Dimension Stones Global Market Report 2024

The dimension stones market size has grown strongly in recent years. It will grow from $8.6 billion in 2023 to $9.19 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The historical growth can be attributed to several factors, including an upsurge in the demand for natural stones, robust economic expansion in emerging markets, an increase in production capacities, and a low-interest-rate environment.

The dimension stones market size is expected to see strong growth in the next few years. It will grow to $11.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. Forecasted growth is fueled by rising demand for natural stones, strong economic growth in emerging markets, expanded production capacities, and favorable interest rates. Key trends include eco-friendly operations with precision excavation machines, robotics, cognitive computing, investments in renewable energy, and the use of 3D mine visualizers.

The dimension stone mining market is anticipated to experience substantial revenue growth in the forecast period, primarily driven by a surge in capital expenditure on infrastructure development. This increase in infrastructure spending is a response to factors such as population growth, rapid urbanization, robust economic expansion, and the migration of people toward urban areas. According to the Global Infrastructure Outlook, a forecast covering 50 countries and seven sectors until 2040, the global population is expected to grow by nearly 2 billion people, constituting a 25% increase. Furthermore, approximately 46% of the global population is projected to migrate from rural to urban areas by 2040. This demographic shift is anticipated to create significant demand for infrastructure support. The outlook also indicates that global infrastructure investments must reach $94 trillion by the end of 2040 to keep pace with worldwide demographic and economic changes. The escalating infrastructure expenditure is poised to drive higher demand for stone materials in the buildings and construction industry, thereby contributing to the growth of the dimension stone mining market.

The dimension stone mining market is expected to witness growth propelled by increasing construction activities. Construction, involving the assembly of various elements to create structures based on detailed designs and plans, plays a pivotal role in driving the demand for dimension stones. Construction activities not only provide economic benefits and job opportunities but also contribute to the overall growth of the mining sector. For example, in June 2021, building activities in New Zealand increased by 3.7% in March 2021, with a notable 4.3% rise in residential activities compared to 2020. In the United States, as per the US Census Bureau, the value of construction activities surged from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, representing a growth rate of 10.2%. This substantial uptick in construction activities is a key driver behind the growth of the dimension stone mining market, as the demand for dimension stones continues to rise in tandem with increased construction projects.

The growth of urbanization stands as a significant contributor to the expanding dimension stones market. Urbanization, characterized by the permanent concentration of large populations in compact areas forming cities, is driving increased construction activities. This, in turn, is bolstering the demand for dimension stones across residential, commercial, and public infrastructure projects. An illustrative example is seen in the data released by the United Nations Conference on Trade and Development (UNCTAD) in July 2023, projecting a global urban population increase of 1.5 times, reaching 6 billion by 2045. The substantial growth in urbanization is expected to be a key driver for the dimension stones market, as it aligns with heightened construction demands in various urban development projects.

A prominent trend gaining popularity in the dimension stones market is product innovation. Major companies in this sector are strategically focusing on the introduction of new dimension stone products tailored for both residential and commercial buildings. For instance, in May 2023, The Quarry, an India-based dimension stones manufacturer, launched a range of perfectly paired marble, granite, and onyx flooring dimension stones. Notably, these new dimension stones feature a uniform thickness of 20 mm or 2 cm, accompanied by exceptional support from The Quarry Projects' team of installation specialists. This emphasis on product innovation highlights a commitment to meeting evolving customer needs and preferences, as companies strive to offer distinct and high-quality dimension stone solutions in the market.

In September 2023, Canada-based natural stone quarrier Polycor Group acquired ROCAMAT for an undisclosed sum. This strategic acquisition incorporates ROCAMAT's expertise and natural stone portfolio, including limestone, into Polycor's offerings. ROCAMAT, based in France, is recognized as a manufacturer of natural stone structures.

Major companies operating in the dimension stones market report are Vulcan Materials Company, Martin Marietta Aggregates Inc., HeidelbergCement AG, CRH plc., Cemex S A B de C V, LafargeHolcim, Carmeuse Lime & Stone Inc., MDU Resources Group Inc., Rogers Group Inc., Summit Materials Inc., ASI Industries Limited, JSC Stone, Xishi Group, Dongsheng Stone Industry Corporation, Hongfa Group, Fujian Quanzhou South Star Marble Corporation, Huahui Enterprise, Xiamen Songda Stone Co. Ltd., Gaoshi Stone Group, Universal Marble & Granite Group Ltd., Kangli Stone Group, Dong Guan Dong Cheng Stone Products Company Limited, Geotomographie GmbH, Glencore, BHP, Rio Tinto, Anglo American, Antofagasta, UK Coal Surface Mines Limited, Metalloinvest MC LLC, Severstal Group, Evraz Group SA, NLMK Group, Mechel, EuroChem Group, Ferrexpo PLC, Black Iron, ArcelorMittal S.A., Internacional de Cerámica Mexico, Cold Spring Granite Company, Graymont Limited, Granicor Inc., Polycor Inc., California Crafted Marble Inc., Daltile corporation, Southland Stone USA Inc. (USA), Cemex, Vitoria Stone, PEVAL, Marmifera, Coex granite, GRANIMASTER, Goldstone Marble &Granite Co., Art Stone International, Boulevard Marble, Saudi Comedat Company Ltd., Traco International Co., Marble Homes Co., Saudi Marble & Granite Factory Co. Ltd., Classic Dimension Stone Mining Pvt. Ltd., Afrimat Ltd., Drift Supersand (Pty) Ltd., Dream Stone, Dermitzakis Bros South. Africa, Denron Quarries (Pty) Ltd., CiBi Nigeria Limited, Multiverse Mining & Exploration PLC, Dakota Granite Company.

Asia-Pacific was the largest region in the Dimension Stones market in 2023. The regions covered in the dimension stones market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the dimension stones market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of dimension stones include marble, granite, limestone, sandstone, and others. Marble, specifically, is a type of limestone that undergoes metamorphism, resulting in a crystallized structure ranging from granular to compact. Marble is known for its ability to take a high polish and is commonly used in architecture and sculpture. The mining methods for dimension stones encompass both underground mining and surface mining.

The dimension stones market research report is one of a series of new reports that provides dimension stones market statistics, including dimension stones industry global market size, regional shares, competitors with a dimension stones market share, detailed dimension stones market segments, market trends and opportunities, and any further data you may need to thrive in the dimension stones industry. This dimension stones market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The Dimension Stones market includes revenues earned by extracting large blocks of intact stone. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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