The Global Market for Crushed Stone is Projected to Exceed 23 Billion Metric Tons by 2024
Expanding Home Applications beyond the Kitchen and
Recovery in Construction Activity Drive the Granite, Marble and Stone Market,
According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive
analysis of industry segments, trends, growth drivers, market share, size and
demand forecasts on the global Granite, Marble and Stone market. The global market for Crushed Stone is projected to exceed
23 billion metric tons by 2024,
driven by rise in new construction and renovation activity, growing prominence
of Green granite, marble and stone, and expanding home applications beyond the
kitchen.
The global stone sector is
driven by international trade, particularly by the trends in construction
industry and real estate markets. The industry is divided into two major
product segments, Crushed Stone and Dimension Stone. Granite accounts for
largest share of dimension stone segment followed by marble and other stone
types. Production of granite in the global market is dominated by 5 countries
including China, Brazil, Saudi Arabia, India, and Spain. China, India and Brazil
together account for over 80% of the global granite production. Myriad benefits
of natural stone that are driving its widespread adoption in residential and
non-residential buildings over the years include cost effective building
material, ease of use and lesser time in building with stone; rot-free,
vermin-free, bug-free, fire-proof, and durable; maintenance-free and
attractive; offers good insulation; and better resale value for houses made of
stone, among others.
Future growth in the
market will be driven by expanding and newer applications of granite in office
and home applications. As a sturdy, durable surfacing material, granite is
perceived as a suitable building stone for countertops and in public buildings
such as courts and libraries. The availability of sophisticated technologies
capable of quarrying, cutting, shaping and finishing granite, in addition to
superior attributes of granite in terms of imperviousness to acid and moisture,
excellent scratch-resistance and strength, and superior stain-resistance, is
driving extensive applications beyond the kitchen countertops. Few of these include
granite cabinets that are capable of supporting weight of granite-based
countertops, granite tiles for areas that come in contact with water, such as
kitchens and bathrooms; complete fireplace hearths, surrounds and mantles that
are based on solid granite; large granite steam or walk-in showers owing to its
excellent water-resistance; granite-based sinks, and for outdoor decorative applications
due to its superior resistance to various natural elements. Other important factor
influencing the performance of granite, marble and stone industry include recovering
construction activity in developed economies and strong growth opportunities
for residential and infrastructure construction projects in developing nations.
The increased emphasis on sustainability and eco-friendly products is also
expected to stir up demand for Green granite, marble, and stone in the coming
years.
As stated by the new
market research report on Granite, Marble and Stone, Asia-Pacific represents the largest and the fastest
growing market worldwide for crushed stone, with a CAGR of 5.7% over the
analysis period. The growth in the region is led by strong urbanization and
continued industrialization trends and the resulting rise in residential and
infrastructure construction activity in economies such as China, India,
Thailand, Indonesia and other Southeast Asian countries. Burgeoning economies with
huge population such as China and India, growing need for improved
accommodation, improving disposable income levels, expanding middle class and
their changing attitude towards indoor and outdoor decor represent other growth
drivers in the region.
Key players in the market
include Ablegroup Berhad, Asian Granito India Limited, Benchmark Building
Supplies Ltd., CaesarStone, Cambria, California Crafted Marble Inc., Cosentino
SA, Dakota Granite Company, Dimpomar, Rochas Portuguesas Lda, Duracite Inc., Granite
Transformations, Hilltop Granites, Kangli Stone Group, Pokarna Limited, Polycor
Inc., Mohawk Industries, Marazzi Group, Temmer Marble and Topalidis S.A., among
others.
The research report titled
“Granite, Marble and Stone: A Global Strategic Business
Report” announced by Global Industry
Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, and other strategic industry
activities of global companies. The report provides market estimates and
projections for Crushed Stones in Thousand Metric Tons for all major geographic
markets such as United States, Canada, Japan, Europe (France, Germany, Italy,
UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of
Asia-Pacific), Middle East & Africa, and Latin America (Brazil, and Rest of
Latin America). Also, the US market for Dimension Stone is analyzed in terms of
volume consumption (Metric Tons) and value sales (US$). Additionally, the US
Granite market is analyzed in terms of value sales (US$).
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