Analyst Viewpoint
Rapid urbanization and industrialization in Asia Pacific is driving the demand for construction materials, including granite. Granite is widely used in the construction of buildings, bridges, roads, and other infrastructure projects. Growing population and rising incomes in several countries in Asia Pacific are fueling real-estate development and residential construction. Granite countertops, flooring, and other applications are popular choices, which in turn is boosting the granite industry growth.
Cultural and historical significance in several countries in Asia contributes to the steady demand for granite in the creation of statues, sculptures, and architectural landmarks. Some countries in Asia Pacific, such as India and China, are major exporters of granite. Increase in global demand for granite, especially from developed regions, offers lucrative granite business opportunities for manufacturers across Asia Pacific.
Granite is utilized in a variety of applications, including building construction (flooring, countertops, wall cladding), infrastructure projects (bridges, roads, monuments), landscaping, and interior design. Granite comes in various colors and patterns, making it a versatile material for esthetic and functional purposes. Different varieties of granite are extracted and processed based on their geological composition. The construction industry is a primary driver of the granite market growth.
The durability, resistance to weathering, and esthetic appeal of granite make it a popular choice for both residential and commercial construction projects. Key granite market trends witnessed across the globe include the growing demand for customized and high-value granite products, an increased focus on sustainability, and the adoption of digital technologies in quarrying and processing.
Growing focus on durability, esthetics, and sustainability in the construction and infrastructure sectors is also driving the granite market value.
Granite is a natural stone with a distinct and attractive appearance. It is available in a wide range of colors, patterns, and textures, making it a versatile choice for various design styles and applications. Architects, designers, and homeowners are becoming more aware of granite's esthetic qualities, which can enhance the visual appeal of interior and exterior spaces.
One of granite's primary qualities is its exceptional durability and longevity. It is a dense and hard rock that is resistant to scratching, chipping, and wear. This durability makes granite suitable for high-traffic areas and surfaces that require long-lasting performance, such as kitchen countertops, flooring, and façades.
The natural properties of granite make it highly resistant to heat and moisture. This property is particularly desirable for kitchen countertops and bathroom surfaces, where exposure to hot cookware, moisture, and water is common. Increased awareness of granite's ability to withstand these conditions drives its demand among homeowners seeking reliable and low-maintenance materials.
Evolving trends in architecture and interior design is boosting the use of natural materials such as granite. Furthermore, influences from design shows, social media platforms, and industry publications are anticipated to positively influence the granite market forecast in the next few years.
Granite tiles and slabs are commonly used for flooring in residential and commercial buildings. The natural beauty of granite, combined with its resistance to wear and tear, makes it a popular choice. Granite can be used in various design styles, from traditional to modern, making it a versatile choice for different interior aesthetics. The use of granite flooring is often considered an upscale feature in homes and commercial spaces. The addition of granite can contribute to the perceived value of a property, making it an attractive choice for those looking to enhance the resale or rental value of a space.
Granite is known for its natural beauty, unique patterns, and wide range of colors. These esthetic qualities contribute to a sense of luxury and sophistication, making granite a preferred choice for enhancing the visual appeal of commercial spaces. The elegant appearance of granite adds a touch of prestige to hotels, restaurants, corporate offices, and retail establishments.
Granite exhibits natural resistance to heat and chemicals, making it suitable for commercial kitchens, restaurants, and areas where spills and exposure to various substances are common. This resistance ensures that the granite surfaces remain unaffected by the harsh conditions often encountered in commercial settings. The use of granite in commercial spaces is often associated with high-end finishes. This association can contribute to the perceived value of the property, enhancing its marketability and potentially increasing property values.
Overall, the combination of aesthetic appeal, durability, versatility, and low maintenance requirements contribute to the growing preference for granite in retail spaces, hospitality, or corporate offices to create a visually appealing and functional atmosphere in commercial settings.
According to the latest granite market analysis, Asia Pacific is a highly fragmented market for granite. Leading companies in the region focus on a wide range of industries and provide diverse product offerings to enhance their market share. A few of the prominent entities operating in the market are Aditya Stonex, Glittek Granites and Robo Silicon Private Limited.
The second tier of competition includes companies such as Bhandari Marble Group and Aravali Onyx. These companies have significant presence across Asia Pacific and India. However, their product offerings in the Asia Pacific and India Granite market are relatively fewer in number than that of tier one companies. Various players have entered into collaborations with research institutes. Thus, new players entering the market are likely to face intense competition from established players.
| Attribute | Detail |
|---|---|
| Market Size Value in 2022 | US$ 43.4 Bn |
| Market Forecast Value in 2031 | US$ 124.3 Bn |
| Growth Rate (CAGR) | 12.4% |
| Forecast Period | 2023-2031 |
| Historical Data Available for | 2020 |
| Quantitative Units | Kilo Tons for Volume and US$ Bn for Value |
| Market Analysis | It includes cross segment analysis at Europe as well as country level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porter’s Five Forces analysis, value chain analysis, and key trend analysis. |
| Competition Landscape |
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| Format | Electronic (PDF) + Excel |
| Market Segmentation |
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| Regions Covered |
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| Countries & States Covered |
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| Companies Profiled (Potential Manufacturers) |
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| Customization Scope | Available upon request |
| Pricing | Available upon request |
The market stood at US$ 43.4 Bn in 2022
It is expected to grow at a CAGR of 12.4% from 2023 to 2031
Increased awareness about qualities of granite qualities drives demand among architects, designers, and homeowners
In terms of application, the flooring segment held largest share in 2022
Robo Silicon Private Limited, Glittek Granites, Aditya Stonex, Avid Marbles, and Aravali Onyx.
1. Executive Summary
1.1. Asia Pacific & India Market Outlook
1.2. Demand Side Trends
1.3. Key Facts and Figures
1.4. Trends Impacting Market
1.5. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Key Developments
2.3. Market Definitions
2.4. Key Market Trends
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Restraints
2.5.3. Opportunities
2.6. Asia Pacific & India Granite Market Analysis and Forecast, 2023-2031
2.6.1. Asia Pacific & India Granite Market Volume (Kilo Tons)
2.6.2. Asia Pacific & India Granite Market Value (US$ Mn)
2.7. Porter’s Five Forces Analysis
2.8. Regulatory Landscape
2.9. Value Chain Analysis
2.9.1. List of Raw Material Suppliers
2.9.2. List of Key Manufacturers
2.9.3. List of Key Suppliers
2.9.4. List of Potential Customers
2.10. Product Specification Analysis
2.11. Production Overview
2.12. Cost Structure Analysis
3. COVID-19 Impact Analysis
3.1. Impact on the Supply Chain of the Granite
3.2. Impact on the Demand of Granite– Pre & Post Crisis
4. Production Output Analysis (Tons), 2021
4.1. Madhya Pradesh
4.2. Uttar Pradesh
4.3. Bihar
4.4. Maharashtra
4.5. Karnataka
4.6. Rajasthan
4.7. Tamil Nadu
4.8. Others
5. Impact of Current Geopolitical Scenario on Market
6. Price Trend Analysis and Forecast (US$/Ton), 2023-2031
6.1. Price Trend Analysis by Type
7. Granite Market Analysis and Forecast, by Application, 2023–2031
7.1. Introduction and Definitions
7.2. Asia Pacific & India Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application, 2023–2031
7.2.1. Monuments
7.2.2. Floors
7.2.3. Paths and Patios
7.2.4. Cladding and Building Blocks
7.2.5. Kitchen Worktops
7.2.6. Others
7.3. Asia Pacific & India Granite Market Attractiveness, by Application
8. Asia Pacific & India Granite Market Analysis and Forecast, by End-use, 2023–2031
8.1. Key Findings
8.2. Asia Pacific & India Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023–2031
8.2.1. Residential
8.2.2. Commercial
8.2.3. Industrial
8.2.4. Infrastructural
8.3. Asia Pacific & India Granite Market Attractiveness, by End-use
9. Asia Pacific Granite Market Analysis and Forecast, 2023–2031
9.1. Key Findings
9.2. Asia Pacific Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3. Asia Pacific Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.1. India Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.2. India Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.3. Madhya Pradesh Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.4. Madhya Pradesh Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.5. Uttar Pradesh Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.6. Uttar Pradesh Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.7. Bihar Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.8. Bihar Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.9. Maharashtra Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.10. Maharashtra Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.11. Karnataka Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.12. Karnataka Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.13. Rajasthan Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.14. Rajasthan Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.15. Tamil Nadu Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.16. Tamil Nadu Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.3.17. Others Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by Application
9.3.18. Others Granite Market Volume (Kilo Tons) and Value (US$ Mn) Forecast, by End-use, 2023-2031
9.4. Asia Pacific & India Granite Market Attractiveness Analysis
10. Competition Landscape
10.1. Asia Pacific & India Granite Company Market Share Analysis, 2022
10.2. Company Profiles (Details – Overview, Financials, Recent Developments, and Strategy)
10.2.1. Bhandari Marble Group
10.2.1.1. Company Revenue
10.2.1.2. Business Overview
10.2.1.3. Product Segments
10.2.1.4. Geographic Footprint
10.2.1.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.1.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.2. Petros Stone LLP
10.2.2.1. Company Revenue
10.2.2.2. Business Overview
10.2.2.3. Product Segments
10.2.2.4. Geographic Footprint
10.2.2.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.2.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.3. MSAND POABS
10.2.3.1. Company Revenue
10.2.3.2. Business Overview
10.2.3.3. Product Segments
10.2.3.4. Geographic Footprint
10.2.3.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.3.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.4. Robo Silicon Private Limited
10.2.4.1. Company Revenue
10.2.4.2. Business Overview
10.2.4.3. Product Segments
10.2.4.4. Geographic Footprint
10.2.4.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.4.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.5. Glittek Granites
10.2.5.1. Company Revenue
10.2.5.2. Business Overview
10.2.5.3. Product Segments
10.2.5.4. Geographic Footprint
10.2.5.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.5.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.6. Aditya Stonex
10.2.6.1. Company Revenue
10.2.6.2. Business Overview
10.2.6.3. Product Segments
10.2.6.4. Geographic Footprint
10.2.6.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.6.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.7. Avid Marbles
10.2.7.1. Company Revenue
10.2.7.2. Business Overview
10.2.7.3. Product Segments
10.2.7.4. Geographic Footprint
10.2.7.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.7.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
10.2.8. Aravali Onyx
10.2.8.1. Company Revenue
10.2.8.2. Business Overview
10.2.8.3. Product Segments
10.2.8.4. Geographic Footprint
10.2.8.5. Production Capacity/Plant Details, etc. (*As Applicable)
10.2.8.6. Strategic Partnership, Capacity Expansion, New Product Innovation etc.
11. Primary Research: Key Insights
12. Appendix
List of Tables
Table 1: Asia Pacific Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 2: Asia Pacific Granite Market Value (US$ Mn) Forecast, by Type, 2023–2031
Table 3: India Granite Market Volume (Kilo Tons) Forecast, by Region, 2023–2031
Table 4: India Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 5: Madhya Pradesh Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 6: Madhya Pradesh Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 7: Uttar Pradesh Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 8: Uttar Pradesh Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 9: Bihar Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 10: Bihar Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 11: Maharashtra Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 12: Maharashtra Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 13: Karnataka Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 14: Karnataka Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 15: Rajasthan Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 16: Rajasthan Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 17: Tamil Nadu Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 18: Tamil Nadu Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
Table 19: Others Granite Market Volume (Kilo Tons) Forecast, by Type, 2023–2031
Table 20: Others Granite Market Value (US$ Mn) Forecast, by Region, 2023–2031
List of Figures
Figure 1: Asia Pacific Granite Market Volume Share Analysis, by Application, 2022, 2027, and 2031
Figure 2: Asia Pacific Granite Market Attractiveness, by Application
Figure 3: India Granite Market Volume Share Analysis, by End-use, 2022, 2027, and 2031
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Asia Pacific & India Granite Market
