The marble market is expected to witness a CAGR of 4%, globally, during the forecast period. Marble is a metamorphic rock that forms when limestone is subjected to the heat and pressure of metamorphism. It is composed primarily of the mineral calcite (CaCO3) and usually contains other minerals, such as clay minerals, micas, quartz, pyrite, iron oxides, and graphite. Under the conditions of metamorphism, the calcite in the limestone recrystallizes to form a rock that is a mass of interlocking calcite crystals. The growing consumption of batteries and increasing use of the marbles as industrial catalysts and solvents have been driving the market growth.
The increasing use of marble slabs and powder is likely to provide opportunities for the marble market, over the next five years. Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and India. However, the hazard related to marble dust that causes abrasion and irritation to the skin, and the outbreak of COVID-19 across the world are likely to hinder the growth of the market studied.
Key Market Trends
Building and Construction Segment to Dominate the Market Studied
- The building and construction segment dominated the market studied, owing to the growing application of marble in the building and construction industry.
- Marble is used as a decorative purpose in construction due to its esthetics, such as beauty and sculpture, and increasing consumer preference toward the interior decoration of the housing structure, which is providing a boost to the market studied.
- Various applications of marble as kitchen worktops, bathroom countertops, vanity tops, and other applications that require beautiful and long-lasting surfaces, e.g. flooring and wall cladding, are anticipated to boost the market growth.
- Marbles have been a choice of material for architects for building religious structures, historical monuments, and hotels. Moreover, marbles with exotic designs have been quarried in numerous European countries, most notably in Italy and Spain.
- Major consumption of marble is found in countries, like the United States, India, China, and the ASEAN countries. The global marble production value is expected to increase to USD 64 billion in 2023, from USD 52 billion in 2016.
- Threfore, the aforementioned factors are expected to drive the marble market, during the forecast period.
Asia-Pacific to Dominate the Market Studied
- Asia-Pacific is expected to be the fastest-growing market over the forecast period, owing to increasing government investment in infrastructural development in the region.
- Rising demand for marble for use in several applications, such as pavements, stairs, external walls, and floor coverings, coupled with rapid growth in the construction sector in developing countries, like China and India, is expected to boost the growth of the market studied, during the forecast period.
- The Asia-Pacific construction sector is the largest in the world, and it is increasing at a healthy rate, owing to the rising population, increase in middle-class income, and urbanization.
- In India, the demand for commercial spaces also increased in the country throughout 2018, and it continued to rise in 2019. The demand for commercial spaces is expected to see double-digit growth in the future.
- In 2019, China construction industry was expected to rise by almost 6%. Real estate investment, which includes investments in the residential and commercial sector and office spaces. The robust investment in the property sector was supported by the steady housing prices and an increase in property construction.
- In countries, such as Vietnam and Cambodia, the demand for high-rise buildings and apartments in urban areas is increasing, all of which is expected to have a positive effect on the growing marble market in the region.
- Hence, all such market trends are expected to drive the demand for the marble market in the region, during the forecast period.
The marble market is fragmented in nature, with a few major players and large number of small players in the market studied. Some of the major companies are Vetter Stone, Indiana Limestone Company (A Polycor Inc. Company), Antolini Luigi & C Spa., Temmer Marble, and Levantina y Asociados de Minerales SA, among others.
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