Natural Stone Slab Market Size, Share & Trends Analysis Report By Product (Limestone, Granite, Travertine), By Region (North America, Europe, Asia Pacific, Central & South America), And Segment Forecasts, 2023 - 2030

Report Overview

The global natural stone slab market size was valued at USD 47.7 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2023 to 2030. The growth of the residential and commercial building industries is predicted to be aided by an increase in global restructuring efforts. Over the projection period, it is anticipated that rising demand for the product in the building of arches, walls, dams, abutments, and other structures will foster market expansion. In addition, properties, such as superior strength, high functionality, and durability, offered by natural stone slabs are likely to propel the industry’s growth further. The U.S. is expected to exhibit high growth on account of the rapid expansion of the residential and commercial application industry. The rising number of renovation and redevelopment projects across the country is also likely to propel the natural stone slab demand in the coming years.

The COVID-19 outburst across the globe severely impacted the trade relations of major players. Supply of raw materials and finished goods related to natural stone slabs has been hampered owing to restrictions on trade and manufacturing in some economies. However, gradual resumption of industrial activities and trade operations to smoothen economic conditions, several economies are offering ease in trade operations, thus, positively impacting the market growth.

The U.S. market is expected to witness significant growth over the coming years on account of the increasing construction of residential and commercial buildings in the country. The market is witnessing a rapid shift toward domestic production, which is backed by the growing demand for flooring and walling applications. Many Italian companies are increasingly investing in the market owing to abundant raw material availability and a huge customer base.

The 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 industry’s growth.

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 market’s 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 product demand further. Moreover, the rising scope of application in building slip-resistance flooring in outdoor spaces is likely to propel the product demand.

Product Insights

The granite product segment is estimated to register the fastest CAGR of 5.6% from 2023 to 2030. Granite natural stone slab is used in 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’s growth.

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.

Limestone slabs are available in varied dimensions including thicknesses of 15, 18, 20, 30, 40, and 50 mm. The thickness varies in line with its applications in construction activities. Moreover, the standard length of the limestone slab ranges from 1500 to 1850 mm, thus making it convenient for installation in large flooring spaces. Limestone slabs are gaining traction in the market owing to their wide availability and easy maintenance.

Marble slabs are gaining popularity in the commercial construction segment, wherein, these materials are installed for a premium feel. Flooring applications in hotels and premium lodging spaces are anticipated to support the demand for other natural stone slabs owing to their superior properties and easy maintenance.

Regional Insights

Asia Pacific dominated the market and accounted for over 37.6% of the global natural stone slab revenue share in 2022 and is expected to grow at the fastest CAGR of 5.4% during the forecast period. The region is expected to retain its dominance over the forecast period. This growth can be attributed to the rapid expansion of the residential and non-residential construction sectors, mainly across 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 slab, such as superior strength, high longevity, wear and slip resistance, is anticipated to propel the natural stone slab growth.

Increasing upgrades and restoration activities of the existing infrastructures in developed economies like the U.S., Germany, the U.K., Spain, and several other countries are anticipated to fuel 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 demand for natural stone slabs.

The growth of the natural stone slab industry would augment owing to factors such as the growth of the tourism industry, flourishing retail trade, and business turnover in the EU 28 states including Sweden, the Netherlands, Germany, Hungary, and Austria are projected to boost commercial constructions such as hotels & restaurants, resorts, shopping malls, supermarkets, and offices in the region. Rising investments in the construction sector by domestic and multinational companies in the commercial construction sector are driving the demand for natural stone slabs in Europe.

The growth in the construction industry in Central & South America is attributed to private capital infrastructure developments due to public-private partnerships coupled with increasing per capita income in the region. In addition, the launch of programs, such as the National Infrastructure Program and the National Housing Commission, by the Mexican government is projected to have a positive impact on the construction industry in the region.

Key Companies & Market Share Insights

The global market is characterized by the presence of a large number of players, with established players leading the market trends. The majority of these companies focus on forward integration by providing their products directly to end-users across different industry verticals. Some of these companies also use an established distribution and sales network to connect with their customers across regions easily.

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 prominent players in the global 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

Global Natural Stone Slab Market Segmentation

This report forecasts volume and revenue growth at global, regional & country levels and provides an analysis of the latest industry trends in each of the segments from 2018 to 2030. For this study, Grand View Research has segmented the global natural stone slab market report based on product and region:

• Product Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2018 - 2030)

  • Granite

  • Limestone

  • Travertine

  • Others

• Regional Outlook (Volume, Million Sq. Meters; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • Spain

    • Italy

    • France

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia