Some factors driving innovation in the use of natural and manufactured stone for home building and furnishing include; a rise in the awareness of attractive exterior styles and rapid urbanization.
1. A rise in Awareness of Attractive Exterior Styles
- The global demand for natural stone for construction is on the rise, according to Grand View Research. The market is projected to grow at a CAGR of 3.5% from 2020 to 2027.
- One of the main factors driving the adoption of natural stone for innovation among residential end-users is the surge in consciousness toward attractive exterior designs.
- Granite, marble, limestone, and other types of natural stones are sought after for home remodeling, especially in residential settings in urban areas.
- These stones, when used for flooring in backyards, patios, pavements, and porches, “enhance the visual appeal of residential buildings, thereby fueling their adoption.”
- Moreover, the surge in awareness of exterior entertainment areas in emerging economies, coupled with an increase in disposable income, has created the demand for innovation with natural stones; for example, the adoption of marble for the construction of wall cladding and furniture.
2. Rapid urbanization
- According to Allied Market Research, the metropolitan population increase is centered on the emerging technologies of the globe, which offers natural stones a very important place in the market. Hence, these regions are undergoing significant residential development, particularly in home building, and furnishing.
- Rapid urbanization has brought about a surge in the adaption of natural stones for indoor flooring.
- In addition, there has been a rise in the desire to purchase aesthetically appealing goods for house furnishings such as marble, granite, sandstone, flagstone, and limestone.
- As a result of the increase in disposable income in emerging countries, marbles are extensively utilized for internal walls, facades, floors, and countertops. The marble segment is projected to grow at a CAGR of 4.7% of the global natural stone market by the end of 2026.
The research team searched through industry-related articles and market research databases, such as Grand View Research, Allied Market Research, ReportLinker, and more, to determine some factors driving the innovation in natural stone for home building and furnishing. We chose those factors that were referenced in multiple studies as the main factors driving innovation in this area.