Natural Stone Market is Expected to Increase due to New Construction Activities

Allied Market Research published a report, titled, "Natural Stone Market by Type (Marble, Granite, Limestone, and Others) and Application (Flooring, Memorial Arts, Wall Cladding, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global natural stone industry was estimated at $35.12 billion in 2018 and is expected to hit $48.06 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026.

The granite segment to lead the trail till 2026-

Based on type, the granite segment accounted for more than two-fifths of the global natural stone market share in 2018 and is expected to retain its dominance through 2019-2026. Granites are now widely used in making gravestones, sculpture, and memorials due its hardness and appealing appearance, which has accelerated the growth of the segment.

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For instance, in October 2019, Polycor acquired the company Elliott Stone Company Inc. Elliot is engaged in quarrying and fabrication of Indiana limestone. The acquisition has expanded Polycor's product portfolio for natural stone building products. Similarly, in February 2017, Temmer Marble established a new showroom and gallery in Afyon, Turkey to expand its business and presence in Asia Minor. The showroom is 600 square meter in area and the gallery is 2,000 square meters, which displays over 150 samples of natural marble.

In 2018, Asia-Pacific dominated the global market, in terms of revenue, accounting for around 47.6% share of the global market, followed by LAMEA, owing to rise in demand for affordable and efficient natural stones such as marble and granite.

Key Finding of The Natural Stone Market:
o The report provides an extensive analysis of the current and emerging natural stone market trends and dynamics.
o Depending on type, the granite segment dominated the market, in terms of revenue, in 2018; however, the marble segment is projected to grow at a CAGR 4.7% during the forecast period.
o By application, the flooring segment led the market in 2018.
o North America is projected to register the highest growth rate in the coming years.

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Top Leading Market Players-

The key players profiled in the natural stone market report include Aro Granite Industries Ltd., Dimpomar, Dermitzakis Bros S.A., Levantina y Asociados de Minerales, S.A., MARGRAF, Mumal Marble, Polycor Inc., Temmer Marble, Topalidis, and Xishi Stone Group.

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