According to the report by Expert Market Research (EMR), the Global Granite Market Size is projected to grow at a CAGR of 5.2% between 2023 and 2028. Aided by the growing demand for durable and aesthetically pleasing construction materials, along with expanding applications of granite in various sectors, the market is expected to grow significantly by 2028.
Granite, an igneous rock formed by the cooling of magma, is admired for its strength, durability, and varied aesthetic appeal. It is widely used as a construction and architectural material in several products, including countertops, floor tiles, paving stone, curbing, stair treads, and many other building elements. In addition to its aesthetic qualities, granite boasts high resistance to abrasion, weathering, and chemicals, making it an indispensable component in various industrial applications, such as construction, architecture, and monument-making.
The escalating consumer preference for luxury and aesthetically pleasing materials in the construction industry is bolstering the global granite market growth. With growing awareness of granite’s durability and its potential to enhance property value, there has been a substantial shift towards its incorporation in residential and commercial constructions. This shift, in turn, has resulted in a surge in demand for granite-based products.
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The expanding applications of granite in different industries also play a significant role in propelling the granite market development. In the construction industry, granite’s unparalleled durability and resistance to abrasion and weathering make it a preferred choice for various elements, including flooring, stair treads, and countertops. The architecture and monument-making sectors utilise granite for its aesthetic appeal and longevity, vital in the creation of various structures and landmarks.
Moreover, technological advancements in quarrying and processing have made granite more accessible and affordable, further propelling the granite market expansion. Innovations in quarrying technology, such as wire saws and water jets, have increased extraction efficiency, reduced wastage, and lowered production costs. Similarly, advancements in processing technology, such as computer numerical control (CNC) machining, have improved the precision and versatility of granite products.
Lastly, the increasing demand for sustainable and natural materials in the construction industry has brought granite to the forefront as an eco-friendly option. With the rise of green building practices and the growing popularity of biophilic design, granite, a natural and durable material, has emerged as a sustainable choice for various applications, thereby significantly contributing to the granite market growth.
The market can be divided based on product, application, and region.
Market Breakup by Product
- Granite Slabs
- Granite Tiles
Market Breakup by Application
- Kitchen Counterparts
- Stair Treads
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global granite companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Marcolini Marmi S.p.A
- Levantina y Asociados de Minerales, S.A.
- George Home Group Inc.
- Arizona Tile, L.L.C.
- AbleGroup Berhad
- LandFord Stone Ltd.
- AG Marble & Granite
- Temmer Marble
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