The global granite market is experiencing robust growth due to the exponential surge in the construction and building industry worldwide. With a rapidly growing global population and increased urbanization, there is an unprecedented demand for infrastructure development. Governments across the globe are allocating substantial funds year on year for the renovation and maintenance of landmarks and public sites, further driving the need for granite products and services. This industry's expansion in emerging economies, coupled with established players in developed nations, has led to a steady increase in growth prospects for the global granite market.
Granite Market Faces Challenges with Rising Costs
Despite the variety of granite and related products available, the continuous increase in the price of granite remains a significant hindrance to adoption. Complex end-product designs also contribute to higher costs due to the challenging nature of working with this material. The growing use of cheaper and more readily available alternatives poses another potential threat to the global granite market's expansion in the coming years.
Growing Consumer Affluence and Improved Living Standards Boost Granite Market
Granite, known for its sophisticated appeal and robust composition, is a relatively expensive material widely used in construction and decoration. The rising disposable incomes in emerging economies and the aspiration for higher living standards are driving increased adoption rates, fostering market growth opportunities for global granite market players. Globalization has also facilitated the availability of granite through various channels and providers, with major exporting countries like the US, China, Brazil, Italy, Sweden, Germany, and Spain contributing to market growth.
COVID-19 Impact on the Granite Market
The COVID-19 pandemic had a substantial impact on the global granite market, as governments imposed restrictions on the movement of people and goods, disrupting the supply of raw materials and halting construction projects worldwide. This led to significant revenue losses and operational challenges for industry players. However, as restrictions eased after the 3rd and 4th waves of the pandemic, the granite market gradually returned to its pre-COVID operational state and is expected to continue recovering over the forecast period.
Asia Pacific Emerges as a Strong Breeding Ground for Granite Market Expansion
While North America has historically held the majority share of the global granite market due to the widespread presence of granite in the region and increased investment in construction and infrastructure, the Asia Pacific is expected to witness the fastest compound annual growth rate (CAGR) in the coming years. Nations like India and China are leading the way in terms of both consumption and export, benefiting from their large populations, higher living standards, cost-effective labor, and abundant access to granite and related materials.
Granite Market: Competitive Landscape
Key players in the granite market, including Levantina, Gem Granites, Cosentino, SMG, Antolini, Rock of Ages, Williams Stone, Amso International, Coldspring, Pokarna Ltd., R.E.D. Graniti, Swenson Granite, Rashi Granite, KSG, Tanhat Mining, UMGG, Kangli Stone, Fujian Hongfa, Best Cheer, Huachuan, Shanshui Stone, Xishi Group, Wanlistone, Yinlian Stone, Dongsheng Stone, Huahui Stone, Xinfeng Group, Quanxinglong, Guanghui Stone, and Fengshan Stone, are actively pursuing new product launches, partnerships, collaborations, acquisitions, and alliances to gain a competitive edge in this thriving market.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa):
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