Natural Stone Slab Market By Application (Flooring, Memorial Arts, Wall Cladding, Other), Type (Granite, Marble, Shale, Other), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, June 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global natural stone slab market is expected to grow from USD 46.7 billion in 2020 and to reach USD 64.5 billion by 2028, growing at a CAGR of 4% during the forecast period 2021-2028.
The natural stone slab market is witnessing significant growth from the past years. The construction industry's rapid expansion is expected to raise demand for natural stone slabs, propelling the market forward. Natural stone slabs bring aesthetic appeal to architectural structures while also enhancing the structure's reliability and longevity, increasing total demand. Furthermore, the commodity provides slip resistance, which is expected to boost market growth. Architectural structures and design methods are undergoing significant transformations. The industry is expected to benefit from the expansion of the residential and commercial construction industries, as well as increased restructuring activities around the world.
Quartzite, slate, limestone, sandstone, marble, granite, and other mountain minerals are examples of natural stone. Because of its toughness, hardness, and aesthetic quality, it is commonly used in residential and commercial flooring and wall cladding. Natural stone slabs can be used to create a variety of textures and patterns, giving the floors and walls a pleasing appearance. The increasing use of the substance to enhance architectural systems is expected to boost market development. It's a popular choice for kitchen countertops, walls, and flooring. It is non-porous and smoother than natural stone while still being more durable. They are immune to bacterial proliferation, assisting in the maintenance of a sanitary climate.
The global natural stone slab market is expected to witness significant growth. Over the projected period, rising demand for the commodity in the construction of arches, walls, bridges, abutments, and other structures is expected to drive market growth. Infrastructure construction operations, such as the construction of highways, bridges, airports, power plants, and, most importantly, highway and road projects, propel the industry. Climate change in recent years as a result of global warming and resource exploitation has resulted in the introduction of strict strategies to maximize the use of natural resources and reduce emissions worldwide. As a result, government efforts to reduce stone mining limit the development of the global natural stone industry.
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Key players operating in global Natural stone slab market include Levantina y Asociados de Minerales, Aro Granite Industries Ltd., S.A., Indiana Limestone Company (ILCO), MARGRAF, Mumal Marble, Polycor Inc., Temmer Marble, Dimpomar, Dermitzakis Bros S.A., Topalidis, and Xishi Stone Group. To gain a significant market share in the global Natural stone slab market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Polycor and Elliott Stone Company Inc. are some of the key manufacturers operating in natural stone slab market.
Polycor, for example, integrated with Indiana Limestone Company in October 2018. (ILCO). ILCO is a limestone quarrying company based in Indiana, United States. Both companies' global reach and product portfolios grew as a result of the merger.
Elliott Stone Company Inc. was acquired by Polycor in October 2019. Elliot is based in Indiana, United States, and works in the quarrying and fabrication of Indiana limestone. Polycor's product line for natural stone construction materials was extended as a result of the acquisition.
Flooring segment dominated the market and held the largest market share of 30.9% in the year 2020
On the basis of application, the global natural stone slab market is segmented into flooring, memorial arts, wall cladding, and other. Flooring dominated the market and held the largest market share of 30.9% in the year 2020. This growth is attributed to increased construction and infrastructural developments such as warehousing industries, hotels & leisure facilities, and schools & universities, particularly in emerging regions.
Marble segment dominated the market and held the largest market share of 29.15% in the year 2020
On the basis of type, the global Natural stone slab market is segmented into marble, granite, shale, and other. Marble segment dominated the market and held the largest market share of 29.15% in the year 2020. This growth is attributed to a rise in the use of marble in developed countries
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Regional Segment of Natural Stone Slab Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global natural stone slab market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific region led the industry, accounting for more than 36% of global sales. Over the projected years, the area is predicted to maintain its dominance by recording the highest growth rate. The rapid expansion of the residential and non-residential construction sectors, primarily in emerging economies such as China, India, Indonesia, and South Korea, is responsible for this development. Furthermore, the individual purchasing potential in these economies is expected to drive the construction market, thus promoting industry expansion. Furthermore, growing knowledge of natural stone slab properties such as superior strength, long life, and wear and slip resistance is expected to drive market development. Additionally, as the average age of houses rises, the market for renovations is likely to rise, benefiting the industry's growth.
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About the report:
The global natural stone slab market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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