Natural Stone Market Recent Developments Strikes to Reach $57.6 billion by 2032

The natural stone market size was valued at $33.8 billion in 2020, and is estimated to reach $57.6 billion by 2032, growing at a CAGR of 4.4% from 2023 to 2032.

Natural stones are widely used in construction and monument creation, valued for their aesthetic appeal, hydraulic binding, and decorative qualities. They significantly enhance the visual appeal of commercial buildings and infrastructure through innovative flooring and design solutions.

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Market Insights:

Increasing interest in outdoor entertainment spaces, particularly among millennials, is expected to fuel the growth of the global natural stone market in the coming years. The growing popularity of marble and granite for kitchen countertops, driven by their durability and hardness, is also contributing to market expansion.

Additionally, rapid urbanization and the rise of nuclear families in developing countries have heightened demand for natural stones in construction and flooring applications. Factors such as urban growth and increased demand for architectural and flooring solutions further propel the global natural stone market.

The surge in consumer demand for home renovation and replacement is a key driver of the natural stone market. For example, a January 2021 article from the Harvard Joint Center for Housing Studies noted that home remodeling and repair expenditures were projected to rise from 3.5% at the end of 2020 to 3.8% by the end of 2021, according to the Leading Indicator of Remodeling Activity (LIRA).

Similarly, at the National Association of Home Builders' IBSx virtual event in February 2021, officials forecasted a 4% increase in remodeling spending for owner-occupied single-family homes in 2021, followed by an additional 2% in 2022. These global remodeling and renovation trends are expected to drive significant growth in the natural stone industry throughout the forecast period.

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Growth Demands:

The growth in new construction and renovation properties leads to rise in demand for granites and marbles for interior decoration, thereby fueling the growth of the global natural stone market. For instance, in 2022, the U.S. expenditure on renovation activities is approximately $418 billion and is expected to grow during the forecast period.

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

Natural Stone Market Report Highlights:

By Type -
Marble
Granite
Limestone
Others

By Application -
Flooring
Memorial Arts
Wall Cladding
Others

By Construction Type -
New construction
Renovation

By Region -
North America (U.S., Canada, Mexico)
Europe (Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Rest of Asia-Pacific)

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Key Benefits For Stakeholders:

The report provides an extensive analysis of the current and emerging natural stone market trends and dynamics.
In-depth natural stone market analysis is conducted by constructing market estimations for the key market segments between 2020 and 2032.
Extensive analysis of the natural stone market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
A comprehensive analysis of all regions is provided to determine the prevailing opportunities.
The natural stone market forecast analysis from 2023 to 2032 is included in the report.
The key market players within the natural stone market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the natural stone industry.

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