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The dimension stone market size is forecast to increase by USD 5.37 billion and is estimated to grow at a CAGR of 3.15% between 2023 and 2028. The construction industry is experiencing rapid growth, fueled by increasing demand for residential and commercial spaces. This trend is driven by population growth and urbanization, leading to a surge in real estate development. Simultaneously, there is a significant shift towards sustainability in construction activities. Sustainable building practices, such as the use of renewable energy sources and energy-efficient materials, are gaining popularity due to their environmental benefits and cost savings in the long run. As a result, green building certifications like LEED and BREEAM are becoming essential for new projects. The intersection of these trends presents a unique opportunity for businesses to offer innovative solutions that cater to the growing demand for sustainable and affordable construction.
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The Market encompasses various types of natural stones, including Marble, Sandstone, Limestone, Travertine, Granite, and others. These stones are used for diverse applications such as Building monuments, Jewellery, Fireplace mantles, Floors, Bathroom skins, Shelves, Tabletops, Basins, and more. The market is driven by population growth and the increasing demand for durability, strength, resistance to decay, and unique appearance in various sectors. Natural stones like Marble, Granite, and Limestone are widely used in constructing buildings and monuments due to their shape-holding ability and paving properties. Sandstone and Travertine are popular choices for decorative objects and furniture. Synthetic and composite materials, along with space-age materials, are also gaining traction in the market due to their advanced properties. Dimension stones are used in various applications, including paving, flooring, furniture, decorative objects, and finishes. The market for these stones is vast and diverse, with applications ranging from residential to commercial and industrial sectors. The demand for dimension stones is expected to grow due to the increasing population base and the need for sustainable and durable building materials. The appearance, durability, and resistance to decay are essential factors that influence the demand for dimension stones. Natural stones like Marble, Granite, and Limestone are known for their unique appearance and long-lasting properties, making them preferred choices for various applications. Synthetic and composite materials offer similar properties at lower costs, making them an attractive alternative for some applications. In conclusion, the Market is a vast and diverse market that caters to various applications and sectors. The market is driven by population growth, the need for sustainable and durable building materials, and the unique properties of natural and synthetic stones. The market is expected to grow in the coming years due to the increasing demand for dimension stones in various sectors. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
A rapid shift toward sustainability is the key factor driving the market's growth. Increasing consumer awareness of the environmental impact of building materials has contributed to an increase in demand for sustainable flooring, wall tiles, and roofing products. As a result, consumers are increasingly choosing natural stone products such as marble and granite over products containing plastic composites and other easy-to-emission products.
Moreover, sellers are also increasingly focusing on sustainable practices. The raised emphasis on sustainable construction practices is expected to be adopted by key markets, such as China and India. Hence, these factors will increase the adoption of dimension stone products in the construction industry during the forecast period.
The growing popularity of home remodeling is the primary trend in the market. The growing popularity of matching interior design in homes, especially kitchens and bathrooms, has raised the adoption of dimension stone products. The use of natural stone countertops, bathroom cabinets, and sanitary ware is increasing in developed markets. Consumers buy natural stone products as building materials because of their aesthetic value.
Moreover, the application of natural stone products such as granite, marble, and quartz for interior decoration is increasing the application of dimension stone in residential and commercial construction. The growing popularity of interior design and home improvement is expected to drive the growth of the global market during the forecast period.
The rising popularity of substitutes is a challenge that affects the growth of the market. Rising costs associated with stone products such as marble and granite are encouraging customers to opt for cheaper, less maintenance products like dimensional stone, and resilient products such as luxury vinyl tiles ( LVT) and wood-plastic composites (WPC) for floors and walls. The rapid development of printing technology is helping suppliers replicate natural stone finishes on substitutes.
In addition, replacing marble and granite floors is very expensive. The relative ease of replacing ceramic and elastomer products is encouraging customers to favor ceramic and elastomer products for flooring and decorative applications. Hence, the growing popularity of substitutes for dimension stone products is expected to impede the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The limestone segment is estimated to witness significant growth during the forecast period. Limestone is mainly used for various construction purposes due to its unique and abundant nature. The demand for limestone continues to grow, mainly due to the construction industry and infrastructure development worldwide. One of the main advantages of limestone is its durability.
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The limestone segment was the largest segment and was valued at USD 11.99 billion in 2018. The availability of limestone in large quantities also contributes to its dominance in the market. It is found in many parts of the world, including the US, China, India, and Europe. In addition, limestone is highly recyclable because it can be crushed and used as a base material for roads and concrete. This sustainability aspect makes limestone a preferred choice for eco-friendly construction projects. Hence, these factors are expected to increase the demand for limestone which will boost the growth of the limestone segment in the market during the forecast period.
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APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in the APAC region is driven by strong growth in commercial and residential construction, especially in India and China. Other emerging economies, such as Indonesia, Vietnam, Bangladesh, Thailand, Malaysia, and the Philippines, are also expected to see growth in the construction sector.
Moreover, an increasing number of construction projects in emerging economies, such as India and China, and increased government spending on advanced infrastructure development will boost the growth of the market. The construction industry in the region is expected to grow gradually as a result of the need for new infrastructure to provide residential and commercial space for the growing urban population. Hence, due to the exponential growth of the regional construction industry, the market in APAC is expected to grow significantly during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The Market encompasses various types of natural stones, including Marble, Sandstone, Limestone, Travertine, and Granite, used for building monuments, jewellery, fireplace mantles, floors, bathroom skins, shelves, tabletops, basins, and paving. The population growth and expansion in the building construction sector have significantly boosted the demand for these stones. NaBFID (Natural Stone Building and Finishing Industries Association) plays a pivotal role in promoting the usage of dimension stones in various applications. Cemented bricks and stabilized soil blocks are also included in this market. The leading players in the Market are HMG Stones, Aditya Stonex, Fox Marble, and MGT Stone. They offer a wide range of blocks, slabs, and shapes in various sizes and finishes to cater to diverse customer requirements.
The revenue contribution of dimension stones in buildings and monuments is substantial. These stones are used in the restoration of heritage monuments, ancient monuments, and antiquities. The Marble type is the most popular choice for monument restoration due to its durability and aesthetic appeal. The profitoriented business model and the supplier-buyer network are crucial aspects of the market. The market estimations suggest a steady growth in the demand for these stones in the coming years. The shape and size of the stones can vary depending on their intended use, from large blocks for buildings to small slabs for tabletops and basins.
Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.15% |
Market growth 2024-2028 |
USD 5.37 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.38 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
China, India, US, Brazil, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3 Rivers Stone Ltd., Aditya Stonex, Aro Granite Industries Ltd., Artgo Holdings Ltd., Asian Granito India Ltd., Avid Marbles and Granites Pvt. Ltd., Caesarstone Ltd, FHL Kiriakidis Group, Fox Marble, Haique, HMG Stones, Levantina and Mineral Associates SA, MGT STONE CO., Mohawk Industries Inc., Pokarna Ltd., Prem Marbles, Regatta Granites India, Rk Marbles India, Shubh Marbles and Granite, and Sonnet Stone |
Market dynamics |
Parent market analysis, market growth analysis, market research and growth, Market forecasting, market report, market forecast., Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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