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natural-stone-market-growth-prospects-predicted-to-reach-57-6-billion-at-a-cagr-of-4-4-by-2032
Natural Stone Market Global Opportunity Analysis and Industry Forecast, 2023-2032
WILMINGTON, DELAWARE, UNITED STATES, June 6, 2024 /EINPresswire.com/ — According to a new report published by Allied Market Research, The natural stone market size was valued at $33.8 billion in 2020, and is estimated to reach $57.6 billion by 2032, growing at a CAGR of 4.4% from 2023 to 2032.
Natural stones are used for building purposes and the construction of monuments. They have features such as superior aesthetic, hydraulic binding, and decorative properties. Natural stones play a vital role in improving the visual appeal of commercial buildings and infrastructure through innovative steps and flooring solutions.
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Driving Factors:
A rise in awareness toward outdoor entertainment area, especially among millennials, is anticipated to drive the growth of the global natural stone market in the coming years. Furthermore, rise in adoption of marble and granite for kitchen countertop is expected to gain traction in the recent years, due to their enhanced durability and hardness, which drive the growth of the global natural stone market.
Growth in urbanization and rise in number of nuclear families, especially in developing nations, has created a significant need for natural stones for construction and flooring applications. In addition, factors such as growing urbanization and greater demand for flooring and architecture applications are expected to drive the global natural stone market.
Growth in response to the rise in consumer demand for home renovation and replacement is one of the major factors boosting the natural stone market growth.
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Impact Analysis:
Outdoor entertainment area such as porches, patio, and backyards, have witnessed increasing popularity, owing to their functional utility for small gatherings and semi-natural ambience. As a result, people are increasingly opting for outdoor entertainment areas. Moreover, surge in demand for outdoor flooring in buildings such as bungalows, condos, townhouses, and row houses with aesthetic outdoor flooring solutions, fuels the market growth. In addition, increase in number of retrofitting flooring projects and home renovation activities drive the growth of the global natural stone market.
The growth in new construction and renovation properties leads to rise in demand for granites and marbles for interior decoration, thereby fueling the growth of the global natural stone market. For instance, in 2022, the U.S. expenditure on renovation activities is approximately $418 billion and is expected to grow during the forecast period.
However, fluctuation in raw material prices and an increase in the adoption of artificial stone are projected to hinder the growth of the global natural stone market in the coming years. Conversely, an increase in new construction activities, especially in emerging economies, is anticipated to provide lucrative opportunities for the growth of the global natural stone market during the forecast period.
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Top Competitors:
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 Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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 provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Allied Market Research
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June 6, 2024
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