Dark Stone Market Research, 2032
The global dark stone market size was valued at $3.7 billion in 2022, and is projected to reach $5.8 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032.
The dark stone market is segmented into Type, Application and End User.
Natural stones that are black or dark in color, such as marble, limestone, and granite, are referred to as dark stones. The use of dark stone depends on the specific type of rock or mineral. For instance, black granite is frequently used for countertops and other decorative purposes. One type of black stone used to make jewelry and other exquisite products is obsidian.
The demand for dark stone is anticipated to be driven by increasing investments in the urbanization of rural areas in the forthcoming years. Urbanization is having a big impact on the dark stone market growth. As urban areas expand and develop, there is a rise in infrastructure and construction projects. Urbanization results in the creation of buildings, roads, bridges, and public areas, all of which require building materials. Dark stones are highly sought-after in urban construction projects due to their aesthetic appeal, durability, and versatility. They are used in many different contexts, such as floors, paving, and wall cladding. The tendency of expanding urbanization is closely tied to the rise in dark stone market demand in the construction industry.
Construction of notable buildings such as luxury homes, hotels, shopping malls, and corporate headquarters are typically associated with urbanization. Dark stones are highly used in these high-end applications because of their connections with exclusivity, distinction, and refinement. Dark stones are a preferred choice for developers and property owners wishing to construct distinctive urban landscapes because they provide a touch of grandeur and sophistication. Urbanization has led to a rise in such high-profile projects, which has increased demand for dark stones in the luxury real estate projects industry. During the projected period, market growth is anticipated to be fueled by an increasing urban population as well as an increase in the number of commercial and residential real estate projects.
One of the key factors anticipated to propel the growth of the global dark stone industry is the rising demand for home remodeling and replacement. According to a Harvard Joint Centre for Housing Studies article from January 2021, based on the most recent Leading Indicator of Remodeling Activity (LIRA), the growth of house remodeling and repair expenditures is predicted to rise from 3.5% at the end of 2020 to 3.8% by the year's end of 2021. Similar to this, officials at the IBSx virtual event hosted by the National Association of Home Builders in February 2021 forecasted that remodeling spending on owner-occupied single-family houses increased by 4% in 2021 and another 2% in 2022. Remodeling and refurbishment are variables that are expected to fuel the natural stone industry's profitable growth during the forecast period. Additionally, the growing consumer spending on home remodeling is boosting the demand for dark stones globally.
The increased demand from developing nations is expected to drive the demand for dark stones globally. The number of commercial real estate projects that are anticipated to fuel the expansion of the dark stone market is increasing as a result of the rising government investments in infrastructure development and expanding FDI in countries such as China, India, and Indonesia. Savills India predicts that by 2025, the need for data center real estate will rise by 15 to 18 million square feet. The India Brand Equity Foundation (IBEF) reports, "FDI in the real estate sector (including construction development & activities) stood at $55.5 billion from April 2000-December 2022,"
For a competitive edge and to gain market share, the major competitors in the dark stone market are implementing a variety of development strategies, including acquisitions, partnerships, and geographic expansion. This market participants' strategic move is anticipated to have a positive effect on market growth and could lead to exponential growth prospects in the near future. For instance, Paramount Global Surfaces acquired Stone Source LLC in April 2022 to expand its commercial flooring product line. UGM Surfaces and Vadara Quartz collaborated in May 2022 to launch LuxeHome at the Merchandise Mart in the heart of Chicago, U.S. Furthermore, Levantina Y Asociados de Minerales, S.A. constructed a second manufacturing facility in the town of Nules in November 2021 under the Techlam name to boost its production capacity. Therefore, it is anticipated that the strategic moves made by the major competitors will accelerate market expansion in the near future.
Segmental Overview
According to the dark stone market analysis, the market is segmented on the basis of type, application, end user, and region. By type, the market is segregated into marble, granite, limestone, and others. On the basis of application, it is segmented into flooring, memorial arts, wall cladding, and others. Depending on the end user, the dark stone market is categorized into residential and commercial. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and the rest of LAMEA).
By Type
As per the dark stone market forecast, by type, the granite segment dominated the market, accounting for 42.4% of the dark stone market share in 2022 and is expected to sustain its dominance during the forecast period. In residences, dark granite is widely used for worktops, backsplashes, and bathroom vanities. Dark granite might offer a magnificent focal point in these spaces due to its deep color and unique patterns. Dark granite, which is popular for flooring, fireplace surrounds, and outdoor paving, gives the overall design a refined appearance. The use of dark granite in commercial structures including hotels, restaurants, workspaces, and public buildings is expanding, which is helping the granite segment thrive in the dark stone market. Furthermore, conference tables, bar tops, reception desks, and other high-traffic areas that demand a balance between robustness and beauty commonly feature black granite. Dark granite is a favorite choice among designers and builders because it lends a sense of grandeur and elegance to business interiors.
By Application
As per the dark stone market trends, depending on the application, flooring is expected to be the fastest-growing segment during the forecast period. Dark stone is a popular option for flooring because of its aesthetic appeal, elegance, endurance, durability, ease of care, and versatility. In both developed and developing nations, increasing urbanization, industrialization, and infrastructure expenditures are driving the real estate industry, which is expected to fuel the expansion of the flooring section of the dark stone market globally. Additionally, recent years have seen the dark stone market experience tremendous expansion as a result of consumers' increasing spending on house remodeling and improvement. The rising use of dark stone in flooring and the increased relevance of the flooring have contributed to its domination in the market on a global scale.
By End User
Depending on the end user, the commercial was the leading segment in 2022. The increase in investments in commercial real estate developments in developing countries like China and India is a major factor in the expansion of dark stone in the commercial sector. China saw a $24.8 billion increase in real estate investment in 2022. The IBEF reports that "the Government has allowed FDI of up to 100% for townships and settlements development projects." Consequently, the growing government initiatives to support the development of the real estate sector and the increasing investments in commercial real estate are having a favorable impact on the growth of the commercial segment in the dark stone market.
Regional Overview
Region-wise, Asia-Pacific was the leading market in 2022. The development of the dark stone market in the region is greatly influenced by the large increase in investments made in the industrialization and urbanization of rural areas in developing countries like China and India. "FDI in the real estate sector (including construction development & activities) stood at $55.5 billion from April 2000-December 2022," the India Brand Equity Foundation (IBEF) reports. Additionally, private market investor Blackstone, which has made a $50 billion investment in the Indian real estate industry, is looking to make an additional $22 billion investment by 2030. Therefore, it is projected that the key growth driver for the dark stone market in the near future will be increased investments in the real estate industry in developing economies.
North America is one of the fastest-growing markets. The market is significantly driven by the construction sector in North America. Dark stones are more and more in demand for use in building facades, flooring, countertops, and other uses as a result of expanding residential, commercial, and infrastructural developments. Dark stones are a preferred option for architects, builders, and homeowners due to their strength, beauty, and status. Local sourcing of dark stones in North America is becoming more popular. Reduced travel costs, quicker lead times, and support for local businesses all contribute to this desire. The abundant availability of dark stones in the U.S., such as granite, slate, and limestone, is majorly contributing to the market growth.
The dark stone market in North America has been influenced by the emphasis on sustainability and green building techniques. Environmentally friendly building materials, such as dark stones that have the LEED (Leadership in Energy and Environmental Design) certification, are becoming more and more in demand from buyers and developers. Sustainable quarrying methods, ethical sourcing, and energy-saving production techniques are becoming more significant in the area.
The North American dark stone market combines classic allure with modern design trends, sustainability issues, and technical breakthroughs. The variety of construction projects in the area, together with the desire for individualized service and eco-friendly products, all play a part in the market dynamics and trends seen in the dark stone sector.
Competition Analysis
The key players operating in the global dark stone industry are constantly engaged in strategic developments such as partnerships, joint ventures, acquisitions, and mergers to exploit the prevailing dark stone market opportunities. Business expansion, acquisition, and collaboration have emerged as a key strategy among the market players to strengthen their position and achieve growth in the long term. The major players operating in the market include Marble Trend, Polycor, Inc., Brachot-Hermant NV, Coldspring, Stone Source, LLC., Antolini Luigi and C. S.p.a., Pokarna Limited, UGM Surfaces, Tripura Stones Pvt. Ltd., Aravali India Marbles and Granites, Stoneville USA, Inc. Aro Granite Industries Ltd., Stone Group International, Bhandari Marble Group, and Levantina Y Asociados de Minerales, S.A.
Recent Market Developments:
- In April 2022, Stone Source LLC was acquired by Paramount Global Surfaces in order to strengthen its offering in the commercial flooring market.
- In May 2022, UGM Surfaces collaborated with Vadara Quartz to open LuxeHome at the Merchandise Mart in downtown Chicago, U.S.
- In November 2021, Levantina Y Asociados de Minerales, S.A., through its brand Techlam, opened its second manufacturing plant, in the town of Nules to expand its production capacity.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the dark stone market analysis from 2022 to 2032 to identify the prevailing dark stone market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the dark stone market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global dark stone market trends, key players, market segments, application areas, and market growth strategies.
Dark Stone Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 5.8 billion |
 Growth Rate | CAGR of 4.8% |
 Forecast period | 2022 - 2032 |
 Report Pages | 251 |
 By Type |
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 By Application |
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 By End User |
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 By Region |
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 Key Market Players | Tripura Stones Pvt. Ltd., UGM Surfaces, Stone Source LLC, Antolini Luigi & C. S.p.a., Stone Group International, Aravali India Marbles & Granites, Coldspring, Bhandari Marble Group, Stoneville USA, Inc, Brachot-Hermant NV, Polycor Inc., Aro Granite Industries Ltd, Pokarna Limited, Levantina Y Asociados de Minerales, S.A., Marble Trend |
Analyst Review
The dark stone market possesses high growth potential in the flooring and wall-cladding industry. The market has witnessed significant growth over the past decade, owing to the rise in the adoption of natural stones such as granite and marble due to their enhanced attractive appeal, durability, reliability, and hardness. Moreover, an increase in investment in construction activities is expected to drive the growth of the global dark stone market. For instance, in May 2019, the government of India announced an ambitious investment agenda plan of $1.5 trillion in construction sectors for a six-year period ending in 2025. This investment focuses on improving the quality of construction for schools and higher education, health, sports, and basic infrastructure.
In addition, the market growth for dark stone is highly dependent on residential and commercial construction investments. Thus, an increase in the construction of residential complexes and buildings fuels market growth. For instance, the residential construction industry in the UK witnessed growth of 2.9% from 2015 to 2019.
However, the rise in the adoption of artificial stone is projected to hinder the growth of the global dark stone market. Conversely, the surge in new construction activities, specifically in developing economies, is projected to offer remunerative opportunities for the global dark stone market growth in the upcoming years.
The global dark stone market was valued at $3,652.2 million in 2022 and is estimated to reach $5,816.2 million by 2032, registering a CAGR of 4.8% from 2023 to 2032. The demand for dark stone is anticipated to be driven by increasing investments in the urbanization of rural areas in the forthcoming years. Urbanization is having a big impact on the dark stone market growth.
The dark stone market report is available on request on the website of Allied Market Research.
The forecast period considered in the global dark stone market report is from 2023 to 2032. The report analyzes the market sizes from 2022 to 2032 along with the upcoming market trends and opportunities. The report also covers the key strategies adopted by the key players operating in the market.
Business expansion, acquisition, and collaboration have emerged as a key strategy among the market players to strengthen their position and achieve growth in the long term. The major players operating in the market include Marble Trend, Polycor, Inc., Brachot-Hermant NV, Coldspring, Stone Source, LLC., Antolini Luigi and C. S.p.a., Pokarna Limited, UGM Surfaces, Tripura Stones Pvt. Ltd., Aravali India Marbles and Granites, Stoneville USA, Inc. Aro Granite Industries Ltd., Stone Group International, Bhandari Marble Group, and Levantina Y Asociados de Minerales, S.A.
According to the dark stone market analysis, the market is segmented on the basis of type, application, end user, and region. By type, the market is segregated into marble, granite, limestone, and others. On the basis of application, it is segmented into flooring, memorial arts, wall cladding, and others. Depending on the end user, the dark stone market is categorized into residential and commercial. Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Saudi Arabia, South Africa, and the rest of LAMEA).
The Middle East is a hotspot for commercial construction, luxury resorts, and hotels. These designs make full use of dark stones to provide guests with opulent and unforgettable experiences. The desire of the area to become a top tourist destination worldwide as well as the rising number of prestigious events and exhibitions held there have an impact on the demand for dark stones.
Region-wise, Asia-Pacific was the leading market in 2022. The development of the dark stone market in the region is greatly influenced by the large increase in investments made in the industrialization and urbanization of rural areas in developing countries like China and India.
The outbreak of the COVID-19 pandemic negatively impacted the global dark stone market. Government directives to contain the spread of the disease led to the closure of production facilities. Quarrying activities, processing facilities, allied logistics, and administrative activities all came to a halt for an undefined time period. Furthermore, the decline in the volume of construction activities due to the shortages of labor had significantly hampered the demand for dark stone across the globe.
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