Global Natural Stone and Marble Market to Grow at a CAGR of 3.90% During 2024-2032, Aided by the Expansion of Engineering, Procurement, and Construction (EPC) Projects within the Infrastructure Industry

The global construction industry is experiencing substantial expansion, generating promising prospects for market participants. Natural stones like granite and marble are commonly utilised for flooring applications in areas such as patios, porches, walkways, and backyards to enhance their aesthetic appeal.

Concurrently, the increasing number of engineering, procurement, and construction projects by companies like Fluor Corp (NYSE: FLR) is driving the natural stone and marble market growth. A rising number of capital projects are adopting natural stone solutions due to their inherent beauty and durability, supporting steady revenue streams for market participants.

Natural stones are commonly used in river walls, dams, bridge piers, tiles, slabs, and pavements. Moreover, various product innovations, such as the development of natural stones with modern designs imprinted on them, are providing an impetus to market growth. These stones can be acid-washed and sandblasted and are widely adopted due to the changing consumer preferences.

Further, granite's durability has made it a preferred material for many construction applications. Its heat, scratch, and stain resistance, coupled with an esthetically pleasing appearance, allows granite to fulfil both practical and visual needs. These versatile qualities have led granite to become a widely utilised option for kitchen countertops, external facades, and bathroom surfaces.

Projections indicate granite will continue dominating the commercial construction material market going forward due to its accessibility, affordability, and ability to meet structural demands while also providing an elegant design element. With such proven performance and appeal, granite is positioned well to remain the material of choice for building projects across various sectors.

In February 2023, Polycor Inc., a Quebec-based company specialising in quarrying, cutting, and distributing natural stone, announced the acquisition of Ebel Quarries, a limestone quarry operator and fabricator located in Wiarton, Ontario. With this transaction, the Polycor Group expands its environmentally friendly product portfolio in order to meet growing demand and offer customers a sustainable alternative to replace concrete as the sole building material option.

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Market Breakup by Product, Application, and Region:

• On the basis of the product, the market is divided into granite, limestone, sandstone, slate, and marble, among others.

• The market is segmented based on application into monumental, and building and construction, among others.

• The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The rising trend of home renovation and remodelling is favourably impacting the market growth. Natural stone aids in modifying and enhancing the aesthetics of residential and commercial properties. In addition, increasing consumer spending power and various government initiatives promoting infrastructure development are expected to propel the natural stone and marble market expansion in the coming years.

• Consumers are extensively investing in home improvements that upgrade appearances and functionality, driving demand for natural stone solutions. Meanwhile, public works to expand and upgrade buildings and public spaces create opportunities for natural stone suppliers. Healthy economic conditions and surging infrastructure expansion activities are likely to favour the market expansion in the coming years.

• The construction industry represents the largest consumer of natural stone and marble. In developing nations experiencing rapid urbanisation and industrialisation, the demand for these materials has grown enormously. The development of high-rise buildings and commercial complexes has also increased dramatically.

• Natural stones play an important role in enhancing the aesthetic appeal of interior building design. Their inherent beauty and timeless visual qualities make them a favoured choice for flooring, wall coverings, architectural features, and furnishings within commercial and residential spaces. As urban centres continue expanding globally and infrastructure needs escalate, the market dependence on natural stone and marble extraction and fabrication is expected to persist in upcoming years.

Key Offerings of the Report:

• The EMR report gives an overview of the global natural stone and marble market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the products, applications, and major regions.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, trade data analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global natural stone and marble market are Antolini Luigi & C. S.p.a., Dermitzakis Bros S.A, Margraf SPA, Levantina y Asociados de Minerales, S.A., Ranamar Marble, and Polycor Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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