Natural Stone Slab Market is Estimated to Witness Robust Growth Owing to Rising Construction Activity in Developing Economies

Global Natural Stone Slab Market Size
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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