Cut Stone & Stone Product Manufacturers

Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 1,930 stone products manufacturers in the US cut, shape and finish granite, marble, limestone, slate, and other types of stone for building projects and other uses. Firms may also work with composites, such as engineered stone or solid surface products. Applications for cut stone products include countertops, floors, and walls. Stone fabricators may have in-house staff dedicated to installation, rely on subcontractors, or use a combination.

Dependence on Imports

Stone fabricators are highly dependent on foreign suppliers for dimensional stone.

Competition from Alternatives

Natural and manufactured stone competes with a variety of other materials, depending on the application.

Industry size & Structure
Industry Forecast
Cut Stone & Stone Product Manufacturers Industry Growth
Source: Vertical IQ and Inforum

Recent Developments

Feb 21, 2024 - Price Increases Eased in 2023
  • Producer prices for cut stone and stone product manufacturers rose about 2% in December compared to a year ago after posting a 13.2% gain in the previous annual comparison, according to the US Bureau of Labor Statistics. Meanwhile, employment by other nonmetallic mineral products manufacturers, which includes cut stone and stone products, grew by nearly 2% in 2023 while average wages ended the year at a new high of $26.38 per hour in December, up 5.8% for the year, per the BLS, amid a tight supply of craftworkers. As industry wage and employment growth outpace pricing margins may suffer.
  • US imports of cut stone and stone products fell by approximately 17% in 2023 compared to the prior year – from roughly $4.8 billion to $4.0 billion, according to US International Trade Commission (USITC) data. India, Brazil, and Italy were the top three suppliers of cut stone and stone products measured by customs value, per the USITC. India, which overtook Brazil as the top importer of stone to the US in 2022, is a growing supplier of granite building stone to the US.
  • California’s workplace safety board in December approved an emergency temporary standard on respirable crystalline silica to protect workers from silicosis, according to California’s Department of Industrial Relations (DIR). The standard goes into effect on December 29, 2023. Cal/OSHA proposed the emergency temporary standard to protect workers in the stone fabrication industry from silicosis – an incurable, progressive disease that causes serious and fatal health effects. The workers most at risk are those who cut artificial stone countertops. The California Department of Public Health has identified 95 cases of workers developing silicosis since 2019, 10 of whom have died from the disease. Under the emergency temporary standard employers will be required to use wet methods without exception, properly handle all waste materials, monitor air to confirm respirable crystalline silica levels are below the action level, and use a full-face, tight-fitting, powered air-purifying respirator (PAPR), or equally protective alternative, among other actions.
  • Engineered stone is expected to surpass both laminate and granite to become the second most popular countertop product in the world (behind quartz), Stone Update reports citing a recent industry study. Global demand for engineered stone – a composite material made of crushed stone bound together by an adhesive to create a solid surface – is projected to grow 9.3% per year to 128 million square meters in 2027, according to research firm Freedonia Group. North America accounts for the largest share (35% ) of global engineered stone countertop demand. The study projects global demand for all countertops to increase an average of 4.3% per year to 711 million square meters in 2027, supported by rising installations of countertops in both residential and nonresidential buildings, as well as an increase in residential remodeling. However, the weak outlook for new housing in the US and abroad is expected to hinder further gains.
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