Marble Market to Register Incremental Growth During the Forecast Period (2024-2030)
The expansion of the global real estate market fuels demand for construction materials, including marble. Innovative technologies in marble extraction, processing, and transportation enable the material to serve a variety of design needs.
The rising preference for luxury and aesthetically pleasing interior designs creates opportunities for the marble market. However, high extraction and processing costs limit market penetration in price-sensitive regions.
Marble Market Size was estimated at USD 61107.14 million in 2023 and is projected to reach USD 75666.32 million by 2030, exhibiting a CAGR of 3.14% during the forecast period 2024-2030
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The report covers the competitive landscape and profiles key players operating in the global Marble Market. Some of the leading players include Levantina y Asociados de Minerales, S.A (Spain), Southland Stone USA Inc, Vetter Stone, Indiana Limestone Company, XiShi Group, Mumal Marbles, Egypt White Marble, Pakistan Onyx Marble Industry, Ranamar, and Topalidis S.A.
Recent Development
The expansion of engineering, procurement and construction (EPC) projects in infrastructure industry is fostering market growth for marble. Rising demand for house remodelling and renovation is also encouraging the market expansion as marble can be used to change the looks of rooms. The use of digital printing in the marble manufacturing process offers new design opportunities, thereby driving market growth.
Increased infrastructure development in developing countries such as China, India and Southeast Asian nations is supporting the market growth. Moreover, increasing urbanization and rising disposable income in these regions is fuelling the demand for marble for construction applications.
Prominent players in the marble market are adopting various strategies to sustain their position. For instance, in July 2021, Daltile launched a new product line of tile with improved strength, durability and performance. This enables the company to provide better solutions to consumers in order to generate increased revenue.
The global marble market report encompasses detailed qualitative and quantitative analyses of the key factors influencing the industry. It explains the competitive landscape, including the market shares of the key participants. In addition, the report covers the analysis of the most important trends and developments in the global marble market. It also identifies and analyzes the drivers, restraints and challenges that will impact the growth of the market. The report concludes with the profiles of the major players in the global marble market.
Growth
Marbles are a common material used for building and decoration purposes. They are available in different colors and can enhance the beauty of any space. These stones are also a good thermal conductor, which helps the interiors to remain cool during hot temperatures.
Moreover, they are highly durable and resistant to weather erosion and water leakage. The increase in construction activities has boosted the demand for these stones, which in turn, is fueling the growth of the Marble Market worldwide.
The global Marble Market is competitive in nature with the presence of several major and emerging players. These companies compete based on price, quality, and product portfolio. They use various strategies to maintain their market position, including acquisition, production capacity expansion, social marketing, and collaboration.
For instance, in October 2019, Polycor Inc. acquired one of the leading quarries and fabricators of Indiana limestone, Elliott Stone Company Inc. This move helped the company to increase its presence in the US natural stone & marble market.
The growth of the Marble Market is primarily driven by rapid industrialization and urbanisation in developing countries like China, India, and Japan. Despite the impact of COVID-19 in these countries, the growth of the Marble Market is expected to continue during the forecast period.
Segment
The Global Marble Market is dominated by major players offering high-quality products to consumers. These manufacturers focus on developing innovative surface finishes that offer a variety of options to architects and designers to suit their aesthetic preferences. They also make efforts to reduce their environmental impact. For instance, in July 2021, Daltile launched four captivating new tile collections that breathe life into current design trends.
Growth in construction activities is fueling demand for marble. This is especially true for renovation and remodeling projects in residential and commercial buildings. A shift towards green building practices and sustainability initiatives is also driving marble sales. However, fluctuating raw material prices may hamper affordability.
Nonetheless, the overall growth prospects of the market remain strong. The industry is expected to reach US$23.6 billion by 2022. The report analyzes factors that drive and inhibit the market’s growth and evaluates the future trend of the market. It also examines the competitive landscape and profiles key players in the global marble market.
The research methodology consists of a combination of primary and secondary research. Primary research involves telephonic interviews with various industry experts on acceptance of appointment. This information is used to validate and authenticate the existing analysis of the market. The secondary research includes a review of published literature, company annual reports and other relevant documents.
Regional Outlook
The global Marble Market is expected to grow significantly in the next few years owing to the increasing construction projects and demand for high-quality building materials. Additionally, the demand for marble in the art and decoration and furniture manufacturing industries will also drive the market growth. The rising popularity of Marble in residential and commercial spaces owing to its beauty, durability, and versatility is another factor driving the market.
Moreover, renovations and remodeling are increasingly being undertaken in residential and commercial buildings to improve the aesthetics of the space. The use of marble in these renovations is a way to add a premium look to the space and increase its value, which is fuelling the market demand.
In addition, several companies are focusing on enhancing their product offerings to cater to the ever-growing demand. Moreover, they are investing in research and development to develop new technology. Leading players are adopting growth strategies such as partnerships, acquisitions, and collaborations to stay ahead in the market competition.
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