closely behind. China and India are the foremost producers of natural stones in the world. Collectively, these two countries represent over 40% of global natural stone production. They primarily export their products to major consuming nations. A surge in stone demand is being witnessed due to substantial investments in both commercial and residential construction by government and private entities. Japan, South Korea, and other Southeast Asia countries play a notable role in the expansion of the natural stone and marble market. During the forecast period, the primary uses of natural stones in the region will continue to be for flooring, countertops, and wall cladding. Additionally, due to the growing influence of Western culture in emerging economies, the need for natural stones for memorial purposes is anticipated to rise in the near future.

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In 2023, Europe accounted for the second-largest share in the global market. Western European nations, including France, Germany, and Italy, represent the majority of the regional market. Additionally, countries in Eastern and Central Europe are also playing a role in market expansion due to heightened renovation activities. Nonetheless, strict environmental regulations governing the sourcing and usage of natural building materials pose a significant challenge for smaller enterprises looking to thrive in this market. For example, since July 2013, natural stone products utilized in construction must comply with legal requirements, necessitating a Declaration of Performance (DoP) and a CE Mark.

In North America, the U.S. is the leading market for all-natural stones, supported by a well-established residential and commercial construction sector. Increased consumer spending on renovation or remodeling projects is fueling market growth in the nation. According to research from Harvard University's Joint Center for Housing Studies, the home remodeling sector experienced a 7.6% increase in the third quarter of 2021 compared to the same quarter in 2020. Growing government investment in infrastructure initiatives is anticipated to elevate the demand for natural stones in construction uses. The Infrastructure Investment and Jobs Act, a USD 1.2 trillion infrastructure bill passed in November 2021, allocated USD 110 billion for building and repairing bridges and roads, supporting transportation research, and other projects.

Middle East & Africa is expected to grow considerably. The growing focus on natural stones through International Stone Events in the Middle East plays a crucial role in boosting the growth of the natural stone market and enhancing supply chains. For instance, ‘Middle East Stone’ stands as the largest annual trade fair dedicated to the stone industry in the region. This event showcases the latest innovations in natural stone, ceramic products and tiles, as well as providers of installation and maintenance solutions from over 30 nations.

In Africa, the expanding middle-class population, rising disposable income, and enhanced urbanization are key factors driving construction. Countries such as South Africa, Nigeria, and Ethiopia are demonstrating significant progress in their construction markets, which are promoting the use of natural stone and marble for various applications such as flooring, kitchen countertops, cladding, and bathrooms.

In Latin America, Brazil, Mexico, Chile, and Colombia are recognized as the most dynamic and rapidly expanding markets for natural stone and marble. Brazil was the leading market locally in 2023. The country is anticipated to continue as the market leader, as it has become a central hub for producing a range of natural stones, such as granite, marble, and soapstone. Furthermore, the increase in exports to the U.S. is fostering a robust competitive landscape among domestic players and bolstering market growth.

KEY INDUSTRY PLAYERS

Leading Operating Players Focus on Acquiring Local Suppliers and Aiding Production Capacity 

The global market for natural stones is extensively fragmented, as these resources are distributed unevenly around the world. Countries such as Turkey, India, Brazil, China, and Italy possess substantial natural stone reserves. The quality of these reserves and the stones themselves determines the pricing of the products. Additionally, advancements in modern technology improve the production of high-quality goods. Producers in these major countries are significantly expanding their production capabilities by investing in quarrying technologies and equipment, acquiring smaller stone companies to bolster their market position, and promoting their products through social media channels. Furthermore, the companies are involved sustainable practices, including waste management, responsible sourcing, and energy-efficient operations.

List of Top Natural Stone and Marble Companies

• Aro Granite Industries Ltd. (India)


• Dimpomar (Portugal)


• Antolini Luigi & C. S.p.A. (Italy)


• Dermitzakis Bros S.A. (Greece)


• Levantina y Asociados de Minerales, S.A. (Spain)


• MARGRAF (Italy)


• RANAMAR (Turkey)


• Polycor Inc. (Canada)


• Temmer Marble (Turkey)


• Southland Stone USA, Inc. (U.S.)


• Xishi Stone Group (China)


• CUPA Group (Spain)

KEY INDUSTRY DEVELOPMENTS

• March 2022: Dermitzakis Bros S.A. completed the first phase of the new factory located at Drama. With this capacity expansion, the company aimed to increase its presence in Europe and the international markets.


• February 2022: Cupa Group, through Burton Roofing, announced the acquisition of 100% of Discount Roofing, a firm that specializes in the distribution of roofing products. Via this deal, the company strengthened its presence in the British market and maintained its leadership position in the slate industry.


• December 2021: Dermitzakis Bros S.A added a new collection to its product line under the name Rosalia Βeige. The solutions featured a beige background complimented with swatches of pale light pink colors with burgundy veins.


• May 2021: Cupa Group approved to buy Pizarras Lomba, a Spanish natural slate manufacturer, for roofing. This acquisition would demonstrate the company's upward sales to over USD 434 million.


• April 2021: Polycor announced its strategy to achieve carbon neutrality by the end of 2025. The company became the first natural stone manufacturer to pledge to achieve carbon neutrality and is among the leading companies in the critical work of decarbonization.

REPORT COVERAGE

The report thoroughly examines key factors such as major firms, goods, and services. It also provides market trends and highlights important industry advancements. The study includes different variables that have contributed to the market growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities and historical data and revenue growth estimates at the global, regional, and country levels.

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Report Scope & Segmentation