The marble market is witnessing strong growth, increasing from $31.33 billion in 2023 to $34.8 billion in 2024, reflecting a CAGR of 11.1%. This growth stems from architectural demand, global urbanization, and the preference for natural materials. Forecasts suggest the market will reach $50.03 billion by 2028, with a CAGR of 9.5%. Key drivers include sustainable quarrying, emerging market demand, and the recognition of marble in furniture and decor.
Major Driver In The Marble Market
The construction industry is poised to drive the marble market's expansion in the coming years, benefitting from its aesthetic appeal, durability, and versatility. Marble finds extensive use in both interior and exterior applications, including walls, floors, and sculptures, enhancing the visual appeal of buildings. Notably, according to reports by Oxford Economics in September 2021, the global construction output amounted to $10.7 trillion in 2020, with projections suggesting a 42% increase by 2030, reaching $15.2 trillion. This substantial growth underscores the significant role of the construction industry in propelling the marble market forward.
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Marble Market Competitive Landscape
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
Key Marble Market Trend
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.
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Marble Market Segmentation
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
By Geography:The regions covered in the marble market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the marble market share in 2023.
The Marble Global Market Report 2024 furnishes information about the global marble market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
