Global Paving Stone Market to Generate $86,730.90 Million by 2031, Due to Increased Demand from Industrial and Commercial Sectors

Paving stones, pavement slabs, or pavers are brick-like pieces, generally made from concrete, which are used for outdoor surface flooring and covering. In modern urban landscapes, paving stones are used for making roads, walkways, pool decks, patios, driveways, etc. Though primarily made from concrete, paving stones are now manufactured from marble, porcelain, rubber, and plastic also. Some of the most popular paving stone styles include Indian sandstone paving, porcelain pavers, slate paving style, and granite paving style.

Forecast Analysis of the Paving Stone Market

Growth in the demand for paving stones from commercial and industrial sectors is expected to be the primary growth driver of the global paving stone market in the forecast years. Along with this, governments’ growing emphasis on public-private partnerships (PPPs) for infrastructure development is expected to push the market further. Also, growing adoption of paving stones in various construction projects is predicted to offer numerous investment and growth opportunities to the market in the analysis timeframe. However, certain disadvantages associated with paving stones may restrain the growth of the paving stone market in the forecast period.

Regionally, the paving stone market in the Asia-Pacific region is expected to be the most dominant by 2031 and grow at a CAGR of 7.9% in the forecast period. The rapid pace of urbanization in countries such as China, India, Japan, Australia, and Indonesia is anticipated to become the main growth driver of the market in this region.

According to the report published by Research Dive, the global paving stone market is expected to gather a revenue of $ 86,730.90 million by 2031 and grow at 7.9% CAGR in the 2022-2031 timeframe. Some prominent market players include Marshalls, Rosetta, Brock International, NewLine Hardscapes, King's Material, Midwest Manufacturing, Belgard, Anchor Block Company, Wienerberger, Fendt Builder, and many others.

Covid-19 Impact on the Paving Stone Market

The outbreak of the Covid-19 pandemic has had a massive negative effect on almost all industries and businesses across the world. The paving stone market faced a similar fate due to the pandemic. The lockdowns imposed by several countries halted the various kinds of infrastructural projects in these regions and reduced the demand for paving stones. Also, the import-export restrictions disrupted the steady supply of these stones across the globe. All these factors brought down the growth rate of the market during the pandemic.

Significant Market Developments

The significant companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the paving stone market to flourish. For instance:

• In March 2022, Oldcastle APG, an architectural buildings products provider, announced that it was acquiring Calstone, a manufacturer of concrete masonry and pavers. This acquisition is anticipated to increase the market share of the acquiring company i.e., Oldcastle APG in the next few years.
   
• In April 2022, Outdoor Living Supply, an outdoor living products developer, announced the acquisition of Back Yard Living, a decorative hardscape, paving stones, fireplaces, and outdoor appliances provider. This acquisition is predicted to help Outdoor Living Supply to expand their business globally.
   
• In September 2022, System Pavers, an outdoor living design company, announced that it was partnering with The Cranemere Group, a capital market company. The collaboration is aimed at diversifying the product portfolio of System Pavers and helping the company to access newer markets. This partnership is, thus, anticipated to immensely help System Pavers to increase their footprint in the market in the coming period.