This study intends to analyse diverse aspects of the global granite market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Exponential Growth of Construction & Building Industry to Fuel of the Granite Market Forward
Granite is one of the oldest industries known to man. Over the last few decades, there has been an exponential surge in global populations. With higher levels of urbanization, there is an immense need and demand for adequate infrastructure. Additionally, several governments also set aside funds YoY to ensure the renovation and upkeep of various landmarks and public sites. In short, the demand for products and services from the building and construction sector as well as other related industries across several nations has never been higher. Greater penetration of this industry in various emerging economies as well as the presence of established players in developed countries have all contributed to a steady increase in granite market growth prospects for the global granite industry.
Granite Market May See Opportunities Shrinking Due to Consistently Increasing Costs
Despite the several types of granite and other related products available in the market today, the ever-increasing price of granite remains to be a major factor hindering the adoption rate of these products. Additionally, greater complexity in end-product designs may also contribute to the overall cost of granite due to the difficult nature of working with this material. This may also further affect this industry adversely. Moreover, the growing use of various alternatives that are cheaper and more easily available is another major element that could potentially hamper the expansion of the global granite market in the coming years.
Granite Market Receives Tailwinds from Growing Consumer Affluence, and Improving Living Standards
Granite is a relatively expensive material that exudes sophisticated appeal with robust composition and characteristics. As such, it is extensively used for construction and decorative purposes. A steady surge in disposable incomes, particularly in emerging economies, as well as a need to aspire to higher standards of living, are key elements boosting its adoption rates and thus fostering market growth opportunities for various players engaged in the global granite market. Furthermore, increased globalization has eased the availability of this material through various channels and providers. The US, China, Brazil Italy, Sweden, Germany, and Spain are some of the largest exporters of granite in the world. This is another element that is expected to continue over the forecast timeline, in turn boosting market growth prospects in the process.
Granite Market - COVID-19 Impact
The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries, and this was no different for the granite market. Numerous construction and renovation projects around the world were either temporarily halted or permanently grounded as a direct result of this outbreak. This caused several industry players to incur heavy losses, both in terms of labour and financial capacities. However, as restrictions were gradually relaxed, post the 3rd and 4th waves, the global granite market regressed to its pre-COVID state of operations and is expected to continue its resurgence over the forecast period.
Asia Pacific All Set to Develop a Strong Breeding Ground for Granite Market Expansion
Granite Market: Competitive Landscape
Major players in the granite market include Levantina, Gem Granites, Cosentino, SMG, Antolini, Rock of Ages, Williams Stone, Amso International, Coldspring, Pokarna Ltd., R.E.D. Graniti, Swenson Granite, Rashi Granite, KSG, Tanhat Mining, UMGG, Kangli Stone, Fujian Hongfa, Best Cheer, Huachuan, Shanshui Stone, Xishi Group, Wanlistone, Yinlian Stone, Dongsheng Stone, Huahui Stone, Xinfeng Group, Quanxinglong, Guanghui Stone, and Fengshan Stone, to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Development
In Feb 2022, Granite Construction Incorporated (GVA), an infrastructure provider, announced that it would sell its Inliner business for US$159.7 million, in a move to boost its expanding core civil construction & materials business.
Regional Classification of Global Granite Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Granite Market
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