Market Overview:

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 and quarrying is the process of extracting stone, rock, slate, gravel, sand, etc. from the earth for use in the construction of roadways, pavements, sculptures, etc. The toughness and durability of the recommended stone make it an excellent option. The development of stone mining and quarrying has been largely driven by a rise in the demand for foundation materials and the expansion of construction worldwide.

The market is segmented by stone material into marble, granite, limestone, sandstone, and others. Due to their aesthetic appeal, marble fragments are extensively used in the construction of monuments and sculptures and are anticipated to maintain their market dominance over the forecast period. Due to the widespread use of aggregates for building structures, railroad floors, and highways, the sandstone industry is also projected to experience substantial expansion.

Based on the type of product, the global market is split into pulp stone mining and crushed stone mining. A big part of the market was owned by the crushed stone mining segment. Crushed rock mining is often used to get aggregates that are used in building foundations, railroad roadbeds, and highways. Dimension stone mining is expected to grow at a steady rate because it is used to make monuments, sculptures, and paving stones.

Significant Market Dynamics:

Key Drivers:

Over the course of the forecast period, revenues in the stone mining and quarrying market are anticipated to increase due to the surge in capital spending for infrastructure development. 

Population development, rapid urbanization, robust economic growth, and migration to urban areas all contribute to the rise in infrastructure spending. For instance, the population of the world is projected to increase by nearly 2 billion people, or 25%, by 2040, accounting for about 20% of the global population, as stated in the Global Infrastructure Outlook, which predicts infrastructure investment demand in 50 countries and 7 sectors. By 2040, 46% of people will have moved from rural to urban areas, generating a huge demand for infrastructure support. The Viewpoint predicts that in order to keep up with population growth and economic change, global infrastructure investment will need to hit $94 trillion by the end of 2040.

 The demand for stone in the building and construction sector is likely to increase as infrastructure expenditure rises, which is anticipated to support market expansion.

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, with the outcome being an 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. 

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.

 Key Trends

In the stone mining and quarrying industries, hardcore and aggregate drainage foundations are becoming more  common. In flood-prone areas, where people want to stop natural drainage, there has been a rise in the demand for stone or aggregate as a foundation or foundation that is good for drainage. Hardcore, gravel, and aggregate are all good building materials that can be used the same way. "Hardcore" refers to large chunks of solid material that are used for leveling, making difficult levels, and filling in holes when digging. Hardcore can be used to build roads, platforms on the ground, driveways, and other structures. Aggregate is also used in building as a stabilizing and strengthening material to fill in holes, allow water to drain, make a hard surface, and keep pipes in place.

Precision surface excavators are becoming more common because they can reduce noise and pollution in sensitive areas. Precision surface drilling machines are versatile tools that use slicing cylinders to cut away material mechanically. They are better than the old methods of drilling and blasting. Surface drilling machines can make smaller, more uniform grit sizes and cut more accurately than primary shredders while making less noise, pollution, and vibration. This is especially important for mines in areas with sensitive environments, where noise and dust pollution must be cut down to meet environmental laws and pressures. For example, Vermeer Corporation is the biggest company in the world that makes surface drilling machines.

Opportunities:

By type, Dimension Stone Mining has the best chance of succeeding in the stone mining and quarrying business. By 2025, it will bring in $2.1756 billion worldwide every year. 

The best opportunity in the mining and quarrying market, based on company size, is that by 2025, the global annual revenue from the big enterprise segment will be $2,161.7 million. China will have the biggest molecular stone mining and quarrying business, with a market value of $2,881,800,000.

Covid-19 Impact:

Due to the COVID-19 pandemic, the global stone mining and quarrying market is estimated to be worth USD 5549.4 million in 2022 and is projected to reach USD 6782.2 million by 2028 at a CAGR of 3.4% over the forecast period. Jaw crushers, which accounted for % of the global stone mining and quarrying market in 2021, are anticipated to reach USD million by 2028, expanding at a revised % CAGR during the post-COVID-19 period. While by application, the mining industry was the dominant segment, accounting for over percent of the market in 2021, with a CAGR of percent over the forecast period.

Key Market Updates:

• In October 2019, Polycor Inc. bought Elliott Stone Company Inc. (US), an established Indiana limestone quarry and manufacturer. This reinforced Polymers' leading position as a natural stone quarry around the world.
• In October 2018, Polycor Inc. merged with Indiana Limestone Company (Indiana), a leading dimensional limestone quarry and building materials producer. This made Polycor Inc. a global leader in the natural stone business.

Market segmentation

The market for stone mining and quarrying is segmented by type and application. For the period 2015-2025, the growth among segments provides accurate calculations and projections for volume and value sales by type and by application. This analysis can help you grow your business by targeting niche markets with potential.

By Type 

• The Stone Mining and Quarrying market is segmented into the following:
• Dimension Stone Quarrying
• Crushed Stone Extraction

By Application

• Stone Mining and Quarrying is categorized as follows:
• Architecture
• Mining
• Others

Regional insights

The global stone mining and quarrying market is analyzed by region, including North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. Asia-Pacific has dominated the global market because the majority of stone deposits are located in this region, in countries such as India and China.
India's expensive geography is home to a wide variety of stone production. Europe is the fastest-growing region for the global stone mining and quarrying market due to the region's abundance of quarries, particularly in Norway, Italy, Belgium, and Spain. Due to the expansion of American quarries, North America is also a swiftly growing market. The expansion of construction in the United States and Canada has fueled the market expansion of stone mining and quarrying in the region.

Scope of the Report

Key vendors

• Vulcan Materials Company

Vulcan Materials Company is the largest producer of construction aggregates, primarily crushed stone, sand, and gravel, as well as a significant producer of asphalt and ready-mixed concrete.  Vulcan operates aggregate facilities in Birmingham, Alabama, serving markets in 20 states, the District of Columbia, Mexico, and the Bahamas, and employing over 8,000 devoted individuals.

• Martin Marietta Aggregates

Martin Marietta, a leading supplier of aggregates and heavy building materials, provides the resources for the roads, sidewalks, and foundations upon which we live.

At Martin Marietta, they are always on the lookout for individuals who have the potential to become the company's future leaders. They are expanding on their success by selecting the most talented individuals and assisting them in reaching their full potential. 

1. CEMEX S.A.B.

CEMEX is a global supplier of sustainable products and solutions for the construction industry. The company provides their consumers with industry-leading solutions for cement, ready mix concrete, aggregates, asphalt, admixtures, mortars, and paving, in addition to other construction materials. Digital technologies enable them  to provide a superior consumer experience, which is the company's primary focus. They are delighted to be using innovative technologies to increase the use of waste and residues as alternative raw materials and fuels in our operations.

• Minerals Technologies

Minerals Technologies established in 1992, the leading company in key regions and industries around the world, with operations in 34 countries, more than 4,000 employees globally, and approximately $2b in sales. 

The company provides customers with Consumer Goods, Paper & Packaging, Automotive, Construction, Foundry, Steel, Minerals-based technologies, Environmental, Energy, and Polymer.

• Rogers Group

Rogers, founded in 1899, is a publicly traded international services and investment firm specializing in five Segments: Finance & Technology, Hospitality & Travel, Logistics, Malls, and Real Estate & Agribusiness. 

Although the Group was founded in Mauritius, it has expanded into the region and internationally, with offices in thirteen countries.

Rogers' 4700 team members create meaningful change by driving sustainable growth and co-creating a better future, fuelled by their desire for excellence, capacity for adaptability, and sustained engagement.  

Market Key Players:

• Vulcan Materials Company
• Martin Marietta Aggregates
• CEMEX S.A.B.
• Rogers Group
• Graphit Kropfmuhl
• Minerals Technologies
• United States Lime & Minerals 
• ADELAIDE BRIGHTON LTD
• CARMEUSE
• Tarmac
• Oldcastle Materials
• Holcim
• Luck Stone Corp,
• Polycor
•  National Lime & Stone Company

Major market segments Covered 

• 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 predicted 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

Conclusion:

The development of stone mining and quarrying has been primarily influenced by the increase in demand for foundation materials and the global expansion of the construction industry. By stone type, the market is segmented into marble, granite, limestone, sandstone, and others. The global market is segmented by product type into pulp stone mining and pulverized stone mining. Hardcore and aggregate drainage foundations are becoming increasingly widespread in the stone mining and quarrying industries. They are superior to the previous drilling and blasting techniques. The stone mining and quarrying market is segmented based on Type and Application. The global market for stone mining and quarrying is analysed by region, which includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The extension of the construction industry in the United States and Canada has fuelled the growth of the stone mining and quarrying industry in the region.