July 24, 2024

The On-Going Infrastruture Development Anticipated To Open Up The New Avenue For Natural Stone Slab Market

The Natural Stone Slab Market is estimated to be valued at Us$ 67.9 Bn in 2023 and is expected to exhibit a CAGR Of 6.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Natural stone slabs refer to finely cut flat slabs of rock such as granite, marble, limestone and sandstone that are used as functional and aesthetic surfacing material for applications in construction, flooring, and countertops. They offer durability, resistance to chemicals and heat, beauty, and value. Variation in color, texture and grain patterns make natural stones suitable for diverse projects from residential to large infrastructure. Advance sandblasting and laser cutting techniques have increased quality and productivity of stone slab production.

Market Dynamics:

Rising investments in infrastructure development across residential and commercial sectors is a key driver for the natural stone slab market growth. Governments across regions are focusing on infrastructure upgradation which includes construction of roads, bridges, airports and government buildings. These projects require large volume of aesthetically appealing and durable construction material like natural stone slabs. Furthermore, increasing disposable income and changing consumer preferences towards natural materials have boosted remodeling and new construction activities utilizing natural stone slabs for flooring, wall cladding and countertops in residential properties. However, fluctuations in raw material prices remain a challenges for manufacturers in terms of consistent profitability.

Segment Analysis

The global natural stone slab market is dominated by the Granite segment which holds around 30% share of the overall market. Granite slabs are highly preferred for floors, walls, countertops and other interior and exterior applications due to their durability, resistance to weather conditions and superior aesthetics. Granite comes in variety of colors and patterns which makes it suitable for wide range of decorative construction and architectural applications.

PEST Analysis

Political: The governments across major markets have implemented regulations regarding mining and quarrying of natural stones which ensures the environmental safety and sustainable extraction of the resources.

Economic: The rising construction activities along with increasing spends on renovation and remodeling in residential and commercial sectors is driving the demand for natural stone slabs.

Social: There is a rising preference of natural stone over engineered stone and tiles owing to their authentic look and feel. Natural stones are considered premium material for premium constructions.

Technological: Advancements in laser cutting and computer numeric control cutting machines have improved the slabbing process. 3D modeling is being used for precise layouts and designs.Automated guided vehicles are being used for material handling within quarries and production facilities.

Key Takeaways

The Global Natural Stone Slab Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing residential and commercial construction activities across major global economies. The Asia Pacific region dominates the global natural stone slab market with countries like India, China and Indonesia serving as major markets. India is the fastest growing market owing to robust housing sector and government initiatives for infrastructure development in the country.

Key players operating in the natural stone slab market are Levantina, Polycor, Indian Natural Stones, Topalidis, Dermitzakis, Antolini, Amso, Pakistan Onyx Marble & Granite, Etgran, Mumal Marbles, Tepia, Arizona Tile, Vetter Stone, Tekmarble & Granite, Temerty Stone, Dal Tile, M S International, Pokarna Limited, Cosentino.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it