Marble Market To Reach $92.23 Billion By 2030 | CAGR 4.6%

Marble Market Growth & Trends

The global marble market size is expected to reach USD 92.23 billion by 2030, registering a CAGR of 4.6% from 2023 to 2030, according to a new report by Grand View Research, Inc.The market is anticipated to grow on account of the rising product popularity as a result of the increasing purchasing power of consumers and their willingness to pay premium prices for natural and long-lasting stone floorings for residential and commercial structures. The market is expected to grow significantly over the forecast period as a result of the increasing product use for interior decoration of facilities, such as religious centers, hotels, and, museums. Marble is becoming increasingly popular owing to its durability, strength, and polished finish.

Marble is a rock generated from the metamorphism of calcite with additional impurities, such as quartz, graphite, mica, and clay. China, Italy, Turkey, India, and Spain are among the leading marble-producing countries, accounting for a substantial share of the global production. Italy was the leading exporter in 2022, followed by China and India. The United States and China are major importers of marble products. The U.S. is one of the major markets on account of its highly developed economy, growing construction spending combined with a highly skilled workforce, and R&D initiatives to encourage product innovation. Major cities including Atlanta, Augusta, Columbus, and Macon are witnessing a surge in residential and commercial building construction.

However, due to the strong demand for marble and limited deposits of high-quality marble, several areas are concerned about resource depletion. Moreover, quarrying and processing procedures can have negative environmental consequences like habitat damage, deforestation, and landscape distortion along with that, the energy-intensive nature of marble processing adds to carbon emissions causing environmental degradation. Manufacturers in the market are aiming to achieve optimum business growth and a strong market position through the implementation of various strategies, such as acquisition, joint venture, production capacity expansion, new product development, promotion of key product brands, and significant investments in research & development.

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Marble Market Report Highlights

• The tiles or slabs product segment dominated the market with a share of more than 40% share in 2022. These tiles or slabs are eco-friendly, durable, easy to clean & customize, and provide heat conduction. Furthermore, these tiles are allergen resistant owing to low porosity and density, which makes them ideal for residential, commercial, or hotel end-uses

• The building & construction segment accounted for the largest share of 38.8% in 2022. The building and construction segment is inclusive of residential, commercial, industrial, and institutional buildings. Marble is commonly utilized in construction for flooring, wall cladding, facades, and ornamental features. Due to its high durability and natural beauty, it is an ideal material for high-end commercial and residential structures.

• Increasing product demand in residential & non-residential construction is expected to drive market growth over the forecast period. Rapid urbanization in various cities in emerging markets of China and India along with other markets, such as Indonesia, Malaysia, Thailand, and Philippines, is driving the growth of residential infrastructure. Moreover, the rising spending power of the middle-class population is expected to boost the demand for marble furniture or tiles, thereby driving the market growth

• Environmental consequences can be mitigated by using appropriate quarrying practices, such as reforestation and site rehabilitation. Furthermore, technological advancements and energy-efficient processing methods can reduce the carbon impact of marble manufacture

• The global market is highly competitive owing to the presence of a large number of manufacturers

Marble Market Segmentation

Grand View Research has segmented the global marble market on the basis of product, application, and region:

Marble Product Outlook (Revenue, USD Billion, 2018 - 2030)

• Tiles or Slabs

• Blocks

• Others

Marble Application Outlook (Revenue, USD Billion, 2018 - 2030)

• Building & Construction

• Statues & Monuments

• Furniture

• Other Applications

Marble Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • Australia

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

List of Key Players in the Marble Market

• Antolini Luigi & C SpA

• BC Marble Products Ltd.

• Levantina y Asociados de Minerales, S.A.

• Fox Marble

• Kangli Stone Group

• Best Cheer Stone

• Kingstone Mining Holdings Ltd.

• China Kingstone Mining Holdings Limited

• Daltile

• HELLENIC GRANITE Co.

• Topalidis SA

• Santucci Group Srl.