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Stone mining and quarrying is the excavation of stones, rocks, slates, gravel, sand, etc., from the ground for use in constructions of roads, pavements, sculptures, etc. The strength and hardness provided by the stones make them an excellent choice of foundation material and increasing construction activities across the globe have led to a growth in stone mining and quarrying.
Based on the stone, the market is classified into marble, granite, limestone, sandstone, and others. The marble segment accounted for the major share of the market, and it is anticipated that it will maintain its dominance during the forecast period, as it is widely used for building monuments and sculptures due to its aesthetic appeal. The sandstone segment is also expected to grow significantly due to its widespread use in aggregates for building constructions, railroad beds, and highways.
Based on the type, the global market is classified into dimension stone mining and crushed stone mining. The crushed stone mining segment accounted for the major share in the market. Crushed stone mining has a widespread utilization in quarrying for aggregates used in building foundation constructions, railroad beds, and highways. The dimension stone mining segment is expected to grow at a steady pace due to its use in quarrying stones for the purposes of monuments, sculptures, and pavements.
With the rise in urbanization, the construction sector has boomed significantly. The construction includes, residential buildings, roads, commercial spaces, industries and others. Further, the rise in dispensable incomes has led to a growth in infrastructure development at indvisiual levels. These all activitie use precious stones like marble, granite, etc., for their aesthetic appeal and formation. This factor is likely to drive the global stone mining and quarrying market during the forecast period.
The key market restraint for the market is the high cost associated with the construction applications. Also, the rising air pollution due to quarrying is a concern affecting the growth of the stone mining and quarrying market.
Key Market Driver -
Increased investments in infrastructure development
Key Market Restraint -
Pollution caused & high costs associated with construction
Some of the major companies in the stone mining and quarrying market are Vulcan Materials Company, Florida Rock Industries, Martin Marietta, CRH Americas, Lehigh Hanson, Adbri Limited, Carmeuse, Cemex, Tarmac, Oldcastle, Rogers Group Inc., Luck Stone Corp, Polycor, National Lime & Stone Company, and Mulzer Crushed Stone, Inc., a CRH Company.
The global stone mining and quarrying market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific has accounted for the major share of the global market, as most of the stone deposits are located in this region, in countries like India and China. India has a vast diversity of stone production throughout the expanse of its geography. Europe is the fastest-growing region for the global stone mining and quarrying market, owing to a large number of quarries in the region, especially in nations such as Norway, Italy, Belgium, and Spain. North America is also a rapidly growing market due to the increased quarrying companies in the U.S. The growth in construction activities in the US and Canada has driven the market growth for stone mining and quarrying in the region.
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