The Natural Stone Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Natural Stone Global Market Report 2024, The natural stone market size has grown steadily in recent years. It will grow from $31.03 billion in 2023 to $32.26 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to architectural revival and heritage restoration, rise in construction of monuments and statues, development of ancient civilizations, industrial revolution and infrastructure growth, cultural preferences and artistic expression.
The natural stone market size is expected to see steady growth in the next few years. It will grow to $35.41 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. The growth in the forecast period can be attributed to shifts in consumer preferences and design trends, global economic growth and infrastructure investments, cultural and artistic preferences, demand in luxury real estate development, renovation and restoration projects. Major trends in the forecast period include evolving consumer preferences in real estate, focus on wellness and well-being, preference for uniqueness and variation, adoption in contemporary art installations, revival of heritage craftsmanship.
The increase in the number of constructions projects is driving the growth of the natural stones market. The construction sector refers to the organizations that deal with creating, maintaining, and repairing infrastructures. Natural stones in construction projects provide permanent natural building materials than other natural building materials, used in flooring, roofing, masonry, paving roads, and as aggregates for concrete. Additionally, natural stones are highly preferred in heavy engineering such as bridges, harbor walls, sea-side walls, ballast for railways, the foundation works, and others due to their strength, durability, and weather-resistance properties. For instance, in September 2023, according to reports shared by the United States Census Bureau, a US-based government agency, the overall value of residential and non-residential construction in the US increased by over 8% between 2020 and 2021. Furthermore, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, global construction output in 2020 stood at US$10.7 trillion. It is projected to experience substantial growth of approximately 42%, adding US$4.5 trillion and reaching a total of US$15.2 trillion by the year 2030. Therefore, the increase in the number of construction projects is expected to propel the growth of the natural stones market going in the coming years.
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The natural stone market covered in this report is segmented –
1) By Type: Marble, Granite, Limestone, Other Types
2) By Construction Type: New Construction, Renovation
3) By Distribution Channel: Online Channel, Offline Channel
4) By Application: Flooring, Memorial Arts, Wall Cladding, Other Applications
Major companies operating in the natural stone market are developing innovative products, such as semi-precious natural stones, for various interior design and furniture solutions. Semi-precious natural stones are a variety of gemstones made of minerals and other organic matter, found in a wide range of colors and unique patterns. For instance, in February 2023, Stonex India Private Limited, an India-based company, launched semi-precious natural stones, which are a perfect example of how nature’s beauty and man’s highly skilled craftsmanship can produce true works of art. They have features like exquisite colors, an eye-popping glaze, and dazzling textures, which makes them one of the most beautiful stones. These semi-precious natural stones catch daylight perfectly, and with a backlit solution, they become a luminescent source of light for a quaint evening.
The natural stone market report table of contents includes:
1. Executive Summary
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