Natural Stone Market New Investment Opportunities Emerge To Augment Segments in Sector By 2030ost

A rise in awareness toward outdoor entertainment areas, especially among millennials, is anticipated to drive the growth of the global natural stone market in the coming years. Furthermore, the rise in adoption of marble and granite for kitchen countertops is expected to gain traction in recent years, due to their enhanced durability and hardness, which drive the growth of the global natural stone market.

Growth in urbanisation and the rise in the number of nuclear families, especially in developing nations, has created a significant need for natural stones for construction and flooring applications. In addition, factors such as growing urbanisation and greater demand for flooring and architecture applications are expected to drive the global natural stone market growth.

The global natural stone market size was valued at $33.4 billion in 2020 and is projected to reach $50.5 billion by 2030, registering a CAGR of 4.0%. The granite segment generated nearly two-fifths of the natural stone market share in 2020.

Natural stones are used for building purposes and the construction of monuments. They have features such as superior aesthetics, hydraulic binding, and decorative properties. It plays a vital role in improving the visual appeal of commercial buildings and infrastructure through innovative steps and flooring solutions.

The growth in new construction and renovation properties leads to a rise in demand for granites and marbles for interior decoration, thereby fueling the growth of the global natural stone market. For instance, the U.S. government spending on renovation activities increased by 7.9% from 2018 to 2020.

However, fluctuation in raw material prices and an increase in the adoption of artificial stone is projected to hinder the growth of the global natural stone market in the coming years. Conversely, an increase in new construction activities, especially in emerging economies, is anticipated to provide lucrative opportunities for the growth of the global natural stone market during the forecast period.

Segmentation Based On:
The natural stone market is segmented on the basis of type, application, construction type, and region.

On the basis of type, the market is segregated into marble, granite, limestone, and others. The granite segment dominated the market in 2020. The applications covered in the market include flooring, memorial arts, wall cladding, and others. The flooring segment held a major market share in 2020.

Based on construction type, the market is bifurcated into new construction and renovation. The renovation segment is expected to grow at the highest rate during the study period. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region dominated the market in 2020.

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This release was published on openPR.

Source : https://www.openpr.com/news/3242624/natural-stone-market-new-investment-opportunities-emerge