Granite Market Trends and Growth Analysis: Insights and Projections 2030
The global granite market is experiencing significant growth driven by the exponential expansion of the construction and building industry. This growth is accompanied by an increased demand for infrastructure development, renovations, and upkeep of landmarks and public sites worldwide. Established players in developed countries and the growing presence of this industry in emerging economies have collectively contributed to the steady rise in market prospects.
Challenges in the Granite Market
While the granite market shows promise, it faces challenges, primarily in the form of consistently increasing costs. The price of granite remains a significant obstacle to its widespread adoption, exacerbated by the complexity of working with this material for intricate end-product designs. The growing popularity of cheaper alternatives is also a potential hindrance to the market’s expansion in the coming years.
Consumer Affluence and Improving Living Standards Drive Growth
Despite these challenges, the granite market receives a boost from increasing consumer affluence and improving living standards. Granite’s reputation for sophistication, robust composition, and aesthetic appeal makes it a preferred choice for construction and decorative purposes. Rising disposable incomes, particularly in emerging economies, coupled with the aspiration for higher living standards, are driving its adoption. Increased globalization has also made granite more accessible through various channels and providers, further fueling market growth opportunities.
COVID-19 Impact and Recovery
The COVID-19 pandemic initially disrupted the granite market, causing delays and cancellations in construction and renovation projects worldwide. Many industry players faced substantial losses in terms of labor and finances. However, as restrictions were gradually eased, the market has rebounded and is expected to continue its resurgence over the forecast period.
Asia Pacific Emerges as a Strong Growth Hub
In recent years, North America dominated the global granite market due to its significant granite reserves and investment in construction infrastructure. However, the Asia Pacific region is poised for the fastest growth, led by countries such as India and China. These nations benefit from large populations, higher living standards, cost-effective labor, and abundant access to granite and related products, positioning them for significant regional market success.
Competitive Landscape
Key players in the granite market include Levantina, Gem Granites, Cosentino, SMG, Antolini, and several others. To gain a competitive edge, these industry leaders are focusing on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Development
In February 2022, Granite Construction Incorporated (GVA), an infrastructure provider, announced the sale of its Inliner business for US$159.7 million. This strategic move aims to strengthen its core civil construction and materials business.
The global granite market continues to evolve, offering growth opportunities and overcoming challenges to meet the increasing demand for this versatile and enduring construction material.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/granite-market
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