Building Stone Market By Type (Marble, Granite, Limestone, Others) By Application (Flooring, Memorial Arts, Wall Cladding, Others) By Construction Type (New Construction, Renovation) - Growth, Future Prospects, Competitive Analysis and Forecast, 2016 - 2028
The trade in building stones is growing at a rapid pace due to the increasing construction activities all over the world. Thus, the governments and operators are importing and exporting building stones in high quantities. For instance, in March 2022, India exported 308,328 shipments worldwide, whereas the United Kingdom was the world's biggest importer with 161,028 shipments. The U.S. is second in importing building stones, accounting for 107,524 shipments. Thus, the rising trade of building stones between the countries is anticipated to drive the building stone market's growth during the forecast period.
What is the Market Size of building stones in terms of value?
Global Building Stones Market is projected to increase at a significant CAGR of xx% in the coming years. In 2021, the global building stones market was valued at USD xx million and projected to reach USD xx million by 2028. The demand for building stones is projected to increase substantially in the coming years. It is presumed to generate revenue opportunities for the key industry players worth USD xx million over the forecast period.
What are the Price Trends for Building Stones?
The price of building stones is increasing yearly, including granite, limestone, marble, and others. For instance, according to the U.S. producer price index, the granite price in December 2017 was USD 154.30, reaching USD 183.82 in December 2021. Similarly, the cost of limestone in December 2017 was USD 294.80, which reached USD 342.47 in December 2021. Thus, the price of building stones is increasing every year due to the limited production and high demand for building stones, which indicates that during the forecast period, the market is growing at a rapid pace.
Interesting Facts about Building Stones Industry
India is the top exporter in the building stones market, while the United Kingdom is the leading importer.
The major driving factors for the building stones market are the growing construction industry, increasing government investment, and the benefits of building stones.
The high cost of building stones and nonvolatile production of building stones are the major restraints for the market, which hinder the market growth during the forecast period.
In the construction type segment, the new construction sector dominates the market due to the increasing population globally, which supports the growth of this sector during the forecast period.
In the region segment, Asia-Pacific dominates the market owing to the increasing construction activities in the countries, and it also grows with the highest CAGR during the forecast period.
Who are the Top 10 players/companies in the building stones market revenue and size?
The key market players in the global building stone market in terms of revenue and size include Dimpomar, Aro Granite Industries Ltd., Levantina y Asociados de Minerales, S.A., Dermitzakis Bros S.A., MARGRAF, Polycor Inc., Mumal Marble, Topalidis, Temmer Marble, Xishi Stone Group, and others. These market players are focusing on product developments and technological advancements to improve their building stone production to gain significant global market revenue. Moreover, most national and regional-level companies are also expanding their footprints globally to improve their position in the worldwide market. For instance, in May 2021, Cupa Group completed the acquisition of Pizarras Lomba, based in Spain, a natural stone manufacturer. Thus, this acquisition expands the company's footprints in the global market.
Who are the Top 10 Countries in the Building Stones Market?
The top 10 global building stones market countries are India, China, the U.S., the U.K., Germany, France, Belgium, the Netherlands, Norway, Japan, and the UAE. In 2021, China will be the major consumer and producer of building stones, with a significant market share in the global building stone market. Furthermore, the building stones market in developed economies is majorly driven by growing construction activities and increasing spending by the government. Moreover, the building stones market in developing economies, including India, Brazil, and others, grows substantially owing to the supportive government schemes for residential construction activities.
What is the Construction Type in the Building Stones Market?
The construction type segments are bifurcated into new construction and renovation. In the current scenario, the new construction segment dominates the market due to the rising construction activities worldwide. Furthermore, the new construction segment is increasing due to the growing population worldwide, which indicates that the demand for building stones is rising during the forecast period. For instance, the Indian Brand Equity Foundation organization announced that by the end of 2022, India is all set to become the third-largest construction market worldwide. In addition, it mentioned that India would require USD 777.7 billion in investment for sustainable development across the country. Similarly, in March 2022, according to the U.S. Census Bureau data, non-residential construction investment increased by 5.6% in the U.S. Therefore, the growing new construction activities worldwide due to infrastructure improvement is expected to raise the demand for building stones during the forecast period.
What are the Major Driving Factors for Building Stones Market?
Building Stones are extensively used in buildings, monuments, and others for benefits, including enhancement of look, cost-effectiveness, durability, and others that are anticipated to propel the global building stones market. Furthermore, the increasing investment by governments to develop the country's infrastructure and supportive government initiatives are the other major driving factors that are anticipated to support the market's growth during the forecast period. For instance, according to the IBEF organization, in 2021, India announced the Housing for All and Smart Cities Missions projects. For these projects, the government allocated USD 1.89 billion.
What are the Major Restraints for Building Stones Market?
The high cost of building stones and nonvolatile production of building stones are the major restraints for the market, which is expected to hamper the market during the forecast period. Furthermore, alternative products such as ceramic tiles and artificial stones are hampering the market's growth over the coming years.
Which Region Dominated the World Building Stones Market?
In the building stones market, the Asia-Pacific region dominates the market worldwide due to the increased construction activities which raise the demand for building stones. In addition, China is a major country in this region owing to the high production and consumption of building stones. Therefore, it captured a significant market share in 2021. For instance, in July 2022, China announced an investment worth USD 74.69 billion to develop the country's infrastructure. Similarly, according to the NBS data, the construction industry in China increases by 1.8% every year. Furthermore, India is also a major country in the Asia-Pacific region due to the presence of many market players and the high export of building stones throughout the world, which is anticipated to support the market growth in the Asia-Pacific region during the forecast period.
Moreover, Europe and North America also captured a significant amount of market share due to the high consumption of building stones. In addition, government and individuals' spending on infrastructure activities is expected to drive market growth in the coming years. For instance, in November 2021, the U.S. government allocated USD 110 billion to develop the infrastructure in the country, such as buildings, roads, repair works, and others, according to the Infrastructure Investment and Jobs Act.
Segmentation of Global Building Stones Market-
Global Building Stones Market – By Type
Marble
Granite
Limestone
Others
Global Building Stones Market – By Application
Flooring
Memorial Arts
Wall Cladding
Others
Global Building Stones Market – By Construction Type
New Construction
Renovation
Frequently asked questions about the global Building Stones industry
Building Stones market also suffered from COVID 19 pandemic which resulted into decline of significant amount in revenue generated in 2020
Asia Pacific accounted for the highest share in the global building stones market in terms of value and volume.
The expansion of construction industry, and supportive government initiatives are the major factors driving the growth of the market.
Granite building stones had captured a major share in 2021 with significant share of the market revenue share. Besides, it is also projected to witness the fastest growth.
New Construction had captured a major share in the global market in 2021 and is projected to continue its dominance over the forecast period.
