According to a new market report published by Credence Research “Stone Processing Market By Adhesives (Mastics, Sealants), By Product (Sealants, Mastics), By Type (Abrasives, Diamond, Carbide) – Growth, Share, Opportunities & Competitive Analysis, 2015 – 2022,” the stone processing market was valued at US$ 4.0 Bn in 2014, and is expected to reach US$ 10.3 Bn by 2022, expanding at a CAGR of 8.6% from 2015 to 2022.
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The importance of stone processing has increased due to the growing demand for stone processing tools and adhesives in the construction industry. Increasing population has led to growth in constructional activities globally. This has led to demand for stone processing tools in the market. Stone processing tools mainly consists of abrasives, diamond tools, carbide and others. Among them diamond tools have gained high importance in the market. The factors boosting growth of diamond tools include wide range of applications in the end-user industries. Other factors promoting growth of stone processing tools is the super hard nature of stone which require stone processing tools. Diamond is treated as an engineering material by scientists and engineers due to its hardness, thermal conductivity and abrasion resistance. Hence, diamond tools dominate the stone processing market worldwide.
Growing construction industry is the major factor boosting growth of global stone processing market globally. The revival of the construction industry after 2008 has led to high demand for tools and adhesives. Growing population worldwide has led to increase in the construction activities. Therefore, high demand is reported for stone processing tools and adhesives from the construction industry worldwide. Construction industry has wide range of applications in the stone processing industry as materials and stones such as crushed stones, gravel, sand, etc. are used for building highways, buildings and other constructional projects. Strong demand for modern architectural designs have also led to rising demand for stone processing tools in the market.
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On the basis of products and application, stone processing market is segmented into stone processing tools and adhesives. Stone processing tools include abrasives, diamond tools, carbide and others. Among them, diamond tools dominated the global stone processing tools market worldwide. Other tools such as abrasives, carbide and others are also anticipated to boost market demand in the near future. Adhesives were segmented into mastics, sealants and others among which sealants accounted for major share of global stone processing market. Sealants are used to block the passage of fluids from the surface or opening between the joints. They are also used for heat transmission and blocking of sound and dust. Hence, sealants are used on a large scale in the construction industry. Other adhesives are also contributing to the growth of global stone processing market and are expected to increase during the forecast period.
- High demand from construction industry
- Diamond tools dominate the stone processing market
- Europe is the fastest growing region for stone processing market
- Opportunities from modern architectural designs
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