The growth in new construction and renovation properties leads to a rise in demand for granites and marbles for interior decoration are trends of the market

Flooring is the leading application of the Natural Stone Market.”

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WILMINGTON, DELAWARE, March 1, 2024 /EINPresswire.com/ — The increase in spending on home remodeling and retrofitting activities drives the natural stone market. On the contrary, increase in government and private investments in the infrastructure are expected to offer lucrative opportunities for the growth of the market.

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.

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.

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Impacting Fcators:
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.

For instance, according to a Harvard Joint Centre for Housing Studies article published in January 2021, the growth of house remodeling and repair expenditures is expected to increase from 3.5% at the end of 2020 to 3.8% by the year-end of 2021, based on the most recent Leading Indicator of Remodeling Activity (LIRA).

Similarly, officials at the National Association of Home Builders’ IBSx virtual event in February 2021, predicted that remodeling expenditure on owner-occupied single-family homes is expected to witness a rise by 4% in 2021, then another 2% in 2022. Remodeling and renovation across the globe are factors that provide lucrative growth in the natural stone industry throughout the forecast period.

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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.

Top Players:

Aro Granite Industries Ltd.
Dimpomar
Dermitzakis Bros S.A.
Levantina y Asociados de Minerales, S.A.
MARGRAF
Mumal Marble
Polycor Inc.
Temmer Marble
Topalidis
Xishi Stone Group

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David Correa
Allied Market Research
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