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
Updated on : August 08, 2024
Stone Flooring Market
Stone Flooring Market is valued at USD 14.7 billion in 2024 and is projected to reach USD 19.9 billion by 2029, growing at 6.3% cagr from 2024 to 2029.
This industry showcases a diverse array of stone types like marble, granite, limestone, and quartz, prized for their durability, aesthetic appeal, and adaptability across residential, commercial, and industrial sectors. Key drivers include technological advancements, urbanization, and sustainability trends, influencing product offerings from standard tiles to bespoke designs. This market is dynamic, shaped by interior design trends, economic factors, and regulatory requirements, reflecting an ever-evolving industry landscape. The construction industry's significant expansion worldwide is a key factor contributing to the optimistic outlook for the market. The growing desire for modern and visually appealing interiors in both residential and commercial properties is fueling market growth. There is a rising inclination towards using stones, particularly marble, to provide luxurious finishes to the floors of various establishments such as commercial buildings, hotels, theaters, churches, and monuments. The increasing environmental awareness among consumers is serving as another driver of growth.
Attractive Opportunities in the Stone Flooring Market
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Stone Flooring Market Dynamics
Driver: Improvement in housing markets
As housing markets improve, there is an increase in both new construction and home renovation projects, encouraging homeowners and developers to opt for high-quality materials that enhance property value and appeal. New constructions significantly drive the stone flooring market by creating a substantial demand for flooring options. Developers and homeowners opt for natural stone due to its timeless elegance, durability, and ability to enhance property value. In new residential constructions, ranging from luxury homes to high-rise apartments, materials like marble, granite, and travertine are frequently chosen for their capacity to elevate interior esthetics and provide long-lasting performance. Commercial projects such as office buildings, hotels, and retail spaces with heavy foot traffic favor stone flooring for its resilience and low maintenance requirements. The versatility of stone flooring in terms of design and functionality makes it a preferred choice across various architectural styles, contributing to its ongoing popularity in the construction industry. As new construction activities expand globally, the demand for stone flooring is expected to grow. As homeowners seek to modernize and enhance the value of their properties, they often opt for natural stone flooring, such as marble, granite, and travertine. Renovation projects frequently involve upgrading outdated or worn flooring with premium materials that not only improve the aesthetic appeal but also offer long-term benefits such as durability and easy maintenance.
The improvement in the housing market index (HMI) from 44 in January 2024 to 51 in April 2024, as reported by the National Association of Home Builders (NAHB), signifies a strengthening housing market, positively impacting the stone flooring market. The rise in HMI components, such as the increase in present single-family sales from 48 to 57, projected single-family sales for the next six months expected to rise from 57 to 60, and prospective buyer traffic, from 29 to 34, reflects growing confidence among builders and buyers. This optimism leads to increased construction and renovation activities. As single-family home sales rise, developers and homeowners are more inclined to invest in high-quality materials like stone flooring. The increase in prospective buyer traffic indicates a heightened interest in new and existing homes, prompting sellers to undertake renovations to attract buyers. This combination of new construction and renovation, driven by a stronger housing market, significantly boosts demand for stone flooring, highlighting its role in creating luxurious, durable, and visually appealing living spaces.
Restraint: Elevated expenses linked to natural stone materials
The stone flooring market faces a significant hurdle due to the high cost of natural stone materials, impacting both consumers and industry stakeholders. This challenge stems from various factors, starting with the extraction process, which requires substantial labor and machinery expenses. Refining raw stone into finished flooring products demands specialized equipment and skilled labor, further driving production costs. Transportation expenses also contribute significantly to the overall cost, given the weight and bulkiness of stone materials. Moving them from quarries to manufacturing facilities, and then to distribution centers and retail outlets incurs considerable logistical costs.
The global nature of the stone market often involves importing stone from distant regions, adding to transportation expenses and potentially inflating retail prices. Consequently, natural stone flooring tends to be priced higher than alternatives like ceramic tiles or vinyl. While natural stone offers unmatched beauty, durability, and longevity, its premium pricing may deter budget-conscious consumers, who may instead opt for more affordable options. These high costs not only impact consumer decisions but also limit market expansion, particularly in price-sensitive segments or regions. They also reduce profit margins for manufacturers and retailers, posing challenges for businesses in the industry.
Opportunity: Expansion in hospitality and tourism industries
As the hospitality and tourism industries expand, there is increasing construction of hotels, resorts, and other accommodation facilities worldwide. These establishments demand flooring materials that not only enhance visual appeal but also endure heavy foot traffic and retain elegance over time. Natural stone flooring, including marble, granite, and travertine, is preferred for its luxurious appearance and durability. For instance, luxury resorts in tourist havens like the Maldives and Hawaii often utilize marble flooring in villas and common areas to create a sophisticated ambiance. Existing hotels and resorts frequently undergo renovations to maintain competitiveness and cater to evolving guest preferences. These projects often include upgrading flooring to enhance overall esthetics and functionality. Natural stone flooring is chosen for its ability to transform spaces into modern and elegant environments. Historic hotels in Paris and Rome have refreshed their interiors with marble flooring, blending classic charm with contemporary amenities to appeal to discerning travelers.
The preference for natural stone in hotels and resorts highlights its resilience to wear and tear while maintaining a timeless elegance that enhances guest satisfaction. The growth of the hospitality and tourism sectors carries significant economic implications, contributing to job creation, GDP growth, and infrastructure development in regions heavily dependent on tourism. This economic vitality drives construction activities, including the installation of stone flooring, across popular tourist destinations and urban centers. For instance, cities renowned for their cultural heritage and tourist appeal, such as Barcelona and Istanbul, are witnessing ongoing investments in hotel infrastructure featuring natural stone flooring to elevate guest experiences and support local economies
Challenge: Availability of alternative flooring materials
Alternative flooring materials like laminate, vinyl, and engineered wood can pose a challenge to the stone flooring market. These substitutes often replicate the look of natural stone at a reduced cost and boast advantages such as simpler installation and maintenance. Consequently, consumers may favor these alternatives over authentic stone flooring, presenting a challenge to market expansion. Advancements in the production of these substitute materials have enhanced their quality and durability, heightening competition in the market. As a result, stone flooring manufacturers must innovate and distinguish their products to maintain competitiveness in the industry.
STONE FLOORING MARKET ECOSYSTEM
The stone flooring market ecosystem comprises numerous activities and players involved in the production, distribution, and installation of stone flooring products. It starts with quarrying, which extracts raw stones like granite, marble, limestone, and other stones. These materials are subsequently processed and cut into tiles or slabs in manufacturing plants. The final stone flooring products are distributed to end users via a network of distributors, retailers, and direct sales channels, which include residential, commercial, and industrial clients.
The prominent players in the stone flooring market are Mohawk Industries, Inc. (US), Shaw Industries Group, Inc. (US), Stone Source LLC (US), Polycor Inc. (US), and Emser Tile (US), Asian Granito India Limited (India), Levantina y Asociados de Minerales, S.A (Spain), among others.
By type, granite to have the highest market share in the forecast period.
The granite segment accounts for the largest market share and is projected to have the highest CAGR in the forecast period. Granite flooring is favored by homeowners and interior designers for its numerous advantages, such as exceptional durability, esthetic appeal, heat and scratch resistance, low maintenance, hypoallergenic properties, and the ability to increase property value. Granite is one of the most sought-after natural stones, with around 2/3 of the global supply coming from China, India, and Brazil. Its inherent strength, abrasion resistance, and excellent weathering durability ensure that granite remains a top choice for flooring materials. This widespread availability and superior qualities drive demand across various sectors, from residential to commercial spaces. The stability of the global supply chain from major granite-producing countries also ensures consistent availability and competitive pricing, making granite an attractive option for a wide range of flooring applications. According to the Natural Stone Institute, granite continues to be highly favored in the global stone market, experiencing substantial demand from both residential and commercial construction sectors. Countries with robust construction sectors, such as the US, China, and India, have a high demand for granite flooring due to the increasing trend of home renovations and improvements.
By application, the residential segment to register the highest CAGR in the forecast period.
The residential segment stands out as the fastest-growing segment in the stone flooring market. According to the U.S. Census Bureau, the US seasonally adjusted annual rate of privately-owned housing completions in May 2024 reached 1,514,000, marking a 1% increase from the May 2023 rate of 1,499,000. This includes a completion rate of 1,027,000 for single-family homes and 479,000 for buildings with five or more units. The slight year-over-year increase in housing completions indicates a stable or growing demand for residential construction. This growth positively impacts the stone flooring market, as more completed housing units lead to a higher demand for high-quality, durable, and esthetically appealing flooring options like marble, granite, and travertine. Single-family homes often use premium materials to enhance property value and appeal to discerning homeowners. Multi-unit buildings also frequently incorporate stone flooring in communal areas such as lobbies and hallways to add a touch of luxury. Consequently, the stone flooring market benefits from both new single-family homes and larger residential buildings, driving a steady demand for various types of natural stone flooring. Changing demographics globally influence residential construction preferences and trends. The aging population in many countries has increased the demand for specialized housing solutions, such as retirement communities and assisted living facilities, where safety, durability, and esthetics are crucial. Stone flooring is favored in these settings for its ability to create a sophisticated and safe environment. Similarly, younger generations entering the housing market seek modern, stylish living spaces that incorporate eco-friendly and sustainable building materials.
Asia Pacific dominated the market in 2023.
The Asia Pacific region has emerged as the dominant force in the stone flooring market among North America, Europe, South America, and the Middle East & Africa due to several key factors. According to the United Nations Population Fund, the Asia Pacific region, which includes populous nations like China and India, comprises 60% of the world's population, totaling 4.7 billion people. The International Monetary Fund (IMF) points to China and Japan as the world's second and third-largest economies, respectively, in 2023. The significant population and economic expansion in Asia Pacific, driven by China and India, heavily influence various markets, including stone flooring. The rapid urbanization and industrialization in China and India, are driving a surge in construction activities across residential, commercial, and infrastructure sectors, directly boosting the demand for stone flooring. The rapid urban expansion in Indonesia, Malaysia, and the Philippines is also leading to a rise in new township developments. This urban expansion involves the development of new cities and the expansion of existing urban areas, necessitating durable and visually attractive flooring solutions in residential complexes, office buildings, retail spaces, and hospitality establishments. Economic growth in the Asia Pacific region is fueling heightened investments in both residential and commercial real estate. With rising incomes and evolving urban lifestyles, there is a noticeable trend towards luxury housing and upscale commercial developments.
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Stone Flooring Market Players
The stone flooring market comprises key manufacturers such as Mohawk Industries, Inc. (US), Shaw Industries Group, Inc. (US), Stone Source LLC (US), Polycor Inc. (US), Emser Tile (US), and others. Acquisitions, mergers, expansions, and partnerships were some of the major strategies adopted by these key players to enhance their positions in the stone flooring market. A major focus was given to the new projects and contracts.
Stone Flooring Market Report Scope
|
Report Metric |
Details |
|
Market size available for years |
2022–2029 |
|
Base year considered |
2023 |
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Forecast period |
2024–2029 |
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Forecast units |
Value (USD million/USD Billion) and Volume (Million Square Meters) |
|
Segments Covered |
Type, Application, and Region |
|
Geographies covered |
North America, Asia Pacific, Europe, Middle East & Africa, and South America |
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Companies covered |
Mohawk Industries, Inc. (US), Shaw Industries Group, Inc. (US), Stone Source LLC (US), Polycor Inc. (US), and Emser Tile (US) |
This research report categorizes the stone flooring market based on type, application, and region.
Stone Flooring Market based on Type:
- Granite
- Limestone
- Marble
- Other types
Stone Flooring Market based on the Application:
- Residential
- Non-Residential
Stone Flooring Market based on the Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Recent Developments
- In October 2023, Emser Tile, a leading designer and manufacturer of top-quality tile and natural stone products, unveiled Emser Tech, a cutting-edge product testing facility. This state-of-the-art facility is fully equipped to conduct all industry-standard tests efficiently. With this new facility, Emser can ensure the validation of testing, data analysis, and quality control measures. This strategic move empowers the company to not only meet but surpass industry standards.
- In September 2023, Polycor Inc. acquired ROCAMAT, a prominent French natural stone producer and a key player in the global building stone industry.
- In February 2023, Polycor Inc. acquired Ebel Quarries, a limestone quarrying and fabrication company based in Wiarton, Ontario. The acquisition enables Polycor to enhance its presence in Ontario, meet the rising demand for natural stone, and diversify its extensive product line by incorporating a new subsidiary into its extraction and finishing network.
- In May 2022, Birch Hill Equity Partners and Investissement Québec acquired Polycor Inc. in partnership with the company’s management team from TorQuest Partners and its co-investors, Wynnchurch Capital and PNC Mezzanine Capital. Polycor finalized the transaction on April 29, 2022. This deal will support Polycor's ongoing growth in Québec and its global operations.
- In April 2022, Paramount Global Surfaces, a portfolio company of Platinum Equity, acquired Stone Source from a group of investors headed by Founders Equity. Partnering with PGS will give Stone Source the advantage of increased scale and allow it to offer customers a more extensive range of products.
- In February 2022, Diverzify, a commercial flooring installation, and interior services company, announced a merger with Shaw Industries Group Inc. This will help Shaw Industries Group, Inc. to strengthen its market position.
- In August 2020, Shaw Industries Group, Inc. (Shaw) invested approximately USD 20 million in the expansion of its resilient manufacturing capabilities in Ringgold, Georgia.
- In November 2019, Emser Tile inaugurated its 76th branch in North America. Located 18 miles northwest of Philadelphia, this new showroom will cater to central and eastern Pennsylvania, and Southern New Jersey, as well as parts of New York and Delaware. Positioned strategically in the Philadelphia market, which shows promise for both remodeling and new construction projects, the new location offers convenience to Emser Tile’s growing base of customers in the Mid-Atlantic region.
- In July 2019, Emser Tile opened its 75th branch in North America. The second branch in Atlanta, Georgia, it reflects the company’s ongoing dedication to the region. The addition enhances accessibility to Emser Tile’s diverse range of tile and natural stone products for both residential and commercial projects, particularly benefiting customers conducting business on the west side of Atlanta.
Frequently Asked Questions (FAQ):
What are the major drivers driving the growth of the stone flooring market?
The major driver influencing the growth of the stone flooring market is the improvement in housing markets.
What are the major challenges in the stone flooring market?
The major challenge is the availability of alternative flooring materials.
What are the restraining factors in the stone flooring market?
The major restraints in the stone flooring market are elevated expenses linked to natural stone materials.
What is the key opportunity in the stone flooring market?
Expansion of the hospitality and tourism industries is a major opportunity in the stone flooring market.
Who are the key players in the global stone flooring market?
The key players operating in the stone flooring market are Mohawk Industries, Inc. (US), Shaw Industries Group, Inc. (US), Stone Source LLC (US), Polycor Inc. (US), and Emser Tile (US), amongst others.
What are the primary factors driving the growth of the stone flooring market in Europe?
The growth in Europe is driven by increasing urbanization, a strong preference for sustainable building materials, and rising demand for high-quality, aesthetically appealing flooring solutions in both residential and commercial sectors.
How is the booming construction industry impacting the stone flooring market in North America?
In North America, the booming construction industry is significantly boosting the stone flooring market as developers and homeowners opt for durable and luxurious materials like granite and marble for new builds and renovations.
How do EU regulations impact sourcing and sustainability in the stone flooring market?
European regulations on sustainable sourcing and environmental impact are encouraging the use of locally sourced stones and recyclable materials in flooring solutions.
What factors are driving growth in the North American stone flooring market?
A rise in residential and commercial construction projects, paired with a preference for high-end, durable flooring, is driving demand for stone flooring in North America.
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The study involved four major activities for estimating the current global size of the stone flooring market. Exhaustive secondary research was conducted to gather information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizes with the industry experts across the value chain of stone flooring through primary research. Both the top-down and bottom-up approaches were employed to estimate the overall size of the stone flooring market. After that, market breakdown and data triangulation procedures were used to determine the size of different segments and sub-segments of the market.
Secondary Research
In the secondary research process, various secondary sources such as Hoovers, Factiva, Bloomberg BusinessWeek, and Dun & Bradstreet were referred to, to identify and collect information for this study on the stone flooring market. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, regulatory bodies, trade directories, and databases.
Primary Research
Various primary sources from both the supply and demand sides of the stone flooring market were interviewed to obtain qualitative and quantitative information. The primary sources from the supply-side included industry experts, such as Chief Executive Officers (CEOs), vice presidents, marketing directors, sales professionals, and related key executives from various leading companies and organizations operating in the stone flooring industry. The breakdown of the profiles of primary respondents is as follows:
Breakdown of Primary Interviews
Notes: Companies are classified based on their revenue–Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = <USD 500 million.
Others include sales, marketing, and product managers.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the global size of the stone flooring market. These approaches were also used extensively to estimate the size of various dependent segments of the market. The research methodology used to estimate the market size included the following details:
- The key players were identified through extensive secondary research.
- The industry’s supply chain and market size, in terms of value, were determined through primary and secondary research processes.
- All percentage shares, split, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players, along with extensive interviews with key officials, such as directors and marketing executives.
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Data Triangulation
After arriving at the overall market size from the estimation process explained above, the total market was split into several segments and sub-segments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments of the stone flooring market. The data was triangulated by studying various factors and trends from both the demand- and supply-side.
In addition, the market size was validated by using both the top-down and bottom-up approaches. Then, it was verified through primary interviews. Hence, for every data segment, there are three sources—top-down approach, bottom-up approach, and expert interviews. The data were assumed to be correct when the values arrived at from the three sources matched.
Market Definition
Stone flooring is a tile or slab that is cut directly from stone blocks. These stone blocks come from various mountain-born minerals such as marble, granite, travertine, limestone, and sandstone. Renowned for its durability, esthetic charm, and adaptability, stone flooring finds applications across the residential, commercial, and industrial sectors.
Key Stakeholders
- Raw material suppliers and producers
- Manufacturers, distributors, and suppliers
- Contractors and installers
- Real estate developers
- End users
- Industry association and regulatory bodies
Research Objectives
- To estimate and forecast the stone flooring market, in terms of value and volume
- To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growth
- To define, describe, and forecast the market size, based on the type, application, and region
- To forecast the market size along with segments and submarkets, in key regions: North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America along with their key countries
- To strategically analyze micro markets, with respect to individual growth trends, prospects, and their contribution to the total market
- To analyze growth opportunities in the market for stakeholders and provide details on the competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments, such as merger & acquisition, expansion, and new product development in the stone flooring market
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to client-specific needs.
The following customization options are available for the stone flooring report:
Product Analysis
- Product matrix, which offers a detailed comparison of the product portfolio of companies
Regional Analysis
- Further analysis of the stone flooring market for additional countries
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in Stone Flooring Market