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Granite Marble and Stone Market To Reach USD 73.56 Billion By Year 2032

The global Granite Marble and Stone Market Size Was Valued at USD 50.75 Billion in 2023 and is Projected to Reach USD 73.56 Billion by 2032, Growing at a CAGR of 4.21% From 2024-2032.

11-07-2024
shashidhar kotian
Manufacturing and Construction
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Granite Marble and Stone Market by Application and Type: Global Opportunity Analysis and Industry Forecast, 2024–2032,” the global Granite Marble and Stone Market Size Was Valued at USD 50.75 Billion in 2023 and is Projected to Reach USD 73.56 Billion by 2032, Growing at a CAGR of 4.21% From 2024-2032. Food & beverage and others have accounted for more than three-fourths of Quarried materials such as marble, limestone, granite, slate, quartzite, sandstone, laterite, and basalt are often used as building materials and decorations. These stones evolve over many years due to natural heat and pressure, resulting in different characteristics such as texture, structure, hardness, color mixing, density, strength, and color intensity. Their distinctive properties make them suitable for a wide range of applications, including ceilings, pools, countertops, backsplashes, wall coverings, flooring, and trim.

Their natural longevity, ease of maintenance, and ecological benefits have led to their widespread use in a variety of commercial, residential, medical, and educational environments. Granite stands out among these stones due to its refined appearance and unique patterns, as each slab is unique. The unique properties and durability of granite make it an ideal choice for countertops that can handle the demands of a busy kitchen without showing signs of wear.

According to the global Granite Marble and Stone Market is segmented into Type, Application, and region. By Type, the market is categorized into Granite, Limestone, Marble, Sandstone, Slate, and Others. By Application, the market is categorized into Building & Construction, Monumental, and Others. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

There has been impressive growth in the construction industry worldwide, leading to a favorable market outlook for natural stones such as granite and marble, which are widely used as outdoor flooring in patios, walkways, patios, and porches. The growth is driven by the aesthetic appeal of these stones in infrastructure projects, improving visibility and increasing the value of residential and commercial properties. Architects and builders value the functionality and design of granite and marble for their durability and natural beauty. With urbanization and the development of smart cities, the need for high-quality building materials such as natural stones is increasing, leading to market expansion. The growth of engineering, procurement, and construction (EPC) projects in the infrastructure industry is significantly contributing to the growth of the natural stone market.

The construction industry in the United States and India is growing significantly, surpassing the historically important Chinese market. This growth is fueled by many factors such as population growth, higher disposable income, and higher earning potential. As urbanization accelerates, the need for housing and infrastructure development becomes more and more important. The growth of construction offers significant opportunities for manufacturers and suppliers of building materials. The demand for a variety of affordable building materials is driving innovation and popularity, resulting in a thriving market for sophisticated products that offer both visual appeal and practical benefits. One exciting opportunity relates to the development of the ceramic and luxury vinyl tile (LVT) categories.

Global Granite Marble and Stone Market, Segmentation

The Granite Marble and Stone market is segmented based on type, application, and region.

Type:

The type segment is further classified into Granite, Limestone, Marble, Sandstone, Slate, and Others. Among these, the granite sub-segment accounted for the highest market share in 2023. The granite and marble sectors of the natural stone industry offer many promising opportunities for expansion and progress. Due to its durability, versatility, and wide availability, granite currently holds a strong position in the market. Thanks to advances in mining and processing technologies, there is plenty of room to increase its market share. Improving mining methods and adopting sustainable production processes can reduce costs and solve environmental problems, thereby attracting environmentally conscious consumers. Advances in processing methods can increase the use of granite in a variety of industries, including kitchen countertops, flooring, and exterior facades. Taking advantage of its wide range of colors and patterns, companies can design unique, high-quality products for specific customer segments, increasing their competitiveness and market share.

Application:

The application segment is further classified into Building & Construction, Monumental, and Others. Among these, the Building & Construction sub-segment is anticipated to show the fastest growth by 2032. The growing need for ecological building materials creates great opportunities for the stone materials market, especially granite and marble. As the focus on sustainability in the construction industry grows, these natural stones offer an environmentally friendly alternative due to their durability and lower environmental impact compared to artificial materials. Granite and marble can be obtained in an environmentally sustainable way and are very durable, reducing the need for regular replacements and waste. This makes them desirable choices for green building projects aiming for LEED certification and other sustainability standards. Companies can increase their market share and brand image by promoting granite and marble as environmentally friendly alternatives to environmentally conscious consumers and builders.

Region:

The Granite Marble and Stone market in Asia-Pacific is projected to show the fastest growth by 2032s. Asia Pacific natural stone market has high growth potential due to rapid infrastructure development in key economies such as China and India. Large-scale development projects focusing on transport networks, airports, and urban infrastructure are increasing demand. As urbanization and modernization progress in these countries, the demand for durable, visually impressive, and flexible building materials such as granite and marble is projected to increase significantly. These natural stones are preferred for their strength, beauty, and flexibility, making them suitable for a variety of construction projects. This pattern is particularly visible in East Asian countries, where economic development and urban expansion lead to greater investment in infrastructure. The Asia-Pacific region has an abundance of raw materials, which lowers production costs and increases the global competitiveness of local producers.

Some of The Leading/Active Market Players Are-

  • Aro Granite Industries Ltd. (India)
  • Dimpomar (Portugal)
  • Antolini Luigi & C. S.p.A. (Italy)
  • Dermitzakis Bros S.A. (Greece)
  • Levantina y Asociados de Minerales, S.A. (Spain)
  • MARGRAF (Italy)
  • RANAMAR (Turkey)
  • Polycor Inc. (Canada)
  • Temmer Mermer Madencilik İnşaat Sanayi ve Ticaret A.Ş. (Turkey)
  • Southland Stone USA, Inc. (U.S.)
  • XISHI GROUP LTD. (China), and Other Active Players

Key Industry Developments

  • In November 2023, Brachot-Hermant, a French marble and granite distributor, partnered with Levantina, a Spanish natural stone manufacturer, to expand its product offerings and distribution network across Europe. This partnership will offer customers a wider range of high-quality natural stone materials and increased accessibility.
  • In September 2023, Antolini, an Italian luxury stone supplier, partnered with Architonic, a leading online platform for architecture and design, to showcase its unique and rare natural stone materials to a wider audience of architects and designers. This collaboration aims to inspire creativity and innovation in the use of natural stone in architectural projects.

Key Findings of the Study 

  • The global Granite, Marble, and Stone Market, valued at USD 50.75 billion in 2023, is projected to reach USD 73.56 billion by 2032, growing at a CAGR of 4.21%.
  • The market growth is driven by increasing demand for natural stones in the construction industry, valued for their aesthetic appeal, durability, and ecological benefits.
  • Granite stands out for its unique patterns and refined appearance, making it a popular choice for high-traffic areas such as kitchen countertops.
  • The Asia-Pacific region is expected to show the fastest growth, driven by rapid infrastructure development and urbanization in key economies like China and India.
Pristine Intelligence LLP

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