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| Global Natural Stone Slab Market Size |
Natural stone slabs are cut, polished and finished slabs of natural stone which
include granite, marble, limestone and others. They are extensively used in
construction industry for flooring, wall coverings and other applications owing
to their durability and aesthetic appeal. Rising construction activities especially
in developing economies of Asia and Central & South America has been
positively impacting the demand for stone slabs.
The global
natural stone slab market is estimated to be valued at US$ 78.23 Bn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period
2024 to 2031, as highlighted in a new report published by Coherent Market
Insights.
Market Opportunity:
The rising construction activity in developing economies presents a key
opportunity for growth of natural stone slab market during the forecast period.
Governments in countries like India, Indonesia, Brazil and others are focusing
on development of infrastructure and real estate sector. This includes
construction of roads, bridges, residential and commercial buildings. Use of
natural stone slabs is higher in such construction projects owing to aesthetic
and durability factors. As per statistics, construction industry in India is
expected to witness 46% growth during 2024-2031. Similarly, construction
spending in Indonesia and Brazil is also surging at over 10% annually. The
increased construction expenditure in developing nations will thus
significantly boost the demand for natural stone slabs over the coming years.
Porter's Analysis
Threat of new entrants: The natural stone slab market has moderate threat of
new entrants due to requirement of high capital investment and presence of some
established players. However, fragmented supplier landscape offers opportunity
for new players.
Bargaining power of buyers: Buyers have moderate bargaining due to presence of
several stone slab suppliers and options of substitute materials. Buyers can
negotiate on price and demand better service.
Bargaining power of suppliers: Suppliers have high bargaining power due to
scarce availability of stones in premium categories and need for developing
quarries. Suppliers can influence price due to inelastic supply.
Threat of new substitutes: Substitutes like engineered stones, ceramic &
porcelain tiles pose low threat as natural stones have superiority in
appearance and dimensional stability.
Competitive rivalry: Intense competition exists among established players to
gain higher market share.
SWOT Analysis
Strength: High durability, resistance to stains & scratches. Natural
uniqueness in appearance.
Weakness: High initial cost. Vulnerable to cracks & fractures. Limited
sources lead to supply constraints.
Opportunity: Growing construction & infrastructure spending. Rising
remodeling & renovation activities.
Threats: Substitute materials gaining popularity. Stringent environmental &
labor regulations.
Key Takeaways
Global
Natural Stone Slab Market Size is expected to witness high growth.
Regional
analysis - The European market is poised to witness significant growth
supported by increasing renovation activities in countries like Italy, Spain
and Germany. Government emphasis on green building concepts will further propel
the usage of eco-friendly natural stones.
Key players - Key players operating in the natural stone slab market are DHL
International GmbH, AnyLogistix, LogicManager, Inc., SAP Arbia, Avetta, LLC,
EXIGER, MetricSream, JAGGAER, CURA, Marsh LLC. Key players focus on expanding
production capacity and global footprint to leverage growth opportunities.
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