Natural Stone and Marble Market is to grow at a 4 % CAGR, with the United States leading the market through 2030

Natural Stone and Marble Market to Hit USD 76.61 Bn by 2030

The Natural Stone and Marble Market was USD 58.22 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 4 % from 2023 to 2030, reaching USD 76.61 Bn by 2030. The usage of marble and natural stone in landscaping applications, such as patios, garden walks, outdoor flooring, paving stones, and fountain sculptures, is growing. The need for outdoor construction is increased by the usage of natural stone for outside cladding in both residential and commercial structures. The need for unique, upscale aesthetics is being met by architects and designers who are increasingly using marble and natural stones in inventive ways, such as mosaics, designer flooring, and worktops. In the United States, the market was estimated to be worth $5.83 billion, and throughout the projection period, it is expected to rise at a CAGR of 3.9%.

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Natural Stone and Marble Market Segmentation

By Type: Granite is among the most extensively utilized and well-liked natural stones, particularly used in countertops, flooring, and cladding. The sedimentary rock limestone is frequently utilized in architectural projects, particularly for landscaping, flooring, and building facades. Marble is frequently utilized in upscale residential and commercial constructions and is seen as a sign of refinement and luxury.

By Application: One of the biggest markets for marble and natural stone is building construction. Slate, granite, marble, and limestone are among the stones frequently utilized in institutional, commercial, and residential construction. Using long-lasting, visually appealing stones like marble, granite, and sandstone is what predominantly drives this market.

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Natural Stone and Marble Market Regional Analysis

The United States market for natural stone and marble was estimated to be worth $5.83 billion in 2022 and is projected to expand at a CAGR of 3.9% throughout the forecast period, reaching an estimated $8.5 billion by 2030. Caesarstone Ltd., Daltile, Granite Gold Inc., and Polycor Inc. are the major key players of the US market.

In Europe, Natural stone and marble have long been used in interior design, gardening, and building. The rising desire for upscale residential real estate, first-rate commercial structures, and upscale interior design in nations like Italy, France, and the UK. Levantina, Polycor, Italcementi Group, and Cemex are the key players of the European market.

Asia Pacific leads the natural stone and marble industry with a 54.38% market share in 2023. China is the biggest producer and user of natural stone. India is one of the world's top manufacturers of marble and granite, with numerous states, including Tamil Nadu and Rajasthan. The market for natural stones, especially granite and marble, is well-established in Australia.

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Natural Stone and Marble Market Competitive Landscape

Polycor Inc.: Polycor acquired Rock of Ages, a well-known granite manufacturer in the United States. Banas Stones was acquired by Polycor. The acquisition of Vermont Quarries, Banas Stones, Dakota Granite, and Rock of Ages strengthened its position in the U.S.

Levantina: FYM was acquired by Levantina. By acquiring International Marble & Granite, Levantina extended its business activities into the US. Also, Levantina acquired Infinita.

Conclusion

The competitiveness and appeal of the industry will probably be increased by advancements in stone processing and a drive toward environmentally friendly sourcing methods.
However, market participants will have to deal with persistent issues like price volatility and environmental sustainability if they want to remain competitive.

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