Natural stone slabs are quarried stones that have been cut and smoothed for installation. Granite, marble, limestone, travertine, and quartzite are commonly used natural stone slabs for interior wall and floor coverings as well as exterior cladding for commercial and residential buildings. Natural stones add aesthetic value and enhance the look and feel of interior and exterior spaces. Their durability and longevity make them a preferred choice over other building materials.
Natural stone slabs have a variety of applications ranging from floorings, wall coverings, countertops, facades, and other architectural applications. Their natural beauty and timeless style elevate the appeal of commercial and residential spaces. Granite is one of the most popular choices for countertops and flooring due to its durability and stain resistance.
The global Natural Stone Slab Market is estimated to be valued at Us$ 67.9 Bn in 2023 and is expected to exhibit a CAGR Of 6.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the natural stone slab market is rising construction activities worldwide. Rapid urbanization and growing population are increasing the demand for residential, commercial, and infrastructure projects globally. Natural stone slabs are widely used in new construction as well as renovation projects due to their aesthetic appeal and longevity. Furthermore, increasing consumer preference for natural materials over man-made substitutes is augmenting the sales of natural stone slabs. Granite and marble slabs, in particular, are gaining traction for indoor and outdoor spaces owing to their elegant look and low maintenance properties.
Segment Analysis
The global natural stone slab market is segmented by type and application. By type, the market is categorized into limestone, granite, marble, sandstone, travertine, and slate among others. The marble segment dominated the market in 2022 accounting for over 30% share. Marble has widespread usage due to its flexibility, durability and aesthetic appeal which has led to its high demand across end use sectors.
By application, the market is fragmented into flooring, wall cladding, kitchen & vanity countertops, monuments, and others. Kitchen & vanity countertops emerged as the largest application segment in 2022 and is estimated to witness significant growth over the forecast period. Growing construction of residential buildings and renovations of existing infrastructure are driving the demand for natural stone slabs from the kitchen & vanity countertops segment.
Key Takeaways
The global natural stone slab market is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing commercial and residential construction activities across the world.
Regional analysis –
Asia Pacific dominated the market in 2022 holding over 35% share of the global market. This can be attributed to extensive usage of natural stones for flooring and wall cladding applications in residential and commercial constructions in China, India and other developing countries in the region. The Asia Pacific market is estimated to exhibit the highest CAGR over the forecast period.
Market size - The global natural stone slab market size was valued at US$ 67.9 Bn in 2023.
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. The market participants are focusing on enhancing their production capacities and geographical expansion to gain higher revenue shares in the market.
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