Natural Stone Market Expected to Reach $57.6 Billion by 2032

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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐓𝐨 𝐆𝐞𝐭 𝐈𝐧𝐬𝐢𝐝𝐞 𝐒𝐜𝐨𝐨𝐩 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 -𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦/𝐫𝐞𝐪𝐮𝐞𝐬𝐭-𝐬𝐚𝐦𝐩𝐥𝐞/𝟔𝟐𝟎𝟐

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐚𝐭𝐢𝐬𝐭𝐢𝐜𝐬:

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).

𝐌𝐚𝐤𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐄𝐧𝐪𝐮𝐢𝐫𝐲: 𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦/𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞-𝐞𝐧𝐪𝐮𝐢𝐫𝐲/𝟔𝟐𝟎𝟐

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:
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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: 𝐡𝐭𝐭𝐩𝐬://𝐰𝐰𝐰.𝐚𝐥𝐥𝐢𝐞𝐝𝐦𝐚𝐫𝐤𝐞𝐭𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡.𝐜𝐨𝐦/𝐫𝐞𝐪𝐮𝐞𝐬𝐭-𝐟𝐨𝐫-𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧/𝟔𝟐𝟎𝟐

𝐓𝐨𝐩 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
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
+ +1 5038946022
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