Cobblestone Market Demand Analysis Estimated to Reach $12.44 billion by 2031
Cobblestone Market – Global Opportunity Analysis and Industry Forecast, 2021-2031
PORTLAND, OR, UNITES STATES, July 18, 2022 /EINPresswire.com/ — The cobblestone market size was valued at $7.64 billion in 2021, and is estimated to reach $12.44 billion by 2031, growing at a CAGR of 5% from 2022 to 2031.
A natural building material called cobblestone is made up of little round stones that are used to pave roads, streets, and structures. These stones are joined together using mortar, a paste. These stones are employed in the construction of cemeteries, churches, schools, industries, smokehouses, stagecoach taverns, businesses, and churches. The durability and strength of cobblestones, which extend the life of roads and prevent road depression, are key factors in the growth of the global cobblestone market.
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An increase in construction spending across several nations, including the U.S., Japan, India, and others, as well as expansion of the building industry, contribute to the growth of the cobblestone market globally. The demand for cobblestone for flooring and wall cladding is also anticipated to increase as urbanization and population growth continue to climb. Cobblestone advantages including longevity, aesthetic appeal, and dependability encourage the use of slate and limestone in commercial and residential construction, which in turn fuels the expansion of the global cobblestone industry.
For instance, in May 2019, the Indian Government announced an ambitious investment agenda plan of $1.5 trillion in commercial construction sectors for a six-year period, ending in 2025. This investment focuses on the construction for schools and higher education, health, sports, road, and basic infrastructure. Hence, such investments are expected to create opportunities for the cobblestone manufacturer and therefore is expected to provide lucrative growth during the forecast period.
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Asia-Pacific represents around 39.4% of the global cobblestone market share and dominated the market in terms of revenue in 2021. The increase in construction activities due to rapid urbanization are creating growth opportunities for cobblestone and hence driving the global market. Cobblestone is majorly adopted for civil works, memorial arts, wall cladding, flooring and others. The presence of leading natural stone producers in India and China is estimated to boost the Asia-Pacific cobblestone market growth.
However, during the COVID-19 pandemic, various manufacturers in the cobblestone market had to stop their business in countries, such as China, the U.S., and India. This break directly impacted the sales of natural stones companies. In addition, a lack of manpower and raw materials also constricted the supply of variety of natural stones, which negatively influenced the growth of the market. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to the re-opening of companies.
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