Natural Stone Market Growth Potential: Key Insights for 2024-2033
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How Will the Natural Stone Market Grow from 2024 to 2033?
In recent times, the market size for natural stone has experienced consistent growth. The market, which is currently worth $31.03 billion in 2023, is expected to expand to $32.26 billion in 2024 with a compound annual growth rate (CAGR) of 4.0%. The previous growth in this sector can be linked to factors such as the revival of architecture and heritage restoration, an increase in the construction of monuments and statues, the advancement of ancient civilizations, growth in infrastructure due to the industrial revolution, as well as cultural choices and artistic expression.
In the coming years, the natural stone market is predicted to experience consistent growth, potentially reaching a value of $35.41 billion in 2028, at a compound annual growth rate (CAGR) of 2.4%. This anticipated growth throughout the forecast period is largely due to shifts in consumer tastes and design trends, worldwide economic growth and infrastructure spending, cultural and artistic inclinations, demand in the high-end real estate sector, and renovation and restoration projects. Some key trends for the forecast period consist of changing customer preferences in the property market, emphasis on health and wellness, a desire for uniqueness and diversity, use in modern art installations, and a resurgence in traditional craftsmanship.
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What Aspects Are Influencing the Growth Rate of the natural stone Market?
The escalating number of building projects is a driving force behind the advancement of the natural stones market. This sector pertains to companies engaged in developing, sustaining, and fixing infrastructures. More durable than other natural construction substances, natural stones provide a sturdy and lasting construction material used in tasks such as flooring, roofing, masonry, road paving, and as concrete aggregates. Furthermore, the strength, durability, and weatherproof characteristics of natural stones make them the ideal choice for heavy engineering works, including bridge constructions, dock walls, sea walls, railroad ballasts, foundational constructions, and so on. For instance, the US Census Bureau, a government institution, reported in September 2023 that the total cost of residential and non-residential construction in the US saw an increase of over 8% between 2020 and 2021. Also, a report by Oxford Economics, a UK economic data service company, released in September 2021, stated that the global construction output in 2020 was US$10.7 trillion. This number is forecasted to witness a considerable increase of about 42%, adding US$4.5 trillion and reaching a sum of US$15.2 trillion by 2030. Consequently, the rise in construction projects is anticipated to further boost the growth of the natural stones market in the upcoming years.
What Are the Critical Segments of the Natural Stone Market?
1) By Type: Marble, Granite, Limestone, Other Types
2) By Construction Type: New Construction, Renovation
3) By Distribution Channel: Online Channel, Offline Channel
4) By Application: Flooring, Memorial Arts, Wall Cladding, Other Applications
What Trends Are Redefining Consumer Expectations in the Natural Stone Market?
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What Are the Leading Regions in the Natural Stone Market Expansion?
Asia-Pacific was the largest region in the natural stone market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the natural stone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Natural Stone Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the natural stone market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Natural Stone Market Include
1. Natural Stone Market Executive Summary
2. Natural Stone Market Segments
3. Natural Stone Market Size And Template Market Growth Rate
4. Key Natural Stone Market Trends
5. Major Natural Stone Market Drivers
……
25. Key Mergers And Acquisitions In The Natural Stone Market
26. Top Natural Stone Companies
27. Natural Stone Market Opportunities And Strategies
28. Natural Stone Market, Conclusions And Recommendations
29. Appendix
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