Natural Stone Global Market Report 2024

The natural stone market size has grown steadily in recent years. It will grow from $31.03 billion in 2023 to $32.26 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. Historical growth can be attributed to the revival of architecture and heritage restoration, increased construction of monuments and statues, the development of ancient civilizations, the impact of the industrial revolution and infrastructure growth, as well as cultural preferences and artistic expressions.

The natural stone market size is expected to see steady growth in the next few years. It will grow to $35.41 billion in 2028 at a compound annual growth rate (CAGR) of 2.4%. Anticipated growth in the forecast period is propelled by changes in consumer preferences and design trends, global economic growth alongside infrastructure investments, cultural and artistic inclinations, the demand for luxury real estate development, and a surge in renovation and restoration projects. Major trends expected in this period include the evolution of consumer preferences in real estate, a heightened focus on wellness and well-being aspects, a preference for uniqueness and variation, the adoption of contemporary art installations, and a revival of heritage craftsmanship.

The surge in construction projects is fueling the expansion of the natural stones market. The construction sector encompasses organizations engaged in the creation, maintenance, and repair of infrastructures. Natural stones, as construction materials, offer enduring qualities superior to other alternatives. They find application in various construction aspects such as flooring, roofing, masonry, road paving, and as concrete aggregates. Moreover, natural stones are highly favored in heavy engineering projects such as bridges, harbor walls, seaside walls, railway ballast, foundation works, and more, owing to their robustness, durability, and resistance to weather conditions. For example, in September 2023, as reported by the United States Census Bureau, the overall value of residential and non-residential construction in the US witnessed an 8% increase from 2020 to 2021. Additionally, according to reports by Oxford Economics in September 2021, global construction output reached US$10.7 trillion in 2020 and is anticipated to grow significantly, projecting a 42% increase to reach US$15.2 trillion by 2030, adding US$4.5 trillion to the total. Consequently, the escalating number of construction projects is poised to drive the natural stones market's growth in the forthcoming years.

The anticipated growth in urbanization is set to be a significant catalyst for the expansion of the natural stone market in the coming years. Urbanization, defined as the process wherein large populations concentrate permanently in relatively compact areas, leading to the formation of cities, is undergoing a rapid surge. This urbanization trend is contributing to the development of essential infrastructure, including townships, wall-cladding for buildings, parks, and public spaces. The heightened demand for housing and infrastructure in urban areas is resulting in an increased utilization of natural stones in construction projects. For example, in 2023, as reported by the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, the proportion of the global population residing in urban areas was projected to have risen to 56.9 percent in 2022. This underscores the pronounced impact of increasing urbanization on the natural stone market. Consequently, the growth of urbanization is a driving force behind the expanding demand for natural stones in the construction sector.

The predominant trend driving the natural stones market is technological advancement, and this trend is poised to gain significant traction in the foreseeable future. Major companies within the natural stones sector are placing a strong emphasis on technological innovations to fortify their market positions. A case in point is Häfele GmbH & Co KG, a Germany-based manufacturer and supplier of furniture fittings and architectural hardware, which unveiled Dekton in January 2022. Dekton represents a commercial surface that ingeniously incorporates elements from metamorphic rocks, sand, soil, and marine surfaces. Leveraging super compacting technology, Dekton recreates and reimagines these features to emulate the characteristics of natural stone. Noteworthy attributes of Dekton surfaces include heightened resistance to abrasion and ultraviolet (UV) light, preventing fading or degradation over time. These qualities make Dekton an ideal surface for high-traffic areas and outdoor applications.

Prominent companies in the natural stone market are actively engaged in the development of innovative products, with a notable focus on semi-precious natural stones designed for various interior design and furniture solutions. Semi-precious natural stones represent a diverse category of gemstones formed from minerals and other organic matter, showcasing a wide array of colors and unique patterns. A case in point is Stonex India Private Limited, an India-based company, which introduced semi-precious natural stones in February 2023. These stones serve as a prime example of the harmonious blend of nature's beauty and human craftsmanship, resulting in true works of art. They boast exquisite colors, eye-catching glazes, and dazzling textures, making them among the most aesthetically pleasing stones available. The semi-precious natural stones adeptly capture daylight, and when employed in a backlit solution, they transform into a luminescent source of light, imparting a charming ambiance for quiet evenings.

In November 2022, Outdoor Living Supply (OLS), a portfolio company based in the United States under the ownership of Trilantic North America, successfully completed the acquisition of Madbury for an undisclosed sum. This strategic move is expected to significantly expand OLS's market presence, leveraging the expertise and offerings brought in by Madbury. The acquisition aligns with OLS's growth strategy, seeking to capitalize on the synergies and opportunities arising from the collaboration between the two companies. Madbury, a UK-based distributor specializing in natural stone, hardscapes, landscape supplies, and bulk materials, now becomes an integral part of Outdoor Living Supply, contributing to the overall enhancement of the company's network and growth prospects in the industry.

Major companies operating in the natural stone market report are Granite Canada Incorporated, MSI Stone Group Incorporated, Granitestone Incorporated, Cosentino Sociedad Anónima Unipersonal, Stone International Limited, Southland Stone USA Incorporated, Dongxing Group Company Limited, CUPA Group Sociedad Anónima, Antolini Luigi & C. Società per Azioni, Polycor Incorporated, Rock of Ages Canada Limited, Aro Granite Industries Limited, Xishi Stone Group Company Limited, Pakistan Onyx Marble & Granite Trading Company Limited, Vetter Stone Gesellschaft mit beschränkter Haftung, Levantina y Asociados de Minerales Sociedad Anónima, Worldwide Stone Imports Limited Liability Company, Ahjar Sinai Marble & Granite Company Limited, Stone Source International Incorporated, Granite & Marble Warehouse Limited Liability Company, Dimpomar Sociedad Anónima, Dermatzakis Brothers Sociedad Anónima, MARGRAF Società per Azioni, Mumal Marbles Private Limited, Temmer Marble & Granite Trading Gesellschaft mit beschränkter Haftung, Topalidis Sociedad Anónima, Ranamar Mármoles Sociedad Anónima, Amso International société par actions simplifiée, Marble Innovators Limited Liability Company, Marble Trends Incorporated, Marble Granite and Stone Incorporated.

Asia-Pacific was the largest region in the natural stone market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the natural stone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the natural stone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary types of natural stones encompass marble, granite, limestone, and various others. Marble, a metamorphic rock comprising calcite and dolomite, results from the metamorphism of limestone and is often found in mountainous regions. Marble is employed to elevate the aesthetic appeal of home decor and is commonly used in flooring, countertops, fireplace facing, windowsills, wall claddings, tabletops, and other decorative applications. Construction applications include both new construction and renovation projects. Distribution channels for natural stones include online and offline channels, and they find application in flooring, memorial arts, wall cladding, and various other uses.

The natural stone market research report is one of a series of new reports that provides natural stone market statistics, including natural stone industry global market size, regional shares, competitors with a natural stone market share, detailed natural stone market segments, market trends and opportunities, and any further data you may need to thrive in the natural stone industry. This natural stone market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The natural stones market consists of sales of porphyry, quartzite, basalt, sandstone, flagstone, onyx, serpentine, soapstone, travertine, and dolomitic limestone. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.