Marble Market Definition And Segments
Marble is a metamorphic rock formed from limestone, and recrystallized carbonate minerals, most commonly calcite or dolomite.
The main types of marble are natural marble and synthetic marble. Natural marble is available in nature in the form of metamorphic stone composed of calcite. Natural marble is widely used in building materials, sculptures, exterior walls of houses, kitchen countertops, stairs, and others. Synthetic marble, or artificial marble, is made from a mixture of small marble debris, stone powder, plastic, cement, and sand. Artificial marble is available in a variety of colors and patterns and is widely used as a building material in house exteriors, kitchens, walls, floors, and others. The market is segmented by form into Slab and Powder. Marble slabs are obtained from quarries and are cut into the required sizes. Marble powder is generated during marble processing. It can be used as a filler material in cement or fine aggregates while preparing concrete. By color, the market is segmented into white and others. White marble has high purity and strong metaphysical qualities of grounding and calming. White marble is widely used in flooring, architecture, home décor, and sculptures. Major applications of marble include building decoration, statues and monuments, furniture, and others.
The marble market covered in this report is segmented –
1) By Type: Natural, Synthetic
2) By Form: Slab, Powder
3) By Color: White, Other Colors
4) By Application: Building and Decoration, Statues and Monuments, Furniture, Other Applications
The marble market size has grown rapidly in recent years. It will grow from $31.33 billion in 2023 to $34.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to architectural demand, global urbanization, international trade and export, preference for natural materials, cultural heritage preservation.
The marble market size is expected to see strong growth in the next few years. It will grow to $50.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to sustainable quarrying practices, rising demand in emerging markets, increasing use in furniture and décor, infrastructure development, marble as a sustainable building material. Major trends in the forecast period include innovations in marble finishes, digital technologies in marble processing, customization and personalization in marble products, collaboration with designers and architects, digital marketing and online sales.
Marble Market Poised For Growth Is Riding The Surge In Global Construction And Housing Demand
The growing construction industry is expected to propel the growth of the marble market going forward. The construction industry refers to a sector that encompasses various activities related to building, repairing, renovating, and maintaining infrastructure. Marble plays a significant role in the construction sector due to its aesthetic appeal, durability, and versatility. is used in both interior and exterior applications, such as walls, floors, and sculptures, to improve the visual appeal of buildings. It is also highly durable and resistant to heat, making it suitable for various construction applications. For instance, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach $15.2 trillion. Therefore, the growing construction industry is driving the growth of the marble market.
Rising Trend In Home Remodeling And Renovations Fuels Growth In The Marble Market
The increasing inclination toward home remodeling and renovations is expected to propel the growth of the marble market going forward. Home remodeling and renovations refer to the process of making significant changes, improvements, or alterations to the structure, layout, design, or functionality of a residential property. Marble is a popular choice for home remodeling and renovations as it offers aesthetic appeal, increased property value, versatility, durability and longevity. For instance, in January 2023, according to the Joint Center for Housing Studies of Harvard University, a US-based research center and think tank, national spending on remodeling and repairs for owner-occupied homes is projected to reach $485 billion in 2023, marking a 2.6 % increase from the previous year, 2022. Therefore, the increasing inclination toward home remodeling and renovations is driving the growth of the marble market.
Major companies operating in the marble market report are Staron, DuPont de Nemours Inc., Kuraray, Aristech Acrylics, Durat, PengXiang Industry, MARGRAF, Ranamar, LG Hausys, Levantina y Asociados de Minerales S.A., Indiana Limestone Company, XiShi Group, Vetter Stone, New SunShine Stone, Southland Stone Group, Hanex, Pakistan Onyx Marble, Sinai Marble, Fox Marble, CXUN, Wanfeng Compound Stone, Blowker, ChuanQi, Leigei Stone, Jinlong Yu Marble, Guangdong Chuanqi Compound Stone Co Ltd., Nanan Guang Tai Xiang Stone Co Ltd., Mumal Marbles, Aurangzeb Marble Industry, Granite Construction, Kangli Stone Group, Best Cheer Stone
Innovative Marble Offerings Redefines Elegance With Precious Stone Integration
New product launches are a key trend gaining popularity in the marble market. Companies are increasingly focusing on making and developing new marble products with improved quality. For instance, in March 2022, A-Class Marble India Pvt Ltd., an India-based marble manufacturer launched exotica marble collection. The Exotica line is a unique and upscale offering, created with precious stones imported from Brazil and Norway. Exotica marble collection, which offers several exclusive and high-quality marble types. Marbles such as Patagonia, Emerald Quartz, and other types that combine the beauty of quartz, rubies, and emeralds with the elegance of marble are included in the selection which results in unique patterns and textures. The translucent finish of the Exotica line seeks to provide a glossy refinement to both indoor and outdoor areas.
Elevating Flooring Aesthetics With Exquisite Marble, Granite, And Onyx Combinations
Major companies operating in the marble market are developing new products, such as paired stones flooring, to gain a competitive edge in the market. Paired stone flooring is a type of floor made with a combination of small, roughly cut stones typically laid in a pattern. For instance, in May 2023, The Quarry Marble, an Indian-based provider of Italian and onyx marbles, launched The Quarry Season Of Love, a perfectly paired marble, granite, and onyx collection. The Season of Love collection includes a variety of stones, from the rare and exotic Sodalite to the classic and elegant Laas Authentico white marble. Each slab is handpicked by The Quarry's curators and cut to perfection, ensuring that every piece is a true masterpiece.
Siteone Landscape Supply Expands Market Reach With Acquisition Of Semco Stone LLC
In November 2021, SiteOne Landscape Supply, Inc., a US-based landscape supplies distributor, acquired Semco Stone, LLC for an undisclosed amount. The acquisition would help the company to expand the number of markets in which they provide a full range of landscape supplies. Semco Stone, LLC is a US-based supplier of natural stone such as white marble and other natural stones.
Asia-Pacific was the largest region in the marble market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marble market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the marble market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The marble market consists of sales of black marble, grey marble, cream marble, red marble, blue marble. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The marble research report is one of a series of new reports from The Business Research Company that provides marble statistics, including marble industry global market size, regional shares, competitors with marble share, detailed marble segments, market trends and opportunities, and any further data you may need to thrive in the marble industry. This marble research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.