Global Natural Stone Market Report and Forecast 2023-2028

Global Natural Stone Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global natural stone market reached a value of around USD 49.62 billion in 2022. Aided by the escalating demand for aesthetic appeal in construction and the broadening applications of natural stone in various sectors, the market is projected to further grow at a CAGR of 3.92% between 2023 and 2028 to reach a value of USD 62.9 billion by 2028.

Natural stone, such as granite, marble, limestone, and sandstone, has been utilised for centuries in construction and decorative arts due to its durability and timeless beauty. It's employed in a variety of applications, including flooring, countertops, wall cladding, monuments, and sculptures. These stones not only enhance the aesthetic appeal of the structures but also offer advantages like longevity, low maintenance, and better insulation.

The increasing consumer inclination towards aesthetically appealing constructions is driving the global natural stone market growth. With the rising disposable income and changing lifestyle, there has been a significant shift towards high-quality, visually attractive building materials, leading to an increase in demand for natural stone products. Moreover, the trend of luxury housing and modern office spaces has further contributed to the popularity of natural stones, as they offer a unique look and add value to the property.

The broadening applications of natural stone in various sectors also play a significant role in propelling the natural stone market. In the construction industry, natural stone is widely used for exterior and interior decoration, paving, and cladding due to its strength and durability. The furniture industry uses natural stone for making tabletops, countertops, and other furniture pieces. The landscaping sector utilises natural stone for creating garden paths, patios, and rock gardens.

Moreover, the growing trend of sustainable and green building construction is expected to further boost the natural stone market expansion. As natural stones are recyclable, non-toxic, and energy-efficient, they are considered an ideal choice for green building materials. They contribute significantly to the energy efficiency of buildings due to their excellent thermal mass properties, reducing the need for artificial heating and cooling. The increasing investments in the construction sector, coupled with the growing trend of green buildings and sustainable construction practices, are anticipated to further drive the natural stone market growth in the coming years.

Market Segmentation

The market can be divided based on type, application, construction type, and region.

Market Breakup by Type

• Marble
• Granite
• Limestone
• Others

Market Breakup by Application

• Flooring
• Memorial Arts
• Wall Cladding
• Others

Market Breakup by Construction Type

• New Construction
• Renovation
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global natural stone companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• ARO Granite Industries Ltd.
• Dimpomar Rochas Portuguesas, LDA
• Dermitzakis Bros S. A.
• Levantina y Asociados de Minerales, S.A.
• Margraf SPA
• Mumal Marbles Pvt. Ltd.
• Polycor Inc.
• Xishi Group Development Co., Ltd.
• Topalidis S.A. Marble & Granite
• Temmer Marble
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.