Product Code: 69224
The Marble Market size is estimated at USD 20.81 billion in 2024, and is expected to reach USD 26.07 billion by 2029, growing at a CAGR of 4.61% during the forecast period (2024-2029).
The COVID-19 pandemic negatively impacted the marble market in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the coming years.
Key Highlights
- Over the short term, the rapid growth in the construction industry is expected to drive the demand for marble worldwide.
- However, the health hazard related to marble dust that causes abrasion and irritation to the skin is likely to hinder the market's growth.
- Nevertheless, the growing use of marble slabs and powder will likely create lucrative growth opportunities for the global market soon.
- Asia-Pacific dominated the market worldwide, with the most significant consumption from countries such as China and India.
Marble Market Trends
Building and Decoration Segment to Dominate the Market
- Marble is widely used in the building and construction industry for decorative and structural purposes, ranging from outdoor sculptures to walls, veneers, flooring, ornamental features, stairways, and walkways.
- Marble finds its application in interior and exterior wall cladding, interior and exterior paving, fireplace facing and hearth, and novelty items.
- Different marble varieties are used as interior and exterior vertical wall cladding and flooring. Their use as structural elements (masonry), statues, epitaphs, graves, etc., is quantitatively less, with funeral art accounting for the most significant percentage. Marble is also widely used for decorative and structural purposes, from outdoor sculptures to walls, veneers, flooring, ornamental features, stairways, and walkways.
- Marble has become ever more popular for different applications, from use in large-scale construction projects to small do-it-yourself home renovations.
- In addition to traditional markets already accustomed to using marble, new markets in the Middle East and Southeast Asia are now increasingly aware of the benefits of marble.
- The rising building industry is expected to drive marble consumption in building and decoration applications in the years to come. The global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by countries such as India, China, and the United States.
- According to the US Census Bureau, the value of public residential construction spending reached USD 9.27 billion in 2021, compared to USD 9.53 billion in 2020. The value of private commercial construction reached USD 91.03 billion in 2021, compared to USD 85.57 billion in 2020.
- As per the Statistisches Bundesamt survey, the number of building permits for residential and non-residential buildings in Germany reached 158 thousand in 2021 and registered growth compared to 153 thousand licenses in 2020.
- China is amid a construction mega-boom. The country has the most significant building market in the world, making up 20% of all construction investments globally.
- China is expected to spend nearly USD 13 trillion on buildings by 2030. Although this number may take a hit as China is reeling through the Evergrande debt crisis.
- Hence, the building and decoration segment is expected to dominate the market.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to be the dominating and fastest-growing market over the forecast period, owing to increasing government investment in the building and construction industry in the region.
- China is the largest single market for growth in the building sector. China has the largest new construction market globally, adding an average of 1.8-2.0 billion m2 (19 - 21 billion ft2) annually. The total floor area of Chinese buildings was expected to reach around 69 billion m2 (742 billion ft2) in 2020, and it is projected to be 80 billion m2 (861 billion ft2) by 2030.
- According to the National Bureau of Statistics of China, the value added to the Chinese construction industry accounted for CNY 8,013.8 billion (~USD 1,241.87 billion) in 2021, compared to CNY 7,244.5 billion (~USD 1,050.33 billion) in 2020.
- In India, the growing real estate business, which is mainly focused on the residential sector and commercial places, is key to the sector's growth. The growing individual townships are driving the sector.
- The development of Palva industrial township, Zaheerabad integrated industrial township, and many other projects involving public and private investments with a total of USD 29.38 billion are boosting the sector.
- Demand for residential housing in India has rushed due to increased urbanization and rising household income. Also, the Indian government has allowed foreign direct investment (FDI) of up to 100% for settlement development and townships projects. This, in turn, is projected to increase the residential housing construction in the country.
- Hence, all such market trends are expected to drive the demand for the marble market in the region during the forecast period.
Marble Industry Overview
The marble market is highly fragmented. The major players include Fox Marble, Best Cheer Stone, Levantina y Asociados de Minerales, S.A., Kangli stone group, and China Kingstone Mining Holdings Limited, among others (not in particular order).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
1 INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Rapid Growth in the Construction Industry
- 4.1.2 Other Drivers
- 4.2 Restraints
- 4.2.1 Health Hazard Related to Marble Dust
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitutes
- 4.4.5 Degree of Competition
- 4.5 Trade Analysis
5 MARKET SEGMENTATION (Market Size in Value)
- 5.1 Color
- 5.1.1 White
- 5.1.2 Black
- 5.1.3 Yellow
- 5.1.4 Red
- 5.1.5 Other Colors
- 5.2 Application
- 5.2.1 Building and Decoration
- 5.2.2 Statues and Monuments
- 5.2.3 Furniture
- 5.2.4 Other Applications
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Turkey
- 5.3.3.6 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 Antolini Luigi & C SpA
- 6.4.2 BC Marble Products Ltd
- 6.4.3 Best Cheer Stone
- 6.4.4 China Kingstone Mining Holdings Limited
- 6.4.5 Daltile
- 6.4.6 Dimpomar
- 6.4.7 FHL I Kiriakidis Marbles and Granites SA
- 6.4.8 Fox Marble
- 6.4.9 HELLENIC GRANITE Co.
- 6.4.10 Hilltop Granite
- 6.4.11 Indiana Limestone Company (A Polycor Inc. Company)
- 6.4.12 Kangli stone group
- 6.4.13 Levantina y Asociados de Minerales S.A.
- 6.4.14 Mumal Marble
- 6.4.15 Simsekler Mermer
- 6.4.16 Santucci Group Srl
- 6.4.17 Tekmar
- 6.4.18 Temmer Marble
- 6.4.19 Topalidis SA
- 6.4.20 The Marble Factory
- 6.4.21 Universal Marble & Granite Group Ltd
- 6.4.22 Xishi Group Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Use of Marble Slabs and Powder