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The dimension stone market size is estimated to grow at a CAGR of 4.44% between 2022 and 2027. The market size is forecast to increase by USD 1,356.91 million. The growth of the market depends on several factors such as rapid growth in the construction sector, the rapid shift toward sustainability, and the growing demand for residential and commercial spaces.
This dimension stone market report extensively covers market segmentation by type (limestone, granite, sandstone, marble and slate, and others), application (structural use and decorative use), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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 dimension stone 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.
Global Dimension Stone 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 2,080.69 million in 2017. 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 35% 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 dimension stone 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 dimension stone market in APAC is expected to grow significantly during the forecast period.
Due to the outbreak of the COVID-19 pandemic, the dimension stone market in the APAC region was negatively affected in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of construction activities. The restart of activities in the construction sector raised the demand for dimension stones in the region. Therefore, the dimension stone market is expected to grow significantly in the APAC region during the forecast period.
The dimension stone market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Dimension Stone Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.44% |
Market growth 2023-2027 |
USD 1,356.91 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.16 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
US, China, India, Italy, and Brazil |
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 Holdings Plc, Haique, HMG Stones, Levantina and Mineral Associates SA, MGT Stone Co., Mohawk Industries Inc., Pokarna Ltd., Prem Marbles, Regatta Granites India, RK Marbles, Shubh Marbles and Granite, and Sonnet Stone |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the 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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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