The global Stone Mining & Quarrying market reached a value of nearly $8,058.8 million in 2022 and will be expected to reach $14,321.0 million in 2030, at a CAGR of 6.7%.

Stone Mining & Quarrying Market Overview:

Stone mining and quarrying is the excavation of stone, rock, slate, gravel, sand, etc. from the ground for use in the construction of roads, pavements, sculptures, etc. The strength and hardness of the stone proposals create it an excellent choice. An increase in foundation materials and increasing construction activities globally have dominated to growth in stone mining and quarrying.

On the basis of stone material, the market is segmented into marble, granite, limestone, sandstone, and others. The marble fragment held a major share of the market and is expected to maintain its dominance over the forecast timeline as it is widely used in the construction of monuments and sculptures due to its aesthetic appeal. The sandstone sector is also anticipated to observe substantial growth due to the widespread use of aggregates for building structures, railroad floors, and highways.

Based on type, the global market is segmented into pulp stone mining and crushed stone mining. The crushed stone mining fragment held a major share of the market. Crushed rock mining is extensively utilized for the quarrying of aggregates used in building foundations, railway roadbeds, and highways. The dimension stone mining fragment is expected to grow at stable rate as it is used to quarry monuments, sculptures, and paving stones.

Stone Mining & Quarrying Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Stone Mining & Quarrying Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In October 2019, Polycor Inc. acquired Elliott Stone Company Inc. (US), a leading Indiana limestone quarry and manufacturer, strengthening its leading position as a global natural stone quarry.
• In October 2018, Polycor Inc. completed a merger with Indiana Limestone Company (Indiana), a leads dimension limestone quarry and building materials producer, positioning itself as a global leader in the natural stone industry.

Major Market Segments Covered in Stone Mining & Quarrying Market Industry Research:

Market Key Players:
Vulcan Materials Company, Martin Marietta Aggregates, Cemex S.A.B., Adelaide Brighton, Rogers Group, Carmeuse Lime & Stone, Graphit Kropfmhl, Minerals Technologies, United States Lime & Minerals, And Others.

By Type:

• Jaw Crushers
• Cone Crushers
• VSI Crushers
• HSI Crushers
• Mining Screens
• Other

By Application:

• Mining Industry
• Construction Industry
• Other

By Region:

The stone mining and quarrying market in North America is expected to witness significant growth during the forecast period. This can be attributed to the increased demand for renovation and refurbishment of aging infrastructure in the region. Additionally, increasing investment in single- and multi-family building construction supported by rising population migration from rural to urban is predictable to increase the market in the region in the coming years.

The stone mining and quarrying market in the Asia Pacific is expected to expand at a rapid pace during the forecast period, owing to increasing spending on infrastructure development e.g. rail and road networks, bridges, housing, and commercial and industrial facilities. It mainly occurs in developing and developed countries in this region, such as Japan, Korea, India, and China. For instance, in 2018 India's infrastructure sector witnessed US$1.97 billion worth of venture capital and private equity investments.

The stone mining and quarrying market in Europe is estimated to witness significant growth during the forecast period owing to increasing construction activities in the region, which has increased the demand for stones such as marble and granite. For example, in September 2019, the European Investment Bank (EIB) announced US$7.84 billion in funding for projects in the fields of education, health, telecommunications, sustainable transport, clean energy, and social housing.

Stone mining and quarrying markets in Middle East & Africa and Latin America are about to expand at a moderate pace during the forecast period due to increased spending on the construction industry in these regions.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Key Drivers:

The surge in capital expenditure for infrastructure development is expected to boost revenues in the stone mining and quarrying market over the forecast period. The increase in capital spending on infrastructure is driven by population growth, rapid urbanization, strong economic growth, and migration of people to urban areas. For example, according to the Global Infrastructure Outlook, which forecasts infrastructure investment demand in 50 countries and 7 sectors by 2040, the world's population is expected to grow by nearly 2 billion people or 25%, accounting for about 20% of the world's population. 46% will migrate from rural to urban areas by 2040, creating massive demand for infrastructure support. The Viewpoint also expects that global infrastructure investment will need to reach $94 trillion by the end of 2040 to keep pace with the global population and economic changes. Increasing spending on infrastructure is likely to boost the demand for stone in the building and construction industry, which in turn is expected to contribute to market growth.

Restraints

Uncertain demand for stone mining and quarrying is expected to limit the growth of the stone mining and quarrying market. The global lockdown caused by the COVID-19 pandemic has disrupted construction and manufacturing activities, the outcome in uncertain demand for stone mining and quarrying during the first half of 2020. The construction sector is a major end-user of stone mining and quarrying, and the partial closure of real estate and housing activities by reduced spending consumers has considerably affected the consumption of stone and related products. In India, for example, government finances prioritized relief and welfare measures during the COVID-19 pandemic, reducing investment in the infrastructure sector. This has limited the government's ability to fund infrastructure projects. In addition, private sector investment in major infrastructure projects, including highway and road construction, has been impacted by delays in mobilizing a migrant workforce. Therefore, it negatively affects the growth of the stone mining and quarrying market.

Trends

The use of hardcore and aggregate as drainage foundations is gaining considerable popularity in the stone mining and quarrying markets. The growing interest in flood-causing areas by eliminating natural drainage is driving a surge in requirements for stone or aggregate as a drainage-friendly foundation or foundation. Hardcore, gravel, and aggregate are materials used in construction and are used interchangeably. Hardcore refers to chunks of solid material used as shaping and supplemental materials to level up, create hard levels, and fill bumps in digging. Hardcore can be used to form pavements, driveways, ground floor slabs, roads, and more. Aggregate is also a material used as a reinforcing and stabilizing means in construction to fill voids, provide drainage, provide a hard surface, and protect pipes.

Precision surface excavators are becoming increasingly popular because they help reduce noise and pollution in sensitive areas. Precision surface drilling machines are versatile devices that utilize slicing drums to mechanically excavate material and have advantages over traditional drilling and blasting strategies. Surface drilling machines cut more precisely with less noise, dust, and vibration, and can produce smaller, more consistent grit sizes, eliminating the need for primary shredders. This is especially important in mines in environmentally sensitive areas where noise and dust pollution must be minimized due to environmental regulations and pressures. For example, Vermeer Corporation is the largest supplier of surface drilling machines worldwide.

Opportunities

The best opportunity in the stone mining and quarrying market, segmented by type, will come from Dimension Stone Mining, which will generate $2.1756 billion in global annual revenue by 2025. Top Opportunity in Mining and Quarrying Market, Segmented by Organization Size The Large Enterprise Segment will generate a Global Annual Revenue of $2,161.7 Million by 2025. The molecular stone mining and quarrying market size will be the largest in China at $2,881,800,000.

Stone Mining & Quarrying Market report scope:

Crucial Points from this Stone Mining & Quarrying Market Report

• Estimate Stone Mining & Quarrying Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Stone Mining & Quarrying Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

1. What is the CAGR of Stone Mining & Quarrying Market?
2. What are the key types of Stone Mining & Quarrying Market?
3. What are the key applications of Stone Mining & Quarrying Market?                         
4. Who are the key players in Stone Mining & Quarrying Market?