Natural Stone Slab Market Is Estimated To Witness High Growth Owing To Increasing Application In Commercial And Residential Construction
The Natural Stone Slab Market is estimated to be valued at Us$ 67.9 Bn or Billion in 2023 and is expected to exhibit a CAGR Of 6.9% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The natural stone slab market comprises products like granite, marble, limestone, sandstone, and others that are obtained in slabs or blocks from quarries. Natural stone slabs have high durability, aesthetic appeal, and are eco-friendly which has increased its demand in flooring, walls, countertops, and other applications in the commercial and residential construction industries.
Market key trends:
The increasing application of natural stone slabs in commercial and residential construction is a key trend propelling the market growth. Natural stone slabs are increasingly being used for flooring, wall cladding, countertops and other applications in both new construction projects and building renovation activities. Further, these natural stone slabs provide a premium look which enhances the visual appeal of buildings. The rising commercial construction such as malls, offices and other buildings and growth in the housing sector especially in developing nations are fueling the consumption of natural stone slabs. Additionally, growing consumer preference for natural materials over artificial or synthetic surfaces in houses as well as public spaces is also driving the demand of this market.
Porter’s Analysis
Threat of new entrants: The Natural Stone Slab market poses moderate threat to new entrants due to high capital requirement for setting up manufacturing facilities and established brand image and consumer preference of existing players.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitute construction materials like ceramic tiles and engineered stones. However, high brand loyalty for natural stone slabs reduces buyers bargaining power.
Bargaining power of suppliers: The power of suppliers is moderate as raw materials for stone slabs like marble, granite, limestone are abundantly available. However, suppliers have less bargaining power due to availability of substitutes.
Threat of new substitutes: The threat of new substitutes is moderate as engineered stones are gaining popularity due to lower costs and ease of installation compared to natural stone slabs.
Competitive rivalry: Intense due to established brands and regional dominance of few players in the Natural Stone Slab market.
SWOT Analysis
Strength: Wide applications of natural stone slabs in flooring, wall, and other construction applications. High durability and aesthetic appeal of natural stones drive their demand.
Weakness: Higher costs compared to substitute materials. Labor intensive manufacturing process increases costs.
Opportunity: Growing remodeling and renovation activities driving demand. Rising income levels in developing nations increasing affordability of premium construction materials.
Threats: Stringent environmental regulations regarding mining activities. Substitute materials like ceramic, porcelain and engineered stones pose competition.
Key Takeaways
The Global Natural Stone Slab Market Demand is expected to witness high growth, exhibiting CAGR of 6.9% over the forecast period, due to increasing construction activities across residential and non-residential sectors. The market size for natural stone slabs was valued at US$ 67.9 Bn in 2023.
Regional analysis: Asia Pacific dominated the global market in 2023, accounting for over 35% of the total share, driven by growing construction industry in China and India. Western Europe is the second largest consumer of natural stone slabs owing to large number of ongoing remodeling activities in countries like Italy, Spain and Germany. North America is projected to grow at a considerable pace during the forecast period with the US being the major contributor.
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 is highly fragmented with the top players accounting for less than one-fourth of the total share. Increased production capacity expansion and product portfolio diversification are the
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