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The global natural stone and marble market size was USD 57.48 billion in 2019 and is projected to reach USD 62.58 billion by 2027, exhibiting a CAGR of 7.57% during the forecast period.
Natural stone and marble have been used for a long time in the building and construction sector along with other monumental and decorative applications. Historically, driven by the developed regions of Europe and North America, the market today is dominated by the Asia-Pacific region, especially owing to high demand from developing countries such as China & India.
The downturn in Construction Activities Worldwide Triggered by COVID-19 to Hinder Market Growth
The outbreak of the COVID-19 pandemic has disrupted nearly all the industries around the world, with only a handful of exceptions. However, the natural stone and marble industry is no exception. The market demand has plunged as a result of lockdown restrictions and social distancing norms along with the halting of construction activities in different parts of the world. In some countries such as the USA, the sales reached the levels of pre-crisis in the month of June, but experts are still skeptical and regard it as just an indication of pent-up demand built over the previous months.
In developing countries such as India, the situation is still unpleasant. There is a huge shortage of skilled laborers in the quarries and factories. Moreover, many construction sites still have to work with a reduced workforce due to the migration of workers. Thus, it would not be wrong to say that consumption is likely to remain low in the developing countries in 2020, with doubts of a strong recovery in developed countries as well.
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Rising Use of Expensive and Luxurious Natural Stones in Decorative Applications to Fuel Growth
There is a rising trend of utilizing natural materials and products in different parts of the world. Consumers are willing to pay more for the natural and long-lasting looks that natural stone and marble have. There is also surging demand for costly natural stones such as White Statuario marble, especially from the premium customers, as these stones are prominently used for decorative purposes in luxury buildings, home remodeling, and renovation activities. For instance, holiday homes in the Greek island of Mykonos are being decorated with whitewashed stones to enhance their luxury feel. The bright colors and vein patterns are very popular in the market and there is a strong demand for such products. The demand is likely to stay strong over the market forecast period due to the high popularity and demand of these stones. White color is widely preferred by many customers. The exterior residential applications of natural stone and marble are, thus, on the rise.
Growing Demand from the Construction Industry to Foster Growth
The building and construction industry is the largest consumer of natural stones and marble. Rapid urbanization and industrialization have resulted in a huge surge in the consumption of these materials in developing countries. Countries such as China and India have emerged as top exporters of these products. India exports most of its granite produce to China, which is around 40% of the global granite exports. China largely processes the imported granite and re-exports the processed products to other parts of the World.
Increasing FDI in Asia-Pacific is fueling the growth of industries as well as growth in the disposable income of the consumers, which is likely to boost the consumption of natural stones and marble in the region. Moreover, as per Global Construction Perspectives and Oxford Economics report on Global Construction 2030, US and Indian construction industries are expected to grow faster than China’s construction industry. The global construction volume is forecasted to grow by around 85% by 2030.
Modern Designs Imprinted on Natural Stones & Marble to Nurture Market Growth
The natural stone and marble market growth is backed by the emergence of the latest technologies, which make it possible to provide modern designs and finish to the natural stones that consumers prefer. Consumers can opt for acid-washed or sandblasted or any other suitable pattern and finish on the natural stone that appeals to them. This has supported the market growth as companies are adapting to the changing demands. Vein pattern, which is formed by the movement of tectonic plates, is getting very popular in the market. Various shades of blue color are being preferred owing to their ability to evoke instant calm. Also, in exterior applications, modern technologies have facilitated the use of cheaper stones with desired designs, which has increased the demand for natural stones.
Increasing Adoption of Artificial Stone to Hamper Growth
Though the demand for natural stones and marble is on the rise, artificial concrete blocks and ceramic tiles have a huge demand than natural stones. Besides, they are cheap, which makes them an attractive option in countries with low disposable income, thus affecting the growth of the natural stones market. The glazed surface of ceramic tiles makes them waterproof and stain-resistant as well as tough. As a result, they remove the need for any additional layer of sealer.
On the other hand, natural stones are porous, which means a sealant is required to be applied periodically so that the pores are filled and water & stain resistance is achieved. But, the cost factor is the most pronouncing out of all the pros & cons. Natural stone & marble products are readily chosen by premium customers who prefer luxury and natural looks.
Granite to Dominate the Market Throughout the Forecast Period
Granite accounts for around one-third of the global market of natural stones and marble. India is the largest producer of granite and exports them in huge quantities to other parts of the world. Brazil is the second-largest exporter of granite in the world, but there has been a downward trend in Brazilian exports, contrary to the increasing demand for granite across the globe. Limestone accounted for the second-largest market share.
The demand for marble is expected to grow the fastest in the market. The availability of a wide range of colors makes marble products popular. Italy produces some of the finest quality marbles and is also equipped with robust technologies that make its marble products stand on top in the global market.
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Building & Construction Segment to Garner Lion’s Share in the Global Market
The natural stone and marble market is dominated by the building & construction industry with over 70% share. Residential construction buildings are the major contributors to the growth of the business in the industry. The consumption of natural stones for exterior applications such as swimming pools is also on the rise. Travertine and limestone are being used for swimming pool decks.
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Monumental and architectural applications are some of the fastest-growing segments for natural stone and marble. There has been an increase in the construction of monuments across the world, especially in Asia-Pacific, which has increased the consumption of natural stones. For instance, the Statue of Unity was built in 2018 in India. In August 2020, the Bangladesh Government announced its plans to construct a war memorial for Indian soldiers that were martyred during the 1971 war. Likewise, there are many monuments proposed by the governments in the Indian Sub-continent and surrounding countries, which is likely to boost the market in the coming years.
Asia-Pacific Natural Stone and Marble Market Size, 2019 (USD Billion)
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The market size in Asia-Pacific stood at USD 33.52 billion in 2019 on the back of countries such as China and India. China is the largest consumer of natural stones & marble and is one of the major drivers of the natural stone industry in the region. The country processes large volumes of natural stone and exports the surplus products to other parts of the world. Rapid urbanization in developing countries such as India, Bangladesh, and Thailand is set to create lucrative growth opportunities in the coming years and aid the dominance of the region in the natural stone and marble market share.
Europe accounts for the second-largest share, closely followed by North America. Western European countries such as Italy, Germany, and France account for the majority share in the region. Further, eastern and central European countries are also emerging as regions of high growth. Renovation activities are the major growth drivers in the region.
The Middle East & Africa and Latin America are relatively small markets. Developed countries in the Middle East such as Saudi Arabia, Turkey, and UAE are the prominent markets. Turkey is one of the largest exporters of natural stone in the region.
Quality Products and Diversified Portfolios to be the Major Strategies Adopted by Key Players
The global market is highly fragmented as these natural resources are unevenly spread across the world. Countries such as Turkey, Brazil, India, China, and Italy have large reserves of natural stones. It is the quality of the reserve and stone that decides the cost of the product. Besides, modern technologies have also facilitated the production of high-quality products to fetch popularity in the market. For instance, Italian natural stone products, especially marble, are valued the highest in the world since ancient times. This is one of the primary reasons for the extensive usage of Italian marble in world-famous monuments such as the Leaning Tower of Pisa. Besides, the variety of products and color of these products are the prominent factors that affect business, because the rarity of the color determines its value.
An Infographic Representation of Natural Stone and Marble Market
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The market research report provides detailed market analysis and focuses on crucial aspects such as leading companies, types, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth rate of the market over recent years.
Value (USD Billion), Volume (Kilo Tons)
Product; Application; and Geography
Fortune Business Insights says that the global market size for natural stone and marble was USD 57.48 billion in 2019 and is projected to reach USD 62.58 billion by 2027.
In 2019, the market value stood at USD 57.48 billion.
Growing at a CAGR of 7.57%, the market will exhibit steady growth in the forecast period (2020-2027).
Granite leads the global market both in terms of volume and value.
The booming building & construction industry in emerging economies is driving market growth.
CUPA Group, Xishi Stone Group, and Polycor, Inc. are some of the leading players in the global market.
Asia-Pacific dominated the global market share in 2019.
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