Natural Stone Slab Market Estimated To Witness High Growth Owing To Rising Demand From Construction Industry
The Natural Stone Slab Market is estimated to be valued at Us$ 67.9 Bn or Mn 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 slabs cut from rocks such as granite, limestone, and marble. These stone slabs are used in construction activities such as flooring, wall cladding, fireplaces, and countertops. Demand for natural stone slabs is growing in commercial and residential construction owing to the versatility, uniqueness, and aesthetic appeal offered by natural stone slabs.
Market Dynamics:
Rising residential and commercial construction activities globally is a major driver for the natural stone slab market. According to the Global Construction 2030 report, the global construction output is projected to grow by 85% to hit US$ 15.5 trillion by 2030. This growth in construction activities will significantly drive the demand for natural stone slabs for flooring and wall cladding applications. Additionally, growing renovations and remodeling activities of old buildings also augment the market growth. However, high costs of natural stone slabs compared to engineered stones may hamper the market growth.
SWOT Analysis
Strength: Natural stone slabs have a superior aesthetic appeal and naturally occurring patterns and textures that cannot be replicated. They are highly durable and require less maintenance compared to other flooring options. Manufacturers have integrated advanced cutting and finishing technologies to produce large format slabs with negligible variations in thickness, which improves installation productivity.
Weakness: Transportation and handling of natural stone slabs can be difficult due to their massive sizes and weights. Their availability is restricted to regions where quarrying takes place, affecting timely delivery. High initial installation costs and susceptibility to stains are other limitations.
Opportunity: Rapid growth of commercial construction in Asia Pacific and Middle Eastern countries is driving the adoption of premium flooring materials like natural stone slabs. Increasing consumer preference for eco-friendly and sustainable building materials also present profitable opportunities.
Threats: Strict environmental regulations associated with quarrying activities pose challenges to mining capacity expansion. Volatility in raw material prices can impact production costs. Substitutes like engineered stones offer comparable aesthetics at lower costs.
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 investments in commercial construction projects across developing nations. Rapid urbanization and rising disposable income are fueling the demand for durable and premium flooring options in residential segment.
Regional analysis
The Asia Pacific region dominates the global natural stone slab market, accounting for around 35% of the total demand in 2023. China, India, and other South East Asian countries are major consumers due to massive infrastructure development activities. Italy, Spain, Turkey, and India also have sizable production bases and contribute considerably to the market growth.
Key players
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. These manufacturers are focusing on automation, digitalization, and capacity expansions to cater to the steep demand and remain competitive.
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