Stone Mining & Quarrying Market: Introduction
- Stone mining and quarrying involves excavating and quarrying of minerals, whether inorganic or organic, which are naturally generated in gaseous, liquid, or solid state and dressing and other upgrading treatments of these minerals
Key Drivers and Restraints of Global Stone Mining & Quarrying Market
- Increase in the demand for precious stones, such as marble, granite, and limestone, in residential and commercial establishments for imparting an aesthetic look to buildings is expected to drive the global stone mining & quarrying market during the forecast period. Afghanistan, India, Italy, Turkey, Spain, and the U.K. are some of the major exporters of marble across the globe.
- Rise in the capital expenditure on infrastructure development led by migration of population toward urban areas, strong economic growth, and rapid urbanization in developing as well as developed countries are anticipated to propel the global stone mining & quarrying market during the forecast period
- However, high capital costs associated with the construction activity are projected to restrain the global stone mining & quarrying market during the forecast period
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Commercial Application Segment to Hold a Major Share of Global Market
- The global stone mining & quarrying market can be segmented based on stone, type, application, and region
- In terms of stone, the global stone mining & quarrying market can be divided into marble, granite, limestone, sandstone, and others. The marble segment is anticipated to expand at a significant pace during the forecast period, as marble is extensively used as a building material in monuments and sculptures for structural and decorative purposes. Furthermore, the sandstone segment is anticipated to witness significant growth from 2019 to 2027, owing to rise in the demand for aggregates used in the construction of building foundations, railroad beds, and highways.
- In terms of type, the global stone mining & quarrying market can be divided into dimension stone mining and crushed stone mining. The crushed stone mining segment is anticipated to witness significant growth in the near future, owing to rise in the demand for aggregates used in the construction of building foundations, railroad beds, and highways. Moreover, dimension stone mining is used for monuments, buildings, sculptures, paving.
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North America Anticipated to Dominate Global Stone Mining & Quarrying Market
- In terms of region, the global stone mining & quarrying market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The stone mining & quarrying market in North America is projected to witness significant growth during the forecast period. This can be ascribed to rise in the demand for renovation and refurbishment of aging infrastructure in the region. Furthermore, rise in investments in the construction of single- and multi-family buildings backed by increase in migration of population from rural toward urban areas is expected to fuel the market in the region in the near future.
- The stone mining & quarrying market in Asia Pacific is expected to expand at a rapid pace during the forecast period, owing to increase in the spending on development of infrastructure, such as rail and road networks, bridges, housing, and commercial and industrial establishments, primarily in developing as well as developed nations in the region, such as Japan, South Korea, India, and China. For instance, in 2018, the infrastructure sector in India witnessed venture capital and private equity investments worth US$ 1.97 Bn.
- The stone mining & quarrying market in Europe is estimated to witness significant growth during the forecast period, due to rise in construction activities in the region, which has augmented the demand for stones such as marble and granite. For instance, in September 2019, the European Investment Bank (EIB) announced to funding of US$ 7.84 Bn for projects in the fields of education, health, telecoms, sustainable transport, clean energy, and social housing.
- The stone mining & quarrying market in Middle East & Africa and Latin America is likely to expand at a moderate pace during the forecast period, owing to the increase in spending on the construction industry in these regions
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Key Players Operating in Global Market
Leading companies operating in the global stone mining & quarrying market are:
- Vulcan Materials Company
- ADELAIDE BRIGHTON LTD
- CARMEUSE
- Cemex SAB de CV
- Martin Marietta Aggregates Inc.
- Tarmac
- Oldcastle Materials
- Holcim
Global Stone Mining & Quarrying Market: Research Scope
Global Stone Mining & Quarrying Market, by Stone
- Marble
- Granite
- Limestone
- Sandstone
- Others
Global Stone Mining & Quarrying Market, by Type
- Dimension Stone Mining
- Crushed Stone Mining
Global Stone Mining & Quarrying Market, by Region
- North America
- S.
- Canada
- Europe
- Germany
- K.
- France
- Sweden
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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