Portland, Ore. -- Allied Market Research recently published a report, titled "Natural Stone Market by Type (Marble, Granite, Limestone, and Others) and Application (Flooring, Memorial Arts, Wall Cladding, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global natural stone industry is estimated at $35.12 billion in 2018 and is expected to hit $48.06 billion by 2026, registering a CAGR of 3.9% from 2019 to 2026.
A surge in building renovation & remodeling, growing popularity of outdoor entertaining area among wall cladding end-users, rapid urbanization as a result of increasing population, and rise in demand for natural stone in emerging economies fuel the growth of the global natural stone market. On the other hand, increase in emphasis toward utilization of green and eco-friendly materials impedes the growth to some extent. However, increase in government and private investments in infrastructure sector is expected to pave the way for a number of lucrative opportunities for the key players in the industry.
Based on type, the granite segment accounted for more than two-fifths of the global natural stone market share in 2018 and is expected to retain its dominance through 2019–2026. Granites are now widely used in making gravestones, sculpture, and memorials due its hardness and appealing appearance, which has accelerated the growth of the segment. The marble segment, on the other hand, will cite the fastest CAGR of 4.7% by the end of 2026. Marbles are widely adopted for internal walls, floors, facades, and countertops due to rise in disposable income in developing countries.
Based on end user, the flooring segment contributed to nearly two-fifths of the global natural stone market revenue in 2018 and is anticipated to keep its dominance during the estimated period. The features of natural stone such as durability, design flexibilities and easy installation drive the market growth. At the same time, the wall cladding segment is expected to grow at the fastest CAGR of 4.5% by 2026. Increase in construction and infrastructural developments especially in developing regions offers lucrative growth opportunities for the market.
Based on geography, the Asia-Pacific region held the largest share in 2018, generating nearly half of the global natural stone market and is projected to maintain the lion's share during 2019–2026. This is attributed to easy availability of raw materials & economies of scales. Simultaneously, North America is predicted to register the fastest CAGR of 4.2% throughout the forecast period. Rise in consciousness of outdoor entertainment areas as well as high propensity to spend on home remodeling among the U.S. and Canada are anticipated to drive the growth of the market in North America.
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