Natural Stone Market 2023 to 2032: Size, Growth, Share, Trends to Reach $57.6 Billion

The surge in expenditures on home remodeling and retrofitting initiatives serves as a catalyst for the natural stone market, while conversely, heightened investments from both government and private sectors in infrastructure projects are anticipated to present promising opportunities for market expansion.

Natural stones are indispensable in construction and monument building, renowned for their superior aesthetic appeal, hydraulic binding properties, and decorative attributes. They significantly enhance the visual allure of commercial buildings and infrastructure through innovative steps and flooring solutions.

According to a new report published by Allied Market Research, titled,The Global Natural Stone Market Size was valued at $33.8 billion in 2020, and is projected to reach $57.6 billion by 2032, growing at a CAGR of 4.4% from 2023 to 2032.

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Key Influencing Factors:
The anticipated growth of the global natural stone market is driven by increasing awareness, particularly among millennials, towards outdoor entertainment spaces. Additionally, the rising adoption of marble and granite for kitchen countertops, attributed to their enhanced durability and hardness, is expected to gain traction in recent years, further boosting market growth.

Urbanization and the proliferation of nuclear families, particularly in developing nations, have generated substantial demand for natural stones in construction and flooring applications. Moreover, factors such as expanding urbanization and heightened demand for flooring and architectural solutions are poised to propel the global natural stone market.

The market's expansion is also fueled by heightened consumer demand for home renovations and replacements. Notably, projections from the Harvard Joint Centre for Housing Studies indicate a growth in house remodeling and repair expenditures, from 3.5% in late 2020 to 3.8% by the end of 2021, based on the Leading Indicator of Remodeling Activity (LIRA).

Similarly, officials at the National Association of Home Builders' IBSx virtual event in February 2021 forecasted a 4% increase in remodeling expenditure on owner-occupied single-family homes in 2021, followed by an additional 2% rise in 2022. Such remodeling and renovation activities globally contribute to the lucrative growth of the natural stone industry throughout the forecast period.

The popularity of outdoor entertainment areas, including porches, patios, and backyards, has surged due to their functional utility for small gatherings and semi-natural ambiance. Consequently, there's an increasing trend towards outdoor entertainment areas, driving demand for outdoor flooring solutions in buildings such as bungalows, condos, townhouses, and row houses. Moreover, the rise in retrofitting flooring projects and home renovation activities further propels the growth of the global natural stone market.

The growth in new construction and renovation properties fuels demand for granites and marbles for interior decoration, exemplified by the U.S. expenditure on renovation activities, which stood at approximately $418 billion in 2022 and is expected to continue growing throughout the forecast period.

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Top Players:
Mumal Marbles Pvt. Ltd., Aro Granite Industries Ltd., XISHI GROUP LTD., Temmer Mermer Madencilik ?n?aat Sanayi ve Ticaret A., Levantina Y Asociados de Minerales, S.A., Dermitzakis Bros S.A., MARGRAF, TOPALIDIS S.A., Polycor Inc., Dimpomar

Read More Related Reports:

Ceramic Tiles Market - https://www.alliedmarketresearch.com/ceramic-tiles-market

Paving Stone Market - https://www.alliedmarketresearch.com/paving-stone-market-A31387

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