In terms of revenue, the global natural stone market was valued at US$ 80.5 Bn and in terms of volume, it was 275.9 Mn Tons in the year 2018. The market is expected to grow with a significant CAGR during the forecast period. Natural stone is more durable, easy to maintain, and it can withstand all environmental conditions, which is driving the overall market demand. Natural stones have a natural beauty which increases its demand in international markets. The demand for a natural stone from the construction industry is one of the major factors contributing to the growth of the natural stone market.
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Some natural stones are valued for their light scattering characteristics and brightness and are mostly used for making bright opaque paper. Limestone or calcium carbonate is used as an inexpensive filler in the paper industry. The filler is often used in papermaking for the production of bright and smooth paper. For instance, Rich Mineral Paper (Rockstock) is a paper formed by 80.9% calcium carbonate, which is obtained from natural stone waste from the construction industry.
In the production of paper from natural stone, only 15% of the energy is required compared to wood pulp paper and CO2 footprints are also reduced by 65%, which makes it more environment-friendly. Rising consumer preference for eco-friendly products is expected to drive the demand for natural stones in the paper & pulp industry. However, concerns regarding radiations from natural stone are expected to hamper the market demand during the forecast period.
According to the Environment Protection Agency (EPA), some granites may carry naturally-occurring radioactive elements such as uranium, radium, and thorium. These elements are solid but may deteriorate into radon with time, which is an odorless and colorless radioactive gas that may harm the environment.
The key players operating in the market are Topalidis, Polycor Inc., Antolini, Amso International, Dermitzakis, Vetter Stone, Dimpomar, ANSI India, Earth Stone Global, Mumal Marble, and others. Various strategies such as mergers & acquisitions, strategic partnerships, joint ventures, new product developments, and others are adopted by the key players to stay competitive in the market. For instance, in October 2018, Polycor Inc., a Canada-based natural stone quarrier, completed the merger with Indiana Limestone Company ("ILCO"), a supplier of building products. The merger was aimed at expanding geographic presence and product offerings, and growing through cross-selling synergies.
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