Global Marble Market Grows Steadily at a CAGR of 6.5%

Introduction

Marble is a metamorphic rock formed on limestone by tremendous pressure and heat. It is well-known for its unique and varied patterns and colors, making it a popular choice for various applications, particularly in construction, architecture, and art. Marble is used for decorative purposes in buildings due to its aesthetic qualities, such as beauty and sculpting, and increased consumer demand for housing interior design. Marble powder improves the physical qualities of structural blocks, and its growing use in applications like kitchen worktops, bathroom countertops, vanity tops, and others is expected to drive up product demand globally. Furthermore, the Asia-Pacific region is expected to contribute considerably to the global marble market share.

Market Dynamics

Growth of the Construction and Real Estate Industry Accelerates the Market Growth

Marble is used on building facades to make them look attractive. World's tallest building Burj Khalifa has a white Carrara marble façade. Marble enhances the structure's beauty and represents the site's luxury. Marble is preferred for high-end commercial and residential flooring. Luxury hotels, shops, and mansions use marble flooring to convey wealth and refinement. The Taj Mahal Palace Hotel in Mumbai has marble floors in its foyer to match its luxury atmosphere. The US building industry is booming. According to the Census Bureau, construction investment in the US will top USD 1.4 trillion in 2020. Commercial and residential construction projects have increased marble demand.

Rise of Luxury Real Estate and Infrastructure Projects Creates Tremendous Opportunities

Expanding luxury real estate and infrastructure projects offer huge market prospects. Museums, government buildings, and cultural centers often employ marble. The Taj Mahal in India attracts tourists worldwide with its intricate marble architecture. The modern architecture uses marble to design municipal landmarks that express its identity and culture. The ITC predicts increasing global demand for natural stone products, particularly marble. Luxury real estate and large-scale infrastructure projects in emerging economies have increased marble consumption. China, India, and the UAE have spent heavily on large-scale marble projects, driving the market growth. The Middle East and Asia-Pacific have seen luxury real estate and infrastructure rise. Dubai luxury hotels, apartment complexes, and commercial buildings use marble. This has maintained regional demand for high-quality marble products.

Regional Insights

Asia-Pacific is expected to be the largest and fastest-growing market due to expanding government spending in the building and construction industry. China is the largest construction development market. China is the world's largest new construction market, adding 1.8-2.0 billion m2 (19-21 billion ft2) annually. The floor area of Chinese buildings was expected to reach 69 billion m2 (742 billion ft2) in 2020 and 80 billion m2 (861 billion ft2) by 2030. The National Bureau of Statistics of China reported that the Chinese construction industry gained CNY 8,013.8 billion (USD 1,241.87 billion) in 2021, up from CNY 7,244.5 billion in 2020.

In addition, the Indian real estate business, which focuses on residential and commercial buildings, must grow. More municipalities are driving the sector. The Palva industrial township, Zaheerabad integrated industrial township, and other public-private initiatives worth USD 29.38 billion are strengthening the sector. Urbanization and rising household income drive India's rapid residential housing demand. The Indian government also allows 100% FDI in settlement development and township projects. It is expected to boost residential house construction nationwide.

Europe is expected to lead the marble market. Spain, Italy, and the U.K. are driving marble demand. Monuments, statues, and other amenities expanded. A strong marble production base will also boost regional growth. Marble was used extensively in ancient European sites. The marble columns and sculptures of the Parthenon in Athens, Greece, are famous. The Statue of David in Florence was built from Carrara marble, a high-quality Italian white marble. In recent years, the marble industry has prioritized green methods. European governments are emphasizing responsible marble mining and processing to reduce environmental impact. Europe's environmental commitment supports local marble and sustainable quarrying.

Key Highlights

• The global Marble market size was valued at USD billion in 2023and is projected to reach USD billion by 2031, registering a CAGR of 6.5% from 2023 to 2031.
• Colors are further classified as White, Black, Yellow, Red, and Others. The market is controlled by white Color.
• The market is divided into three product categories: tiles, slabs, and blocks. Tiles and slabs are the market leaders.
• Buildings and Decorations, Statues and Monuments, Furniture, and Others are the applications that divide the section. Building and Decorations brought in the highest revenue for the market.
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, Latin America, the Middle East, and Africa. Asia-Pacific dominates the market.

Competitive Players

1. Fox Marble
2. Levantina Asociados de Minerales S.A.
3. Temmer Marble
4. Tekma
5. Pakistan Onyx Marble
6. Dimpomar
7. Mumal Marbles
8. Can Simsekler Construction
9. Mármoles Marín S.A.
10. Aurangzeb Marble Industry
11. Etgran
12. Amso International
13. Universal Mrble and Granite
14. Best Cheer Stone Group
15. Fujian Fengshan Stone Group
16. Xiamen Wanlistone stock
17. Kangli Stone Group
18. Hongfa
19. Xishi Group
20. Jin Long Run Yu
21. Xinpengfei Industry

Recent Developments

• April 2023: ECO Buildings Group Limited agreed to pay 30 million pounds for Fox Marble Holdings PLC (AIM: FOX).

Segmentation

1. By Color
   1. White
   2. Black
   3. Yellow
   4. Red
   5. Others
2. By Product
   1. Tiles Slabs
   2. Blocks
3. By Application
   1. Building and Decoration
   2. Statues and Monuments
   3. Furniture
   4. Others