The Global Granite Market size was valued at USD 17.38 Million in 2022 and is expected to surpass USD 27.88 Million by 2031, expanding at a CAGR of 5.39% during the forecast period, 2023 – 2031. Granite is a hard stone, which is utilized to make sculptures, memorials, and gravestones. It has also been widely employed as flooring tiles and dimension stones. In modern architecture, granite slabs and tiles are used to make countertops, bar tops, fireplaces, staircases, murals, and paving stones. They are also used as building stones for bridges, memorials, monuments, and buildings. A form of granite, known as azurite granite, is primarily employed as a gemstone and also for construction purposes.
Granite is also a natural source of radiation, which is similar to most natural stones. Some reports have addressed high radioactivity in some granites. Uranium and thorium are also found in granite. This, in turn, has increased the concern regarding granite being used in building materials. In the construction industry, the granite is employed in either crushed form or dimensional form.
The COVID-19 pandemic disrupted the growth of the globe. The restriction in the operations of construction activities and mining took a toll on the granite market across the globe. This, in turn, restricted the supply chain activities. However, the relaxation in restriction in various parts of the globe has stimulated the market growth. The granite market is expected to recover by end of 2021.
Market Trends, Drivers, Restraints, and Opportunities:
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Expanding home applications of granite beyond the kitchen is anticipated to drive healthy growth of the market.
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Rising commercial real estate investments offer positive outlook for the market.
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Increasing use of granite in building renovations & remodeling is expected to proliferate the market growth.
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High cost of granite can hamper the market growth.
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The presence of alternative stones can create challenges for the growth of the market.
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Rapid urbanization is estimated to create lucrative opportunities for the market.
Scope of Granite Market Report
The report on granite market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Granite Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Granite Slabs and Granite Tiles), Applications (Kitchen Countertops, Flooring, Stair Trends, Monuments, and Others)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered
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Shanshui Stone, Xishi Group, Cosentino, Xinfeng Group, Williams Stone, Amso International, and Swenson Granite
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Granite Market Segment Insights
Granite slabs and tiles will have a significant share in the market:
On the basis of products, the market is divided into granite slabs and granite stones. The granite slabs segment is anticipated to account for a significant market share during the forecast period. Granite slabs and stones both are going to have a significant growth in the forecasted period. The granite slabs and tiles will have a significant share in the market in the forecasted period.
Kitchen counterparts segment to hold a considerable market share
In terms of applications, the market is divided into kitchen countertops, flooring, stair trends, monuments, and others Granite is commonly used for home interiors but is restricted to kitchen countertops in many homes. One of the best advantages of using granite for different things at home is that granite has high strength and durability. Being a natural stone, granite can survive heat as it has been formed under great pressure and at high temperatures. The monuments segment is expected to grow at a steady pace in the coming years. Granite as being durable and able to withstand harsh conditions, it’s also used in making monuments owing to its durability.
The flooring segment is expected to grow at a robust pace during the forecast period. Granite bestows luxurious look to the flooring owing to the presence of various designs on the granite stone. Rising preference for the flooring among the home owners is driving the segment growth.
North America to account a significant market share
In terms of regions, the market is divided into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America is expected to grow at a robust pace in the coming years. The presence of huge source of granite in the region is driving the market growth. On the other hand, the market in Asia Pacific is expected to register a substantial CAGR during the forecast period.
Segments
By Products
- Granite Slabs
- Granite Tiles
By Applications
- Kitchen Countertops
- Flooring
- Stair Trends
- Monuments
- Others
By Regions
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East & Africa
By Key Players
Competitive Landscape
The key players of the market are Shanshui Stone, Xishi Group, Cosentino, Xinfeng Group, Williams Stone, Amso International, and Swenson Granite Companies are engaging in partnerships and working on increasing the production capacity to leverage their market position.
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