The global dark stone market is experiencing growth due to factors such as a surge in the number of commercial and residential real estate projects across the globe, especially in developing economies .
PORTLAND, Ore., July 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Dark Stone Market by Type (Marble, Granite, Limestone, Others), by Application (Flooring, Memorial Arts, Wall Cladding, Others), by End User (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2023-2032."According to the report, the global dark stone industry was estimated at $3.7 billion in 2022 and is anticipated to hit $5.8 billion by 2032, registering a CAGR of 4.8% from 2023 to 2032.
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Drivers, restraints, and opportunities-
The global dark stone market is experiencing growth due to the factors such as a surge in the number of commercial and residential real estate projects across the globe, especially in developing economies . However, Availability of substitutes and Shortage of skilled labor restrain the market growth to some extent. Nevertheless, a rise in developmental strategies by market players is expected to provide ample opportunities in the upcoming years.
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $3,652.2 Million |
Market Size in 2032 | $5,816.2 Million |
CAGR | 4.8 % |
No. of Pages in Report | 250 |
Segments Covered | Type, Application, End User, and Region. |
Drivers | Rise in urbanization |
Growth in the expenditure on home renovation and replacement | |
Restraints | Availability of substitutes |
Shortage of skilled labor | |
Opportunities | The rise in developmental strategies by market players |
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The granite segment to retain its dominance by 2031-
By type, the granite segment accounted for the highest share in 2022, garnering more than two-fifths of the global dark stone market revenue. The growing usage of dark granite in commercial buildings such as hotels, restaurants, workplaces, and public buildings are boosting the growth of the granite segment. On the other hand, limestone segment would cite the fastest CAGR of 5.9% by 2032. Design preferences and architectural trends influence the demand for dark limestone. Dark limestone's adaptability makes it possible to use it in a variety of design aesthetics, from traditional to contemporary, which is boosting its demand across the globe.
The flooring segment to rule the roost-
By application, the flooring segment held the major share in 2022, generating more than one-third of the global dark stone market revenue. This is attributed to the huge demand for dark stone in flooring applications across commercial and residential real estate projects across the globe. The same segment would portray the fastest CAGR of 5.2% from 2023 to 2032. The aesthetic appeal, elegance, longevity, durability, easy maintenance, and versatility associated with dark stone are the major factors that have made it a popular choice for flooring.
The commercial segment to dominate by 2032–
By end-user, the commercial segment accounted for nearly thee-fifths of the global dark stone market revenue in 2022 and is projected to rule the roost by 2032. The growing number of infrastructural projects along with commercial real estate are the major drivers of the commercial segment in the global dark stone market. The residential segment, on the other hand, would portray the fastest CAGR of 5.0% from 2023 to 2032. This is attributed to the rising disposable income, growing urban population, and rising number of residential real estate projects across developing nations such as India, China, Indonesia, and Brazil.
Asia-Pacific garnered the major share in 2022 –
By region, Asia-Pacific generated more than half of the global dark stone market revenue in 2022 and is expected to dominate by 2032. The growth of the market across Asia-Pacific is driven by a significant rise in the investments towards industrialization and urbanization of rural areas of developing nations like India and China. LAMEA, however, would showcase the fastest CAGR of 6.7% from 2023 to 2032. The marker growth across LAMEA is driven by growing investments in the commercial and residential real estate sector. The Middle East countries witness massive investments in the development of infrastructural projects which make LAMEA the fastest-growing region in the dark stone market.
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Key players in the industry-
- Marble Trend
- Polycor, Inc.
- Brachot-Hermant NV
- Coldspring
- Stone Source, LLC.
- Antolini Luigi and C. S.p.a.
- Pokarna Limited
- UGM Surfaces
- Tripura Stones Pvt. Ltd.
- Aravali India Marbles and Granites
- Stoneville USA, Inc.
- Aro Granite Industries Ltd.
- Stone Group International
- Bhandari Marble Group
- Levantina Y Asociados de Minerales, S.A.
The report analyzes these key players in the global dark stone market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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