Wilmington, Delaware, United States, , March 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Marble Market is estimated to grow at a CAGR of 5.9% between 2022 and 2031. Marble is a rock obtained in metamorphic form when limestone is exposed to high pressures and temperatures. Marble is used widely across the residential and commercial sector for interior design and decoration.
It is also used in manufacturing sculptures, showpieces, and artifacts for beautification in interior designing. Marble is also gaining significant popularity for its multiple uses in flooring, bathroom tiles, and kitchen countertops.
Marble has an aesthetic appeal and is thus projected to gain significant popularity during the forecast period. The rise in number of new players in the market and major investments in the construction sector are further expected to help promote the overall industry growth for marble in the next few years.
According to the TMR report, the global Marble Market value is likely to rise from US$ 61.5 Bn in 2021 and reach US$ 93.7 Bn by the end of 2031. The rise in investment in housing and home improvements to increase the aesthetic appeal of homes is projected to serve as a significant driver augmenting market development during the forecast period
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Key Findings of Study
- Rise in Number of Construction Activities with Marble: Marble powder is used to improve the physical characteristics of building blocks. The rise in demand for marble blocks is projected to aid in market expansion and marble industry growth. Surge in construction activities for both residential and commercial use, especially post the COVID-19 pandemic, is projected to increase Marble Market size during the forecast period.
- Rise in Popularity of Art & Carvings Sector: Advent of 3D sculpture making and increasing popularity of marble art in the international market of art and design are projected to increase demand for marble as a raw material. Marble sculpting has been an age-old art but has recently gained significant popularity with the rise in modernization and construction activities. Thus, the use of marble in sculpture making in 3D art and the marble carvings industry is likely to serve as a significant market trend in the next few years.
Key Drivers
- Rise in demand for marble stones, marble tiles, marble facades, and marble flooring is likely to aid in market expansion during the forecast period
- Rapid growth of the construction sector is projected to augment the demand for marbles
- Surge in popularity of art and carvings sector is anticipated to positively change the overall market outlook
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Regional Growth Dynamics
- Asia Pacific generated revenue of US$ 18.9 Bn in 2021 and emerged as dominant in the Marble Market. The growth of this regional market is attributed to the presence of major marble manufacturing companies in India and China.
- China is projected to contribute the largest market share to the marble industry. The market in the nation is projected to rise at a CAGR of 4.6% in the next few years. Presence of major marble making industries in the country is a key factor augmenting the growth of this regional market.
- The markets in Europe and North America are projected to generate notable revenues for the global market during the forecast period. Growth of the market in these regions is attributed to the increase in demand for marbles from the art and carvings sector.
Key Players
Prominent players in the global Marble Market include
- Daltile,
- Asian Granito India Ltd.,
- Asian Stones,
- MGT Stone Co.,
- Stone Land,
- Emek Marble,
- Turkish Marble,
- Atlantis Marble,
- Kinan Marble,
- Emirates Marble,
- Namco Co. Srl,
- Delta Granite and Marble Inc.,
- Global Mining Company, and Levantina y Asociados de Minerales, S.A
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Marble Market Segmentation
Product
- Blocks
- Tiles or Slabs
Application
- Kitchen & Bathroom Countertops
- Floors
- Bathroom Fittings
- Building Decoration
- Art & Carvings
- Furniture
- Others (Vases & Lamps)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Mexico
- GCC
- South Africa
- Brazil
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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