Marble Market to Rise at a CAGR of ~6% to reach US$ 93.7 Billion by 2030; Increasing Adoption of Luxurious Lifestyle to Add Impetus to Market, TMR
- Advertising and marketing of luxury lifestyle have boosted the demand for top quality materials for building and construction, thereby boosting the marble market
- Market to reach US$ 93.7 Billion by the end of 2030, current trend of kitchen and bathroom renovations in emerging economies to help increase popularity of marbles
Dec 08, 2020, 07:30 ET
ALBANY, N.Y, Dec. 8, 2020 /PRNewswire/ -- The change in lifestyle and living conditions and the advent of smart technology have accelerated the demand for marble in the worldwide market, thereby aiding to its expansion. High demand for residential and commercial infrastructure especially from the emerging nations will help the global marble market witness promising growth rates.
The growth of the construction and material industry has propelled an increasing demand for building materials such as sand, wood, cement, marbles, and others. Developers of the real estate business are witnessing business in large numbers on account of the elevated demand and supply chain of marble. Such factors will also aid in expansion of the market in the forecast years.
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The global marble market is expected to rise at a CAGR of ~6% and reach US$ 93.7 Billion by the end of 2030.
Best quality marble materials are usually preferred for construction of kitchen top surfaces. Local marble manufacturers are expanding their brand presence in order to gain a competitive edge in the overall market. This is done by the introduction of luxury interior designs for residential and commercial spaces is currently trending.
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Key Findings of the Marble Market Report
- A majority of shares in the marble market is derived from the bathroom, kitchen countertops, and flooring applications.
- Geographically, Asia Pacific is likely to dominate the marble market with a 30.7% share in 2019. This is owing to the increasing number of construction and renovation activities in the emerging nations.
- Companies like Polycor Inc., and Levantina y Asociados de minerals, S.A. are holding about 40 - 50% shares in the competitive landscape of the marble market.
- The entry of new startup companies is intensifying the overall market competition.
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Marble Market: Key Driving Factors and Promising Avenues
- With the decline in prices of marble, a rapid increase in its demand is witnessed that will bode well for the market in the coming years.
- The increasing use of marble powder for improving the physical properties of structural blocks is expected to add to its popularity in the market, thereby augmenting the overall growth.
- Manufacturers are emphasizing on improving their customer service to record the experience of consumers both before and after marble installation.
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Marble Market: Geographical Insights
As per the evaluations of Transparency Market Research, the global marbles market is gathering a major share from Asia Pacific. The abundance of marble resources in nations such as China will help this region attract major revenues in the forecast duration. Apart from this, the rapid industrialization and urbanization activities that propelled the need to construct public squares, high-end communities, airports, shopping malls, and club houses will also help boost the growth of the regional market in the coming years.
Indian companies operating in the marble market are adopting new strategies and investing heavily in research and development activities to offer better quality products in the market. Players are also making efforts and promoting their brands so as to gain an upper hand in the overall market. Among marble products, organic leaf-like patterns are currently gaining immense popularity. For instance, a company based in Gujrat such as Rollza Granito is offering innovative products showcasing variety of marble designs in the white marble tile slabs. Such innovations are likely to bode well for the overall market in the forthcoming years.
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Global Marble Market, by Product
- Tiles or Slabs
Global Marble Market, by Application
- Kitchen & Bathroom Countertops
- Bathroom Fittings
- Building Decoration
- Art & Cravings
- Others (Including Vases and Lamps)
Global Marble Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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Cristobalite Market - The global cristobalite market was valued at US$ 30.52 Mn in 2019. It is anticipated to expand at a CAGR of ~6% during the forecast period. The global cristobalite market is driven by increase in the demand for cristobalite in the artificial marble industry across the globe. Asia Pacific accounts for a major share of the global cristobalite market, led by high demand for cristobalite among manufacturers of paints and coatings in the region. Cristobalite is primarily utilized in construction-related activities. Other uses include manufacture of glass and ceramics. Cristobalite is employed in the manufacture of water glass (sodium silicate), which is used in the formulation of cement, passive fire protection, textile and lumber processing, manufacture of refractory ceramics, adhesive, and production of silica gel. In ceramics, cristobalite is employed in the manufacture of sanitary ware and as raw material for ceramic body for tiles.
Silica Flour Market - The strategic objectives of several market vendors in the global market for silica flour are aligned with the ethos of lucrative growth. Hence, these vendors are projected to introduce innovative business strategies that fetch wider profit margins for them. Moreover, the vendors in the global silica flour market are expected to form strategic partnerships in order to reap the benefits of mutual growth. There is a high possibility of new avenues for growth emerging in the global market for silica flour in the years to come. The market vendors in the silica flour market are required to leverage these opportunities to earn voluminous revenues. Some of the key vendors in the global market for silica flour are SCR-Sibelco N.V., U.S. Silica Holdings Inc., International Silica Industries Company Plc., and Adwan Chemical Industries Co. Ltd.
Artificial Marble Market - The global artificial marble market is likely to register significant growth due to its durability and quality to withstand the wear and tear of everyday use, are some of the important factor propelling the demand of this market. The artificial marble has more durability when it is compared with the original marble market, this is another major factor influencing the demand in near future. The higher tensile strength, high abrasion resistance and less absorption of water are some of the key reason behind the growth of this market. To increase the esthetic of the place, artificial marble are widely used in institution, office and in home which is projected to drive the overall market.. Owing to rising demand of the artificial market for decorative purpose in hotel, temple and other memorial building are likely to boost the growth of this market in coming years. The low cost of the artificial marble as compare to original marble are also act as important factor propelling the growth during the course of forecast period, 2018 to 2028.
Cultured Marble Market - Demand for technically advanced and superior quality products is the key driver of the global cultured marble market. Growth of the cultured marble market can be ascribed to the increase in demand for these materials from non-residential constructions such as hospitals and schools owing to their high resistance to biological contamination. Rise in usage of cultured marble in remodeling and construction activities due to their availability in various colors, shapes, and types at affordable prices has also contributed to the boost of its global market. A key restraint to the expansion of cultured marble market is the presence of less number of players. Also, demand for cultured marble from end-user industries exceeds the supply. Availability of inexpensive labor and low procurement costs in developing countries are expected to propel the growth of the cultured marble market.
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