Stone Flooring Market Industry worth $19.9 Billion by 2029 - At a CAGR of 6.3%

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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.

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Browse?211 market data Tables and?43 Figures spread through?211 Pages and in-depth TOC on "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"

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Recent Developments in Stone Flooring Market Industry

1. 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.
2. In September 2023, Polycor Inc. acquired ROCAMAT, a prominent French natural stone producer and a key player in the global building stone industry.
3. 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.
4. 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.
5. 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.
6. 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.
7. In August 2020, Shaw Industries Group, Inc. (Shaw) invested approximately USD 20 million in the expansion of its resilient manufacturing capabilities in Ringgold, Georgia.
8. 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.
9. 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.

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The stone flooring market is greatly impacted by the growing population as well as an increase in building and remodeling 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.

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.

Asia Pacific 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.

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Frequently Asked Questions (FAQ) in Stone Flooring Market Industry

1. 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.

2. What are the major challenges in the stone flooring market?

The major challenge is the availability of alternative flooring materials.

3. 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.

4. 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.

5. 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.