Natural Stone and Marble Market Size, Share & COVID-19 Impact Analysis, By Type (Granite, Limestone, Marble, Sandstone, Slate, and Others), By Application (Building & Construction, Monumental, and Others), and Regional Forecast, 2023-2030

The global natural stone and marble market size was valued at USD 50.65 billion in 2022 and is projected to grow from USD 53.82 billion in 2023 to USD 73.47 billion by 2030, exhibiting a CAGR of 4.5% during the forecast period.

Natural stones have been used for long in the building and construction sector along with monumental and decorative applications. Historically, the market is driven by the developed countries of Europe and North America. However, considering the present scenario, the market is dominated by the Asia Pacific. Natural aesthetics and excellent durability are the main driving factors of the global construction sector's adoption of natural stone and marble. Companies supplying natural stones are considering investments in production capacity expansion to safeguard future challenges.

COVID-19 IMPACT 

Downturn in Public and Private Construction Activities Hindered the Global Market

The outbreak of the COVID-19 pandemic disrupted nearly all industries, including the natural stones industry. The stone industry plunged due to lockdown restrictions, social distancing norms, and halt on construction activities across the globe. Delays in the completion of construction projects were followed by increased project costs and reduced margins. The construction enterprises at all levels faced severe challenges in terms of liquidity. Limited or no transportation of stones from quarries to the processing sites or the construction sites negatively impacted the entire supply chain of the stone industry.

During the pandemic, the disrupted operations in quarries led to undefined stone production, which further declined the resilience of the entire supply chain. The downturn in construction activities significantly reduced the demand for all types of stones. However, due to the combination of relief packages and mitigation strategies applied by leading entities in the construction & stone industry, the market indicated signs of recovery in 2021 and is projected to indicate slow but steady growth during the forecast period.    

LATEST TRENDS 

Use of Luxurious Natural Stones in Decorative Applications to Support Market Growth

The adoption of natural building materials is gaining momentum due to increased emphasis on sustainability in the construction sector. Consumers are willing to pay more for natural and long-lasting looks of natural stone and marble. The demand for expensive natural stones, such as White Statuario marble, from premium consumers is also rising. Kitchens and bathrooms continue to provide huge opportunities for the stone market. These are the areas where homeowners often demand for unique and highly decorative looks. Natural stones are an ideal surface for these spaces as they can provide a waterproof installation with designs ranging from beautifully simple to intricate and striking. Moreover, the outdoor applications of these stones, including cladding and paving, are also projected to create a potential demand for suitable natural stones for these applications.

DRIVING FACTORS

Growing Demand from the Construction Industry to Foster Market Growth

As per the Global Construction Perspectives and Oxford Economics report on Global Construction 2030, the U.S. and Indian construction industries are expected to grow faster than that in China. The global construction volume is expected to grow by around 85% by 2030. The building and construction industry is the largest natural stone and marble consumer. Rapid industrialization and urbanization resulted in a considerable surge in the consumption of these materials in developing countries. China and India have emerged as top exporters of these products. India exports most of its granite produce to China. China largely processes the imported granite and re-exports the processed products to other parts of the world.

An increase in the global population and improvement in the earning capacity of consumers have warranted the rise in demand for housing and other infrastructural growth. Furthermore, with growing urbanization and rapid industrialization, the number of high-rise buildings and commercial complexes has expanded considerably. Natural stones play a vital role in improving the aesthetic appeal of the building's interior. Natural stone products are more durable than any other artificial products and they last for many decades with very little maintenance. Besides, countertops made with these stones provide functional benefits in key spaces such as kitchens, bathrooms, and others. The increasing interest of house owners in stone wall claddings has also created a positive environment for the natural stone and marble market growth.

Modern Designs Imprinted on Natural Stones and Marble to Propel Market Growth

Modern designs imprinted on natural stones and marble have played a significant role in driving the natural stones and marble market by expanding the range of applications and attracting new customers. The imprinted design offers a unique and aesthetic look that lures the customers seeking visually appealing and distinctive surfaces. These designs include geometric shapes, intricate patterns, and custom images, which assist designers and architects in offering better options, promoting imprinted natural stones and marble consumption.

Imprinted natural stones and marble can be integrated with contemporary architectural styles. Combining traditional natural materials with modern designs creates visually appealing surfaces, making imprinted natural stones and attractive marble choices. Modern design techniques such as CNC milling, waterjet cutting, and laser engraving have expanded the horizon by providing detailed and precise detailing on natural stones and marbles. Due to ease of customization, the range of applications has expanded, including wall cladding, countertops, flooring, decorative accents, fireplace facades, and furniture.

RESTRAINING FACTORS

Increasing Adoption of Artificial Stone to Hamper Market Growth

Natural stones and marbles have lower demand compared to ceramic tiles and artificial concrete blocks. These substitutes are cost effective, making them an ideal option in low disposable income countries. In addition, ceramic tiles have a glazed surface that offers toughness, waterproofing, and stain-resistant properties. As a result, they reduce the need for any additional layer of sealer. This affects the growth of the market.

On the contrary, a sealant is needed to fill the pores, and make natural stones water & stain resistant as they are porous in nature. However, the cost factor is the most pronounced among the pros and cons. Premium customers prefer luxury and natural looks and readily choose natural stone and marble.

Innovative technologies in alternative products, such as LVT and ceramic categories, allow manufacturers to offer very realistic stone visuals at a fraction of the cost of natural stone. These hard surfaces are challenging the growth of the stone industry. However, ceramic and LVT products are generally used in floor applications, leaving a significant opportunity to install natural stone and marble in vertical settings.

SEGMENTATION

By Type Analysis

Granite Segment to Dominate the Global Market Due to Significant Demand in Asia

Based on type, the market is segmented into granite, limestone, marble, sandstone, slate, and others.

In 2022, granite occupied the largest global natural stone and marble market share. Due to its excellent durability, granite is a widely adopted stone for construction applications such as kitchen countertops, exterior wall claddings, and bathroom tiles. Granite is a largely available building material at a cheap cost, which meets functional requirements such as heat resistance, scratch resistance, and stain resistance and is aesthetically appealing. The segment is expected to lead the market over the forecast period.

The extensive use of limestone in road bases, railroad ballast, foundation stone, drain fields, concrete aggregate, and other construction applications is driving the growth of the limestone segment. Biophilic design, marble kitchen countertops, countless shades, and fluted finishes are among the newest trends in the luxury marble market. In the interior design industry, marble has been a popular choice for countertops for a long time due to its long-lasting beauty, durability, and extensive range of patterns & colors. Slate is typical on kitchen and bathroom floors, offering waterproof properties and an opulent appearance. Exterior use is one of the fastest-growing applications for slate, as slate tiles are resistant to thaw and freeze cycles. Other types comprise major natural stones such as onyx, soapstone, and travertine. Each of these stones finds application in the construction industry and is also becoming popular due to excellent physical characteristics and natural beauty.     

By Application Analysis

Building & Construction Segment Held the Largest Market Share in 2022 Owing to Wider Application of the Product  

Based on application, the market is segregated into building & construction, monumental, and others.

The building & construction segment dominated the market, with over 67% share in terms of value, in 2022. Residential buildings are the major contributors to the growth of this segment in this market. Stones are reliable building materials and can be used in different ways. Heavy engineering projects such as breakwaters, bridge piers, and other structures use fine-grained granite. Granite and compact sandstones are used for masonry work in industrial regions exposed to smoke and gases.

Building facades are made of granite, marble, and sandstone. For standard construction, limestone and sandstone are employed. For fire-resistant construction, compact limestone and sandstone are employed. However, granite and quartzite stones are used in foundations in areas with high groundwater levels. Floor paving is made of marble, sandstone, slate, and granite. The broad range of applications of the product in the construction industry is fueling the segment growth.

The monumental segment is the fastest-growing segment in the market due to an increase in the construction of monuments across the globe, especially in the Asia Pacific. In August 2020, the Bangladesh Government announced plans to construct a war memorial for Indian soldiers martyred during the 1971 war. Likewise, many monumental activities are being proposed by regional governments in many countries, which are likely to boost the growth of the monumental segment.

Other natural stone applications include stone furniture and decorative items. Stone furniture is becoming famous for enhancing exterior house beauty in gardens. Natural stone benches, garden tables, garden sets, outdoor benches, stone dining & coffee tables, and other furniture are manufactured with stones. In a similar manner, natural stones are used to create architecturally decorative showpieces due to their excellent durability and aesthetic appeal. Though this segment held the smallest share in this market, it is projected to indicate significant growth in the future due to an increasing consumer base across the globe.       

REGIONAL INSIGHTS

The market size in the Asia Pacific was USD 29.15 billion in 2022. The region held a dominant position in the global market share. China holds the major share in the regional market, backed by higher demand from the construction industry, followed by India. China and India globally are the leading manufacturers of natural stones. At a global level, China and India together accounted for more than 40% share of natural stone production. These countries largely export their products to all key consuming countries. They are experiencing a rising stone demand due to heavy spending on commercial and residential buildings by the government & private sector. Japan, South Korea, and Southeast Asia significantly contribute to the growth of natural stone and marble. Throughout the forecast period, flooring, countertops, and wall claddings remain the most significant applications of natural stones in the region. Owing to the rising emphasis of Western culture on emerging economies, the demand for natural stones in memorial applications is also expected to increase in the near future.

In 2022, Europe accounted for the second-largest share in the global market. Western European countries, such as France, Germany, and Italy, account for most of the regional market. Further, eastern and central European countries also contribute to market growth due to an increase in renovation activities. However, stringent environmental regulations imposed on sourcing and using natural building materials is a key challenge for small companies to grow in this market. For instance, natural stone products used in the construction industry have to meet the legal obligations, since July 2013. These products need to have a Declaration of Performance (DoP) and be CE Marked.

In North America, the U.S. is the prime market for all-natural stones, backed by a well-established residential and commercial construction industry. Higher consumer spending on refurbishment or remodeling activities is driving the market growth in the country. According to Harvard University's Joint Center for Housing Studies, the house remodeling industry grew by 7.6% in the third quarter of 2021 compared to the same period in 2020. The rising government spending on infrastructure projects is expected to push the demand for natural stones in construction applications. As per the Infrastructure Investment and Jobs Act, the USD 1.2 trillion infrastructure plan, passed in November 2021, featured USD 110 billion for bridge and road building and repair, transportation research, and other initiatives.

The rising emphasis on natural stones through International Stone Events in the Middle East is vital in strengthening the natural stone market growth and supply chains. For instance, the ‘Middle East Stone’ is the largest annual trade exhibition dedicated to the stone industry in the Middle East. The event features the most innovative natural stone, ceramic products and tiles, and installation & maintenance solution providers from more than 30 countries. In Africa, the rising middle-class population, disposable income, and improved urbanization are the main driving factors for construction. South Africa, Nigeria, and Ethiopia are showcasing considerable growth in the construction market, fueling the adoption of natural stone and marble for flooring, kitchen countertops, cladding, and bathroom applications.

In Latin America, Brazil, Mexico, Chile, and Columbia are the most vibrant and fastest-growing markets for natural stone and marble. Brazil dominated the local market in 2022. The country is projected to lead the market as it has become a hub for producing many natural stones, including granite, marble, soapstone, and others. Furthermore, increasing export to the U.S. is creating a healthy competitive environment among local players and supporting the market growth.

KEY INDUSTRY PLAYERS

Leading Operating Players Focus on Acquiring Local Suppliers and Aiding Production Capacity 

The global market is highly fragmented as natural stone resources are unevenly spread across the globe. Turkey, India, Brazil, China, and Italy have large reserves of natural stones. The quality of the reserve and stone decides the cost of the product. Further, modern technologies enhance the production of high-quality products. Producers in these key countries are significantly increasing their production capacities by investing in quarrying technologies & equipment, acquiring small-scaled stone companies to strengthen their market presence and marketing their products through social media platforms. 

LIST OF KEY COMPANIES PROFILED:

• Aro Granite Industries Ltd. (India)


• Dimpomar (Portugal)


• Antolini Luigi & C. S.p.A. (Italy)


• Dermitzakis Bros S.A. (Greece)


• Levantina y Asociados de Minerales, S.A. (Spain)


• MARGRAF (Italy)


• RANAMAR (Turkey)


• Polycor Inc. (Canada)


• Temmer Marble (Turkey)


• Southland Stone USA, Inc. (U.S.)


• Xishi Stone Group (China)


• CUPA Group (Spain)

KEY INDUSTRY DEVELOPMENTS:

• March 2022: Dermitzakis Bros S.A. completed the first phase of the new factory located at Drama. With this capacity expansion, the company aimed to increase its presence in Europe and the international markets.


• February 2022: Cupa Group, through Burton Roofing, announced the acquisition of 100% of Discount Roofing, a firm that specializes in the distribution of roofing products. Via this deal, the company strengthened its presence in the British market and maintained its leadership position in the slate industry.


• December 2021: Dermitzakis Bros S.A added a new collection to its product line under the name Rosalia Βeige. The solutions featured a beige background complimented with swatches of pale light pink colors with burgundy veins.


• May 2021: Cupa Group approved to buy Pizarras Lomba, a Spanish natural slate manufacturer, for roofing. This acquisition would demonstrate the company's upward sales to over USD 434 million.


• April 2021: Polycor announced its strategy to achieve carbon neutrality by the end of 2025. The company became the first natural stone manufacturer to pledge to achieve carbon neutrality and is among the leading companies in the critical work of decarbonization.

REPORT COVERAGE

The report thoroughly examines key factors such as major firms, goods, and services. It also provides market trends and highlights important industry advancements. The study includes different variables that have contributed to the market growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities and historical data and revenue growth estimates at the global, regional, and country levels.

Report Scope & Segmentation