Market Scenario
Market Research Future (MRFR) postulates that the global construction stone market is anticipated to expand at a CAGR of 9% during the forecast period (2021-2023). The surging demand for public, commercial and residential infrastructure is highly favouring the growth of the market. Construction stones are one of the most popular building materials used since ages due to the high availability of stones from natural rocks. Durability and high strength are some of the essential properties which enable the construction stones to be an important part of the construction sector.
Market Potential and Pitfalls
The construction stone market is witnessing a sturdy growth rate during the forecast period owing to the surging demand for commercial, residential, and public infrastructure across the globe. Consumer preference for natural and construction stones over other materials is likely to offer the market a boost. Construction stone is extremely durable with low maintenance costs and high thermal mass. They are available in different sizes, shapes, colors, and textures, and are highly versatile, and can be extensively used for walls, floors, roofs, and arches. They easily blend with the natural landscape and are easily recyclable for other building purposes. Such factors are highly influencing the market growth throughout the globe. Construction stones are non-toxic in nature compared to other materials. This further adds to its growth factor. As other building materials consume more water and energy and generate air emissions when compared to construction stones which require no safety coating during construction, the demand is always high. This has further led the builders to shift their preference towards natural stones.
On the contrary, high fluctuation in the raw material prices based on the availability and growing number of modern substitute materials possessing high reinforcement properties are estimated to hinder the market growth in the long run.
Global Construction Stone Market: Segmental Analysis
The global construction stone market has been segmented on the basis of type and application.
By mode of type, the global construction stone market has been segmented into construction aggregates and natural stones. Among these, the construction aggregates segment is considered to generate high revenue. The recycling of aggregate helps to preserve the natural resources intact, thereby providing efficiency in terms of both energy and cost.
By mode of application, the global construction stone market has been segmented into commercial infrastructure, public infrastructure, and residential infrastructure. Among these, the public and commercial infrastructure segment is likely to gain prominence in the coming years as the governments are expanding their investments towards road and rail infrastructure projects, which is estimated to offer the segments a boost.
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Regional Insights
Geographically, the construction stone market span across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World (RoW).
Considering the global scenario, the Asia Pacific region is considered to command the fastest growth rate for global construction stone market. The region is likely to retain its pole position owing to the accelerating disposable income coupled with the flourishing construction sector. With rapid urbanization and industrialization in the developing economies of the region, the market is likely to flourish.
The European and North American regions are considered to be major contributors to the construction stone market. The growth in these regions has been ascribed to the constant innovation in this region. Moreover, rapid urbanization, industrialization, and rising per capita income have further contributed to its growth. Improvements in the demand for aggregates are offering new growth opportunities for the market.
Industry Updates
April 14, 2019: UBQ has recently developed a patented new composite material which has been based on trash that can actually decarbonize the atmosphere in net terms, by using no water during the process. The plant takes in garbage and turns them into bricks, plastics, and road pavings.
Competitive Dashboard
The prominent players operating in the global construction stone market comprises Daltile (U.S), Benchmark Building Supplies Ltd (U.K), Dakota Granite Co. (U.S), AbleGroup (Malaysia), Vangura Surfaces Products (U.S), Cosentino Group S.A. (Spain), Precision Countertops (U.S), Duracite (U.S.), OJSC LSR Group (Russia), Marazzi Group S.r.l (Italy), Caesarstone Ltd (Israel), and others.
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