DUBLIN, September 24, 2021--(BUSINESS WIRE)--The "Stone Mining and Quarrying Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global stone mining and quarrying market reached a value of nearly $8,058.8 million in 2020, having increased at a compound annual growth rate (CAGR) of 1.2% since 2015. The market is expected to grow from $8,058.8 million in 2020 to $11,146.7 million in 2025 at a rate of 6.7%. The market is then expected to grow at a CAGR of 5.1% from 2025 and reach $14,321.0 million in 2030.
Growth in the historic period resulted from increase in demand for natural stones, strong economic growth in emerging markets, increase in production capacities, low-interest rate environment. The market was restrained by fatal accidents in mining, reduction in free trade, geo-political tensions.
Going forward government policies, growing capital expenditure on infrastructure development, increasing construction activities, improved logistics infrastructure will drive the growth. Factors that could hinder the growth of the stone mining and quarrying market in the future include shortage of skilled workforce, coronavirus pandemic, environmental impacts of stone mining and quarrying, uncertain demand for stone mining and quarrying.
The stone mining and quarrying market is segmented by type into dimension stone mining and crushed stone mining. The dimension stone mining market was the largest segment of the stone mining and quarrying market segmented by type, accounting for 67.3% of the total in 2020. Going forward, the dimensional stone mining segment is expected to be the fastest growing segment in the stone mining and quarrying market segmented by type, at a CAGR of 7.0% during 2020-2025.
The stone mining and quarrying market is segmented by organization size into large enterprises, small and medium enterprises. The large enterprises market was the largest segment of the stone mining and quarrying market segmented by organization size, accounting for 74.2% of the total in 2020. Going forward, the small and medium enterprises segment is expected to be the fastest growing segment in the stone mining market segmented by organization size, at a CAGR of 7.6% during 2020-2025.
Asia Pacific was the largest region in the global stone mining and quarrying market, accounting for 58.5% of the total in 2020. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the stone mining and quarrying market will be Africa and North America, where growth will be at CAGRs of 14.5% and 8.2% respectively. These will be followed by South America and Middle East where the markets are expected to grow at CAGRs of 7.5% and 7.3% respectively.
Stone mining refers to the extraction of stone from the earth and after cutting and polishing, these stones are used for the primary construction of monuments and buildings. It is also used as decorative facing materials in the interior and exterior of buildings. Stone mining and quarrying are segmented by type into dimension stone mining and crushed stone mining.
The COVID-19 outbreak had a significant impact on the supply chain of the construction industry, including natural stone as governments globally imposed lockdowns and suspended domestic and international transportation services to contain the virus. Manufacturing and supply of construction materials, including stone mining and quarrying was affected as facilities were shut down and the movement of people and goods were restricted.
Stone mining and quarrying companies around the globe had stopped production completely, or were operating at reduced capacity at the start of the pandemic. Slowly these companies are returning to full scale operations while following the social distancing norms.
The stone mining and quarrying market is highly fragmented, with a large number of small players dominating the market. The key players in the market are focusing on expanding their operational and business presence in the stone mining and quarrying market through strategic acquisition of emerging companies in the industry.
The top 10 companies in the market occupied 44.85% of market share in the global stone mining and quarrying market. Major players in the market include Vulcan Materials Company, CRH, Martin Marietta Materials Inc, Lafarge Holcim and Heidelberg Cement AG.
The top opportunities in the stone mining and quarrying market segmented by type will arise in the dimension stone mining, which will gain $2,175.6 million of global annual sales by 2025. The top opportunities in the stone mining and quarrying market segmented by organization size will arise in the large enterprises segment, which will gain $2,161.7 million of global annual sales by 2025. The molecular stone mining and quarrying market size will gain the most in the China at $2,881.8 million.
Market-trend-based strategies for the stone mining and quarrying market include popularity of precision surface excavation machines in mining, robotic in stone mining, cognitive computing will boost the stone mining sector, renewable energy in mining, wearable and AR technology for quarry monitoring, use of 3D mine visualizers.
Player-adopted strategies in the stone mining and quarrying market include acquisition of emerging and established companies in stone mining, and of innovative technologies.
Vulcan Materials Company
Martin Marietta Materials Inc.
National Mineral Development Corporation (NMDC)
China Shenhua Energy Co.
Zijin Mining Group Co.
Metalloinvest MC LLC
China Coal Energy Co., Ltd
China Northern Rare Earth Group High-Tech Co., Ltd
Sumitomo Metal Mining Co., Ltd
Jiangxi Copper Co., Ltd
China Molybdenum Co., Ltd
Shandong Gold Mining Co., Ltd
UK Coal Surface Mines Limited
Evraz Group SA
Mosaic, Hecla Mining
United States Steel Corporation
Dynacor Gold Mines
Inca One Gold
Carmeuse Lime & Stone Inc
Advanced Mashreq Mining Company
Chadormalu Mining and Industrial Company
Afrisam (South Africa) (Pty) Ltd
Drift Supersand (Pty) Ltd
Denron Quarries (Pty) Ltd
CiBi Nigeria Limited
Multiverse Mining & Exploration Plc
For more information about this report visit https://www.researchandmarkets.com/r/uqhh87
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Laura Wood, Senior Press Manager
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