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The global market of onyx stone is being significantly aided by the rising importance of artificial jewellery amongst the consumers across the world. Due to the lower cost and an appealing factor, the onyx stone is further preferred by the consumers. Furthermore, the resale value of onyx stone is also high and does not change with consumer sentiments. The upwards surging construction industry is also aiding the gemstone market due to possible opportunities for interior designing. However, the increasing cases of coronavirus pandemic did hinder the market in the year 2020, but with vaccines expected to hit the market within the year, the market growth is expected to grow further.
Companies like AVG Stone (US NASDAQ: STNE) have also facilitated in maintaining the demand across the globe for products made with onyx stone. On the basis of geography, North America is one of the major regions driving the market demand, specifically from the demand generated from regions like the United States, owing to the higher disposable incomes of the consumers in the region. Also, the Asia Pacific and European regions are expected to drive the demand further due to the increasing urbanisation and growing demand from application sectors.
Market Breakup by Colour, Structure, Application and Region:
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The major players in the global onyx stone market include UK Natural Stone Group, Xiamen Yeyang Stone Group, AVG Stone, and Michigan Stones Pvt. Ltd., 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.
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