Marble Market Value to Reach US$ 93.7 Bn by 2031: TMR Study

• Increase in construction activities in developing economies is driving the marble market
• Rise in demand for marble blocks in the art & carvings industry is propelling the overall market
• Asia Pacific is expected to account for the largest market share during the forecast period due to a rise in marble production in China and India

WILMINGTOM, Del., Jan. 4, 2023 /PRNewswire/ -- According to a study published by Transparency Market Research, the global marble market is expected to grow at a CAGR of 5.9% during the forecast period, between 2022 and 2031.

Marble has emerged as a suitable raw material in different application areas such as interior decoration, since they are available in different colors (black, grey, red, and cream), and improve the aesthetics of any space. They are mainly composed of calcite and contain other minerals, such as quartz, clay, and mica, in varying quantities.

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Leading players are focused on gaining an edge over other players and generating revenue by manufacturing improved quality marble products. For example, Daltile, in July 2021, announced the launch of new tile products with features such as improved strength and suitability in several end-use industries.

Prominent market players are adopting growth strategies, such as collaboration with other players, to expand their presence and increase their revenue.

Key Findings of Market Study

• Rise in Product Demand for Construction Activities Fuels Marble Market: There has been a rise in construction activities in the last few years, especially in developing countries. Rapid urbanization and rising disposable income have led to increase in demand for houses among consumers. The increase in construction activities has fueled the demand for marble and helped in the expansion of the overall market size worldwide.
• Increase in Usage of Marble Blocks in Art & Carvings Industry Propels Overall Market: Based on product, the global market is classified into blocks, and tiles or slabs. Blocks emerged as the dominant segment in 2021. Increase in usage of marble blocks in art & carvings and in construction industries emerged as the key factor driving the segment. Furthermore, marble blocks can be cut and carved with ease, which also played a role in triggering product demand and boosting industry growth.

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Marble Market - Key Drivers

• Rise in demand for marble in powdered form to improve the physical features of structural blocks is one of the key driving factors of the global market
• Increase in product usage in different application areas, such as flooring and bathroom, is stimulating the market development
• Rise in product demand in the art & carvings industry is augmenting the industry growth

Marble Market - Regional Insights

• Asia Pacific is projected to hold the largest market share during the forecast period owing to the continuous increase in marble production in both developed and developing economies, such as China and India
• North America is expected to witness significant growth during the forecast period due to increase in product demand in the art & carvings industry in countries such as the U.S. and Canada

Marble Market - Key Players

The global marble market is fragmented due to the presence of several international and local players. Entry of new players during the forecast period is likely to intensify the competition.

Well-established players are making huge investments in research and development undertakings to produce improved marbles that can be used in different end-use industries. Increase in demand for improved marble products could help in market growth during the forecast period.

Some of the key players in the global market include Delta Granite and Marble Inc., Global Mining Company, Asian Granito India Limited, Turkish Marble, Daltile Group Inc., and Kinan Marble.

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The global marble market is segmented as follows: 

Product

• Tiles or Slabs
• Blocks

Application

• Kitchen & Bathroom Countertops
• Floors
• Bathroom Fittings
• Building Decoration
• Art & Carvings
• Furniture
• Others (Vases & Lamps)

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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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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SOURCE Transparency Market Research