Cobblestone Market Expected to Reach $12.44 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cobblestone Market," The cobblestone market size was valued at $7.64 billion in 2021, and is estimated to reach $12.44 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.

A natural building material called cobblestone is made up of little round stones that are used to pave roads, streets, and structures. These stones are joined together using mortar, a paste. These stones are employed in the construction of cemeteries, churches, schools, industries, smokehouses, stagecoach taverns, businesses, and churches. The durability and strength of cobblestones, which extend the life of roads and prevent road depression, are key factors in the growth of the global cobblestone market. 

An increase in construction spending across several nations, including the U.S., Japan, India, and others, as well as expansion of the building industry, contribute to the growth of the cobblestone market globally. The demand for cobblestone for flooring and wall cladding is also anticipated to increase as urbanization and population growth continue to climb. Cobblestone advantages including longevity, aesthetic appeal, and dependability encourage the use of slate and limestone in commercial and residential construction, which in turn fuels the expansion of the global cobblestone industry. For instance, in May 2019, the Indian Government announced an ambitious investment agenda plan of $1.5 trillion in commercial construction sectors for a six-year period, ending in 2025. This investment focuses on the construction for schools and higher education, health, sports, road, and basic infrastructure. Hence, such investments are expected to create opportunities for the cobblestone manufacturer and therefore is expected to provide lucrative growth during the forecast period.

Asia-Pacific represents around 39.4% of the global cobblestone market share and dominated the  market in terms of revenue in 2021. The increase in construction activities due to rapid urbanization are creating growth opportunities for cobblestone and hence driving the global market. Cobblestone is majorly adopted for civil works, memorial arts, wall cladding, flooring and others. The presence of leading natural stone producers in India and China is estimated to boost the Asia-Pacific cobblestone market growth.

However, during the COVID-19 pandemic, various manufacturers in the cobblestone market had to stop their business in countries, such as China, the U.S., and India. This break directly impacted the sales of natural stones companies. In addition, a lack of manpower and raw materials also constricted the supply of variety of natural stones, which negatively influenced the growth of the market. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of companies.

Key Findings Of The Study

•    The report provides an extensive analysis of the current and emerging global cobblestone market trends and dynamics.  
•    Depending on type, the natural cobblestone segment has dominated the cobblestone market in 2021.
•    By construction type, the new construction segment registered highest revenue in 2021.
•    Asia-Pacific is projected to register highest growth rate in the coming years. 
•    The key players within the global cobblestone market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the industry. 
•    The report provides an cobblestone market forecast and current trends and emerging opportunities. 
•    In-depth global cobblestone market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.