Natural Stone Slab Market Size, Share & Trends Report

Natural Stone Slab Market Size, Share & Trends Analysis Report By Product (Limestone, Granite, Travertine), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Aug, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68038-911-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 103

Report Overview

The global natural stone slab market size was valued at USD 45.4 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.5% from 2020 to 2027. Expansion of the residential and commercial construction sectors coupled with the increasing restructuring activities across the globe is anticipated to benefit the market growth. Increasing demand for the product in the construction of arches, walls, dams, abutments, and other structures is anticipated to promote market growth over the forecast period. In addition, properties, such as superior strength, high functionality, and durability, offered by natural stone slabs are likely to further propel the industry growth. The market in the U.S. is expected to exhibit high growth on account of the rapid expansion of residential and commercial application industry. The rising number of renovation and redevelopment projects across the country is also likely to propel the product demand in the coming years.

The U.S. natural stone slab market size

Increasing demand for green and eco-friendly construction materials promotes the demand for natural stone slabs. In addition, rising investments by government and private organizations in the infrastructure sector are anticipated to provide growth opportunities to the industry participants, which, in turn, will drive the market.

The product is naturally available through underground extraction and mining. It is widely used in the construction of institutional buildings and monuments. In addition, rapid urbanization coupled with the adoption of natural stone slabs for indoor and outdoor floorings is anticipated to augment the natural stone slab market growth.

Improved standards of living coupled with shifting consumer interests towards unique and distinctive patterns to improve the aesthetics of the floors, walls, and other structures are projected to stimulate the product demand further. Moreover, the rising scope of application in building slip resistance flooring in outdoor spaces is likely to propel industry growth.

Product Insights

The others product segment led the market in 2019 and accounted for more than 42% of the global revenue share. The granite product segment is estimated to register the maximum CAGR from 2020 to 2027. Granite natural stone slabs are used in the countertops, tile floors, stair treads, and many other design elements. Moreover, crushed granite stones are available in several colors and are used as landscape stones and in planters, which is likely to benefit the segment growth.

Granite is used in building monuments, fireplace mantles, and floors. In addition, its strength and resistance to slipping propel its use in bathrooms, shelves, tabletops, and basins. This is anticipated to benefit the product demand over the forecast period. Moreover, the product is resistant to chemicals, stains, and requires low repair and maintenance, which propels the product demand.

Travertine is used in offices and other commercial spaces as it improves the aesthetics of the structures. In addition, the product is also used in bathroom vanity tops, shower cladding, tub surrounds, flooring, kitchens, courtyards, driveways, pool surrounds, and others, which is likely to boost the product demand.

Application Insights

The residential application segment led the market and accounted for more than 56% of the global revenue share in 2019. It is estimated to expand further at the fastest CAGR from 2020 to 2027 owing to high product usage in this application. Furthermore, rising demand for visually pleasing, strong, and durable structures is likely to promote product usage in residential applications, thereby supporting segment growth over the forecast period.

Global natural stone slab market share

Increasing applications of polished granite slabs in the residential sector is anticipated to boost the industry growth over the forecasted period. In addition, the expansion of the residential sector on account of the rising population is anticipated to augment the segment growth.

The product is used in commercial construction applications to build stronger, durable, and aesthetically pleasing structures. The increasing number of commercial construction projects, such as malls, offices, and others, across the globe is anticipated to fuel the product demand in this segment.

The natural stone slabs are long-lasting, resistant to corrosion, cracking, peeling, and chipping. In addition, the product is increasingly used in the construction of floors, paving, landscaping, roofing, and others. This also boosts its demand in the commercial application segment.

Regional Insights

Asia Pacific dominated the market and accounted for over 36% of the global revenue share in 2019. The region is expected to retain its dominant registering the fastest growth rate over the forecast years. This growth can be attributed to the rapid expansion of the residential and non-residential construction sectors, mainly across the developing economies including China, India, Indonesia, South Korea, and others.

In addition, increasing spending capacity among the individuals in these economies is likely to drive the construction sector, thereby supporting industry growth. Furthermore, rising awareness about the properties of the natural stone slabs, such as superior strength, high longevity, wear and slip resistance, is anticipated to propel the industry growth.

Increasing up-gradation and rehabilitation activities of the existing infrastructures in developed economies like the U.S., Germany, the U.K., Spain, and several others are anticipated to fuel the industry growth over the forecast period. In addition, the increasing average age of the houses is likely to propel the demand for renovations, thereby benefiting the industry growth.

Key Companies & Market Share Insights

Major companies are adopting marketing strategies, such as M&A and partnerships, to strengthen their market positions. In addition, the companies are increasing their geographic presence to gain a competitive advantage and to gain a higher market share. For instance, in October 2019, Polycor Inc. acquired Elliott Stone Company Inc., which is anticipated to benefit the former company to expand its geographic presence and customer base. Some of the prominent players in the natural stone slab market include:

  • Aro Granite Industries Ltd.

  • Levantina y Asociados de Minerales, S.A.

  • MARGRAF

  • Dimpomar

  • Polycor Inc.

  • Temmer Marble

  • Dermitzakis Bros S.A.

  • Mumal Marble

  • Xishi Stone Group

  • Topalidis

Natural Stone Slab Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 46.6 billion

Revenue forecast in 2027

USD 59.9 billion

Growth Rate

CAGR of 3.5% from 2020 to 2027 (Revenue-based)

Market volume in 2020

100.6 million square meters

Volume forecast in 2027

123.5 million square meters

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in million square meters, revenue in USD million and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; Italy; Spain; China; India; Brazil; Saudi Arabia

Key companies profiled

Aro Granite Industries Ltd.; Dimpomar; Dermitzakis Bros S.A.; Levantina y Asociados de Minerales, S.A.; MARGRAF; Mumal Marble; Polycor Inc.; Temmer Marble; Topalidis; and Xishi Stone Group

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Segments
Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global natural stone slab market report on the basis of product, application, and region:

  • Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)

    • Granite

    • Limestone

    • Travertine

    • Others

  • Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)

    • Residential

    • Commercial

  • Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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