Natural Stone Market Expected to Reach $57.6 Billion by 2032
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WILMINGTON, DELAWARE, UNITED STATES, April 19, 2024 /EINPresswire.com/ — 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.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ ๐๐๐ญ ๐๐ง๐ฌ๐ข๐๐ ๐๐๐จ๐จ๐ฉ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ฉ๐จ๐ซ๐ญ -๐ก๐ญ๐ญ๐ฉ๐ฌ://๐ฐ๐ฐ๐ฐ.๐๐ฅ๐ฅ๐ข๐๐๐ฆ๐๐ซ๐ค๐๐ญ๐ซ๐๐ฌ๐๐๐ซ๐๐ก.๐๐จ๐ฆ/๐ซ๐๐ช๐ฎ๐๐ฌ๐ญ-๐ฌ๐๐ฆ๐ฉ๐ฅ๐/๐๐๐๐
๐๐๐ซ๐ค๐๐ญ ๐๐ญ๐๐ญ๐ข๐ฌ๐ญ๐ข๐๐ฌ:
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).
๐๐๐ค๐ ๐๐ฎ๐ซ๐๐ก๐๐ฌ๐ ๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ: ๐ก๐ญ๐ญ๐ฉ๐ฌ://๐ฐ๐ฐ๐ฐ.๐๐ฅ๐ฅ๐ข๐๐๐ฆ๐๐ซ๐ค๐๐ญ๐ซ๐๐ฌ๐๐๐ซ๐๐ก.๐๐จ๐ฆ/๐ฉ๐ฎ๐ซ๐๐ก๐๐ฌ๐-๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ/๐๐๐๐
๐๐๐ซ๐ค๐๐ญ ๐๐ฎ๐ญ๐ฅ๐จ๐จ๐ค:
In 2020, Asia-Pacific accounted for the highest share in the global natural stone market share, in terms of revenue. Moreover, the market in LAMEA is anticipated to grow with the highest CAGR, owing to growth in construction activities in the region.
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.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐ ๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง: ๐ก๐ญ๐ญ๐ฉ๐ฌ://๐ฐ๐ฐ๐ฐ.๐๐ฅ๐ฅ๐ข๐๐๐ฆ๐๐ซ๐ค๐๐ญ๐ซ๐๐ฌ๐๐๐ซ๐๐ก.๐๐จ๐ฆ/๐ซ๐๐ช๐ฎ๐๐ฌ๐ญ-๐๐จ๐ซ-๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง/๐๐๐๐
๐๐จ๐ฉ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ:
XISHI GROUP LTD., TOPALIDIS S.A., MARGRAF, Aro Granite Industries Ltd., Temmer Mermer Madencilik naat Sanayi ve Ticaret A, Dimpomar, Polycor Inc., Mumal Marbles Pvt. Ltd., Levantina Y Asociados de Minerales, S.A., Dermitzakis Bros S.A.
David Correa
Allied Market Research
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