CHICAGO, July 19, 2024 /PRNewswire/ -- The
report "Stone Flooring Market by Type
(Granite, Limestone, Marble), Application (Residential, and
Non-Residential), & Region (North
America, South America,
Europe, Asia Pacific, and Middle East & Africa) – Global Forecast to 2029", size
is projected to grow from USD 14.7
billion in 2024 to USD 19.9
billion by 2029, at a CAGR of 6.3% during the forecast
period. The stone flooring market is greatly impacted by the
growing population as well as an increase in building and
remodelling projects, which shapes consumer demand and market
trends. Population expansion in developing countries, especially in
large cities, drives urbanization, which in turn drives the
construction of infrastructure, commercial buildings, and
residential complexes. This increases demand for long-lasting and
aesthetically pleasing flooring options, such as stone flooring.
The need for stone flooring is also fueled by renovation
initiatives, which update older buildings to conform to
contemporary requirements and design aesthetics. Stone flooring is
frequently chosen by companies, developers, and homeowners to
improve aesthetics and guarantee durability throughout
restorations.
Browse in-depth TOC on "Stone Flooring Market"
211 – Tables
43 – Figures
211 –
Pages
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Granite is projected to be the fastest-growing segment in the
stone flooring market.
In terms of value, the granite segment of the stone flooring
industry will grow at the fastest rate between 2024 and 2029.
Granite is resistant to degradation regardless of prolonged usage.
This makes it ideal for public spaces with lots of foot traffic,
such as restaurants, workplaces, and hotels. It comes in a wide
variety of colors and patterns, so consumers can choose one that
matches the style of their home or business. Granite offers choices
for everyone, whether the customer wants a sleek, contemporary
design or something more conventional. A lot of homeowners are
adding granite to their bathrooms and kitchens to make the areas
feel more opulent. Granite is a popular material for flooring in
both homes and businesses because of its strength and elegance.
The residential segment is expected to dominate the stone
flooring market.
The residential application is reported the most substantial
demand for the stone flooring market in 2023, in terms of value and
volume. Rising incomes and economic growth, especially in countries
like China and India, mean more people can afford high-end
materials like stone flooring. As more people move into the middle
and upper-middle class, they want luxury features in their homes,
and stone flooring is often seen as a symbol of prestige and
luxury. As cities grow and new homes are built, there's a big
demand for flooring that looks good and lasts long.
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North America is the largest
market for stone flooring.
The Asia Pacific region emerges
as the largest market in the stone flooring industry among
North America, Europe, the Middle
East & Africa (MEA),
and South America, primarily due
to several key factors. This growth is fueled by increasing
disposable incomes and a burgeoning middle class, prompting greater
investments in high-end residential properties across the region.
This is propelling the demand for premium flooring materials like
natural stone. Commercial establishments such as hotels, office
buildings, and shopping malls are also increasingly choosing stone
flooring to elevate their visual appeal and ensure long-lasting
durability. Prominent hotel chains in Singapore and Kuala
Lumpur are opting for marble and granite floors to appeal to
a discerning clientele.
Key Players
Mohawk Industries, Inc. (US), Shaw Industries Group, Inc. (US),
Stone Source LLC (US), Polycor Inc. (US), and Emser Tile (US) are
the key players operating in the stone flooring market. Expansions,
acquisitions, and partnerships are some of the major strategies
adopted by these key players to enhance their positions in the
stone flooring market.
Browse Adjacent Market: Building and Construction
Market Research & Consulting
Related Reports:
Flooring Market - Global Forecast to 2028
Floor Adhesive Market - Global Forecast to
2028
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