by atural stone slab refers to polished stone slabs that are extracted from rock/stone deposits through mining. Commonly used natural stone slabs include granite, marble, quartzite, sandstone, limestone, and others. Natural stone slabs are widely used in building facades, interior floors and walls, kitchen countertops, vanities, and other interior applications due to their aesthetics and durability. The growing construction industry and rising infrastructure development activities across the globe are driving the growth of the natural stone slab market. Moreover, increasing consumer preference for premium and luxury home décor products made of natural stone further supports market growth.
The global 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 key trends:
One of the key trends in the natural stone slab market is the growing popularity of exotic and rare varieties of natural stones. Manufacturers are focusing on developing and sourcing exclusive types of natural stones to cater to the rising demand from high-net-worth customers. Another major trend is the increasing use of digital technologies like computer numerical control (CNC) machines for processing natural stone slabs. CNC enables mass customization and production of complex designs from natural stone with high precision and minimal wastage. It is helping manufacturers improve productivity and meet the evolving needs of end-users.
Porter’s Analysis
Threat of new entrants: The natural stone slab market requires high initial investments in machinery, infrastructure and skilled workforce which acts as a barrier for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various natural stone slab options.
Bargaining power of suppliers: A few major players dominate the supply market which gives them significant bargaining power.
Threat of new substitutes: Substitute materials like engineered stones pose threat but natural stones are still preferred for their uniqueness.
Competitive rivalry: The market has a large number of players competing on pricing and quality.
Key Takeaways
The global Natural Stone Slab Market is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing demand from construction industry.
Regional analysis:
The Asia Pacific region dominates the global market and is expected to grow at fastest rate due to rapid infrastructure development in countries like China and India. The presence of various natural stone reserves and low labor cost further supports market growth in this region.
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. Key players are focusing on expanding their production facilities and entering into strategic partnerships to strengthen their foothold in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
