Marble Market (Product: Tiles or Slabs and Blocks; and Application: Kitchen & Bathroom Countertops, Floors, Bathroom Fittings, Building Decoration, Art & Carvings, Furniture, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Lack of Access for Overseas Supply during COVID-19 Outbreak Inhibits Market Growth
Shipping delays have hurt sales of developers in the marble market during the COVID-19 (coronavirus) outbreak. Work on commercial and residential projects has slowed down, since it has become challenging for users to acquire materials from overseas. This phenomenon is posing as a threat to construction jobs. Quarantine and lockdown restrictions in different countries have led to the cancellation of business trips. Thus, business activities are experiencing a slump during the ongoing pandemic, as real estate developers often buy building materials such as marble and Chinese copper globally and not locally.
The COVID-19 pandemic has brought business activities to a standstill. Real estate developers in the marble market are experiencing a lack of access to overseas supply for building materials. Large-scale commercial and residential projects are suffering a major share of loss due to supply shocks. As such, real estate developers are anticipating a revival of marble market growth by the end of 2020.
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Manufacturers Leverage Business Opportunities in CNC Cutting by Investing in Machinery
The marble market is largely fragmented where even startups are exploring value-grab opportunities in the market landscape. For instance, Marble Innovation— a new marble contractor in Paola, Malta, is investing in machinery that manufactures marble in an environmental-friendly manner. Companies in the marble market are investing in avant-garde machinery that involves CNC (Computer Numerical Control) cutting. They are increasing their production capacities to manufacture facades, staircases, kitchen tops, and shower trays among others. Manufacturers are collaborating with local distributors to grow their business via exports to hundreds of countries.
Top quality materials are highly preferred in kitchen top surfaces. In order to build credibility in local markets, manufacturers are improving customer service experience before and after the installation of marble products. They are increasing efforts to reduce the waiting time for customers and deliver products within strict timeframes.
Affordability and Visual Aesthetics Offset Coloration and Surface Stripping Disadvantages of Marble
The marble market is projected to mature at a CAGR of ~6% during the forecast period. However, marble is facing stiff competition from natural stone materials, and is susceptible to coloration and surface stripping in the light of highly acidic materials. However, its visual characteristics for luxury interior designing tend to offset its disadvantages. As such, the marble market is expected to reach the revenue mark of US$ 93.7 Bn by 2030.
Marble is gaining prominence in kitchen countertops, flooring, and bathroom applications. As individuals are becoming more aware about interior designing techniques, the sale of marble is soaring. Moreover, marble is more affordable than most natural stones, which makes it a popular choice for real estate projects.
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Creating Market Acceptability Crucial to Pitch Products in India
Marble powder is being used to improve the physical properties of structural blocks. New trends in interior designing such as raw, polished, and tumbled finishes in stones are bolstering growth for the marble market. However, many individuals tend to confuse marble with granite. Hence, manufacturers in the marble market are increasing awareness that marble has veins, while granite sports a grainy appearance. Another advantage of marble is its attribute of absorbing more moisture.
Manufacturers are boosting their production capabilities to expand their portfolio in different colors, designs, and patterns of marble. This helps manufacturers to attain a cost advantage, since they can customize their pricing according to different patterns in marble. However, India’s marble market is quite unorganized and it is challenging for business owners to procure raw materials. Hence, Indian manufacturers are increasing efforts to create market acceptability and R&D activities to pitch products in the market.
Incremental Opportunities in UAE Grab Attention of Indian Exporters
Sturdy build, smooth finish, and unmatched grandeur are key attributes of marble. Right from historical buildings to present-day commercial spaces, marble helps to offer a timeless appeal in construction projects. Organic leaf-like patterns are gaining increased popularity in marble products. On the other hand, Rollza Granito— a tile manufacturer in Gujarat, India, is increasing its product portfolio in white marble tile slabs. Companies in the marble market are increasing efforts to strengthen their supply chains in the United Arab Emirates (UAE).
Manufacturers in the marble market are offering services to meet diverse needs of engineers, building owners, and architects in the UAE. Thus, manufacturers should tap into revenue opportunities in other countries of the Middle East region. They are focusing on supplying marble floor tiles for residential and commercial projects to retailers in the UAE.
Top-performing Marble Slabs in India Gain Prominence in Residential Projects
In order to boost the uptake of products, companies in the marble market are offering white marble slabs at discounted prices. There is a high demand for white marble slabs in commercial and residential construction projects. Different strength, resilience, and color options in marbles are being preferred by architects. On the other hand, there is a growing demand for top-performing marble slabs in India. This is evident since India is one of the most densely populated countries in Asia Pacific and the region is one of the prime consumers of marble. Whilst China is among the top producers of marble products.
Companies in the marble market are increasing their marketing capabilities to create awareness about new arrivals in marble products. Since the India marble market is largely fragmented, manufacturers are providing competitive prices for products.
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Manufacturers in the marble market are facing a demand shortage and are finding it difficult to procure raw materials amidst the COVID-19 pandemic. As such, India and China hold lucrative opportunities for business expansion, since both the countries are major producers and consumers of marble. However, unfavorable manufacturing policies are posing as a restraint for India’s market growth. Hence, manufacturers should create market acceptability for new arrivals in marble and increase R&D activities to strategically pitch products in the market. They should establish export chains with customers in the UAE for white marble slabs. Brushed, tumbled, and polished finishes in marble are highly preferred in residential interior designing.
Marble Market: Overview
- According to Transparency Market Research’s latest research report on the global marble market for the base year 2019 and the forecast period 2020–2030, rise in usage of marble in the building & construction sector and increase in application of marble in art & cravings are factors expected to boost the global marble market during the forecast period
- In terms of revenue, the global marble market is estimated to reach US$ 93.7 Bn by 2030, expanding at a CAGR of ~6% during the forecast period
- Marble is a metamorphic rock composed of recrystallized carbonate minerals, most commonly calcite or dolomite. Marble is primarily used in construction work.
- Asia Pacific is one of the major producers and consumers of marble, which is used to manufacture decorative products employed in residential and commercial applications
- Abundant sources of marble are available across the globe. Production of marble has increased significantly over the past few years. China is one of the prominent producers of marble and marble products.
Rise in Usage of Marble in Building & Construction Sector: Key Driver
- Marble is primarily used in applications such as building decoration, art & carving, furniture, home decoration products, and lamps. The building decoration sector witnesses the maximum consumption of marble. The countertops application segment holds dominant share of the global marble market. Furthermore, marble is used as a material for sculptures and monuments in the art & carving sector.
- In the building decoration industry, marble is employed as a facing stone in buildings and pillars, colonnades, paneling, wainscoting, and floor tiles. Marble is used in interior and exterior decorations, mostly for floor tiles and countertops, in buildings and infrastructure. Large-scale construction projects, including airports, public squares, starred hotels, villas, high-end communities, and clubs use marble in large quantities.
Major Challenges for Marble Market
- Investments in the construction industry have increased significantly across the globe over the past few years. This has led to a rise in debt upon infrastructure and urban development authorities, resulting in excess capacity in the infrastructure development industry and oversupply in the real estate sector. Hence, the industry is not expected to expand significantly in the near future. This is estimated to hamper the demand for marble.
- Currently, the world is facing adverse effects of the COVID-19 pandemic. Governments are struggling to control the outbreak, while businesses are being hit with fallout from the associated disruption. Building & construction projects that are currently under development may be affected by the outbreak. Supply chains are likely to be disrupted as a result of measures taken to control the outbreak. This is estimated to impact the availability of key materials used in construction, including marble, in the near future. Furthermore, measures such as quarantine, self-isolation, and restrictions on transport are anticipated to hamper the ability of contractors to complete construction projects in time and within budget.
Surge in Infrastructure Development Activities across Globe to Offer Lucrative Opportunities for Marble Market
- Infrastructure development in terms of building & construction, transportation, power, water, and energy projects underpins economic activity and catalyzes growth and development. According to the World Economic Forum, global investment in infrastructure is expected to reach US$ 79 Trn by 2040.
- Construction and infrastructure development activities are increasing at a rapid rate in ASEAN. This is a key factor driving the economy of the sub-region. Rise in usage of construction materials, such as marble, in the construction and infrastructure sector is boosting the overall infrastructure development of the sub-regions. In turn, this is propelling the demand for marble in ASEAN.
- Innovative technologies for remote surveying and geological mapping in quarries, rise in use of precision surface excavation machines, and introduction of high-power lasers for drilling are major trends in the global marble market. New technologies and construction trends such as drone mapping and building information modeling software are augmenting the safety aspect on job sites. This is driving spending in construction and infrastructure development activities in the ASEAN region.
- According to IMA ASIA, Indonesia is projected to invest approximately US$ 33 Bn in new capital relocation projects. These projects include construction of houses, schools, hospitals, and commercial districts. These projects are expected to commence in 2024. These projects and infrastructure development activities require construction materials such as marble and related products for flooring, various wall fittings, and decoration. This is expected to boost the marble market in the near future.
Marble Market: Competition Landscape
- Detailed profiles of providers of marble have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global marble market include
- Levantina y Asociados de Minerales
- Polycor inc.
- Global Mining Company,
- Delta Granite and Marble, Inc.
- NAMCO CO.
- EMIRATES MARBLE
- Xishi Group Ltd.
- Xiamen Yuanda Stone Co. Ltd
- Xiamen Kungfu Stone Ltd.
Marble Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global marble market in order to accurately gauge its future growth. The study presents detailed information about important drivers, restraints, and trends that are creating a landscape for future growth of the global marble market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global marble market would expand during the forecast period of 2020 to 2030.
The report offers intricate dynamics about different aspects of the global marble market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are anticipated to configure growth of the global marble market during the forecast period. It also includes a key indicator assessment that highlights growth prospects for the global marble market and estimates statistics related to growth of the market in terms of value (US$ Mn) and volume (kilo tons).
This study covers a detailed segmentation of the global marble market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global marble market, wherein various developments, expansions, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Marble Market
The report provides detailed information about the global marble market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market in the country. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global marble market, so as to help them design successful strategies and make target-driven decisions.
- Which product and application segments of the global marble market would emerge as major revenue generators during the forecast period?
- How are key market players successfully earning revenues out of advantages of marble?
- What would be the Y-o-Y growth trend of the global marble market between 2020 and 2030?
- What are the winning imperatives of leading players operating in the global marble market?
- Which application segment is expected to create lucrative opportunities for the global marble market during the forecast period?
- Which are leading companies operating in the global marble market?
Research Methodology – Marble Market
The research methodology adopted by analysts for compiling the report on the global marble market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global marble market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on the data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global marble market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global marble market.
Marble Market – Segmentation
TMR’s research study assesses the global marble market in terms of product and application. This report presents extensive market dynamics and trends associated with different segments of the market in the country and how they are influencing growth prospects for the global marble market.