November 01, 2020 21:30 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, Nov. 01, 2020 (GLOBE NEWSWIRE) -- The global natural stone and marble market size is projected to reach USD 62.58 billion by 2027, exhibiting a CAGR of 7.57% during the forecast period. Rapid growth in construction activities in developing nations is expected to speed up the expansion of this market, states Fortune Business Insights™ in its report, titled “Natural Stone and Marble Market Size, Share & COVID-19 Impact Analysis, By Type (Granite, Limestone, Marble, Sandstone, Slate and Others), By Application (Building & Construction, Monumental, and Others), and Regional Forecast, 2020-2027”. According to a joint study by Oxford Economics and Global Construction Perspectives, the volume of construction output worldwide is set to surge by 85% over the next decade, reaching a value of USD 15.5 trillion toward the end of 2030. This exponential rise will be led by booming growth in the construction industries of India and China, the study notes, underpinned by strong economic development in these two countries. With improving the standard of living, the demand for these stones and marbles is also likely to rise steadily in India and China, as consumers look to augment their properties with premium materials.
The COVID-19 pandemic outbreak has triggered unprecedented, widespread uncertainty across the global economic spectrum. Businesses worldwide are struggling to cope with the rapidly evolving circumstances. Governments are developing and implementing new policies and measures to steer their countries out of these challenging times. We are also taking solid efforts to generate intelligent analysis on different markets and providing a detailed assessment of the impact of this pandemic on your business.
Get Sample PDF Brochure with Impact of COVID19:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/natural-stone-and-marble-market-104040
As per the report, the global market value stood at USD 57.48 billion in 2019. The report also offers the following:
Growing Popularity of Sustainable Architecture to Fuel the Market
One of the most promising factors driving natural stone and marble market growth is the rising trend of sustainable architecture around the world. Natural stone is fast emerging as one of the preferred green building materials owing to its wide eco-friendly properties. For example, the US-based Natural Stone Institute has found that most of the natural stone found at deconstructed sites is recyclable, making it useful for other projects such as road building.
Furthermore, research conducted by the Center for Clean Products at the University of Tennessee showed that natural stone does not emit Volatile Organic Compounds (VOCs), which are known to be one of the largest contributors to urban pollution. Even more significant is the ability of light-colored natural stones to lower a building’s “heat island” effect, as these stones can reflect heat, and not absorb it like concrete. Thus, using natural stone and marble bolsters the movement toward establishing sustainable architectural practices and complements the growth of this market.
Abundant Availability of Natural Stone to Foster Growth in Asia Pacific
At USD 33.52 billion, Asia Pacific dominated the natural stone and marble market share in 2019 and is expected to continue its dominance during the forecast period. This is mainly attributable to the abundance of natural stones and marbles found in India and China. India, in fact, is the largest exporter of granite in the world, while China leads the market through its expertise in manufacturing refined stone and marble products.
In Europe, stone companies are concentrated in Italy and Spain, which are driving the regional market. In addition to this, massive renovation projects being undertaken across the continent are creating novel growth opportunities for the market players. The market in the Middle East is primarily propelled by the demand from the construction industries in Turkey, Saudi Arabia, and UAE.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/natural-stone-and-marble-market-104040
List of the Leading Companies Profiled in the Global Natural Stone and Marble Market:
Expansion of Distribution Operations by Key Players to Intensify Competitive Spirits
In a bid to expand their regional operations, key players in this market are strategically entering areas with attractive prospects. These players are also heavily investing in new technologies to enhance their products and widen their portfolio to attract new customers and generate sales opportunities.
June 2020: The Cupa Group inaugurated its new distribution center in Lisbon, Portugal, strengthening its expansion strategy in southern Europe. With this new center, the group will able to consolidate its presence across the Iberian Peninsula, offering high-quality natural stones such as granite, quartz, limestone, and many others.
March 2020: Magraf S.P.A signed an agreement with The Breton Company for three CONTOURFIVE machining centers with five interpolated axes to provide superior quality finished natural stone and marble products. This deal is in line with the company’s plans to make big investments in next-gen CNC machinery and other futuristic production technologies.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/natural-stone-and-marble-market-104040
Get your Customized Research Report:
https://www.fortunebusinessinsights.com/enquiry/customization/natural-stone-and-marble-market-104040
Have a Look at Related Research Insights:
Gypsum Board Market Size, Share & Industry Analysis, By Type (Standard Board, Type X, and Others), By Application (New Housing, New Commercial, and Rework & Remodel), and Regional Forecast, 2019-2026
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Fortune Business Insights™ Pvt. Ltd.
https://www.fortunebusinessinsights.com/press-release/global-natural-stone-and-marble-market-10285