Global Natural Stone and Marble Market Analysis by Type, Application, Construction Type, Region and segments forecast till 2033

Market Overview

The global natural stone and marble market was valued at USD 48,800 million in 2022 and is poised to expand at a CAGR of 4.0% over 2023-2033, thereby amassing USD 69,460 million by end of the stipulated timeline.

Report Scope

Natural stone is predominantly referred to as the wide array of products quarried from the earth. These products are then used as decorative enhancements and building materials. The commonly found natural stones are marble, granite, slate, sandstone, travertine, onyx, and adoquin, among others. Marble is predominantly a kind of metamorphic natural rock which is chemically comprised of recrystallized carbonate minerals like dolomite. It is generally used for its beauty in sculpture and architecture and is also utilized in the pharmaceutical industry owing to its efficient chemical properties.

The wide array of beneficial properties possessed by marble including hardness, strength, along with variations in colour, texture, and pattering is increasing its adoption for aesthetic application in construction activities. Furthermore, increasing infrastructural developments across the globe, rise in construction activities, and surging disposable income level of the masses are positively swaying the industry dynamics. Alongside, widespread urbanization and population expansion worldwide are adding momentum to the progression of this business sphere.

Also, growing public inclination towards attractive outdoor designs pertaining to residential entities is creating lucrative opportunities for the marketplace to prosper. Besides, growth in renovation activities and escalating demand for natural stone in memorial applications are stimulating the overall industry dynamics. On the contrary, availability of affordable substitutes and rigid environmental regulations pertaining to the sourcing and utilization of natural building materials are hindering the remuneration scope of this market vertical.

There is a widespread availability of marble quarries in nations such as Spain, Turkey, Italy, and U.S. The presence of huge and high quality marble quarries is currently meeting the escalating demand for marble from industrial, residential, and pharmaceutical applications. This in turn is augmenting the outlook of this industry sphere. With a rapid surge in the per capita income of the masses, there has been an increase in the residential renovation and construction activities across the globe. Moreover, growing efforts of the consumers in enhancing the aesthetic appeal of their homes is further elevating the demand for marble across architecture, sculpture, and construction applications.

Type Insights

The granite segment is slated to generate significant share over 30% owing to its affordability and beneficial properties such as stain resistance, aesthetic appeal, and health resistance. There has been a construction boom in many parts of the world, including the United States, Europe, and Asia, which has led to an increase in demand for building materials such as granite natural stone. Granite is a popular material for use in construction due to its durability, resistance to wear and tear, and attractive appearance.

Application Insights

The memorial arts segment is expected to amass notable returns over the estimated timeline. This is credited to the surge in the construction of monuments and memorial structure across the globe. Natural stone is highly valued for its unique beauty and durability, which make it a popular choice for creating memorials that will stand the test of time. The use of natural stone in memorials adds a touch of elegance and sophistication to the final product.

Construction Type Insights

The new construction segment is likely to lead the overall market in terms of revenue share with 60% due to increasing accommodation needs of the masses and rise in disposable income levels. As populations continue to grow, more people are moving into urban areas, creating a demand for new housing, commercial buildings, and infrastructure. In many countries, interest rates have remained low, making it easier for individuals and companies to finance construction projects. Many governments have increased spending on infrastructure projects, such as highways, airports, and public transportation systems, which has boosted the construction sector.

Regional Insights

North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the major regions defining the geographical terrain of this business vertical. Among these, North America is projected to showcase lucrative expansion trends. This is attributable to the significant increase in construction expenditure, widespread urbanization, and availability of marble quarries.

Competitive Analysis

The prominent players operating in the market sphere are Temmer Marble (Turkey), Hellenic Granite Company (Greece), California Crafted Marble, Inc. (US), Fox Marble Holdings plc (UK), Topalidis S.A. (Greece), Polycor Inc. (Canada), Kangli Stone Group (China), Dimpomar - Rochas Portuguesas Lda (Portugal), NAMCO CO. srl (Italy), Asian Granito India Limited (India), Dal-Tile Corporation (US), Hilltop Granites (India), Levantina y Asociados de Minerales, S.A. (Spain), First Marble & Granite (Qatar), Santucci Group (Italy), DELTA Marble, Mining, Construction Import and Export Inc. (Turkey), and Classic Marble Company (India).

·         In October 2019, Polycor Inc., a leading North American natural stone producer, announced the acquisition of Elliott Stone Company, Inc., a family-owned and operated company that specializes in limestone products. The acquisition was part of Polycor's strategy to diversify its portfolio of masonry and hardscape products and expand its presence in the US market.

Global Natural Stone and Marble Market- Segmental Analysis

By Type:

• Marble

• Granite

• Limestone

• Others

By Application:

• Flooring

• Memorial Arts

• Wall Cladding

• Others

By Construction Type:

• New Construction

• Renovation

Why to buy this Report?

The report provides quantitative and qualitative aspect for Global Natural Stone and Marble Market in terms of value and volume, along with supporting market trends, challenges, restraints.

The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.

The report provides competitive analysis of around 30-50 companies operated in Global Natural Stone and Marble Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:

•             Business Model

•             Production Capacity, Revenue, Sales, Gross Margin

•             Key Business Strategy

•             SWOT Analysis

In terms of competitive landscape, the report provides distinctive factors that would help the Card Type in taking a key decision within the business:

•             Company Share Analysis from 2020-2022

•             Company Analysis by Revenue and Sales

•             Company Production Capacity, Gross Margin

•             Company Share Analysis by Card Type/Card Type

•             Company Share Analysis by Product/Specification