Marble Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Marble Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global marble market is evaluated at 17,592.11 USD million in 2020 and is expected to witness a CAGR of over 4.50%, globally, during the forecast period.

The COVID-19 pandemic had wreaked havoc on the workplace. Its impact has been significant in the construction industry, however, it varies by sector. Construction industries and workers are particularly exposed to the pandemic's sharp drop in economic activity since construction is sensitive to economic cycles. The United States is one of the largest construction industries in the world. The construction investments in the country have declined due to the rapidly growing cases. The country's construction spending fell from USD 1,436.73 billion in March 2020 to USD 1,364.57 billion in July 2020. However, the hotels' construction dipped by 1% in 2020 and was expected to further dip by 0.7% in 2021. This, in turn, has negatively affected the demand for marble in 2020.

Key Highlights

• In the short term, the rapid growth in the construction industry is expected to drive the demand for marble across the world
• 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.
• 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.

Key Market TrendsBuilding and Decoration Segment to Dominate the Market Studied

• Marble is widely used in the building and construction industry for decorative and structural purposes, ranging from outdoor sculptures to walls, veneers, flooring, ornamental features, stairways and walkways.
• Marble finds its application in interior and exterior wall cladding, interior and exterior paving, fireplace facing and hearth, and novelty items.
• Different marble varieties are used basically as both interior and exterior vertical wall cladding and flooring. Their use as structural elements (masonry), statues, epitaphs, graves, etc. is quantitatively less with funeral art accounting for the largest percentage. Marble is also widely used for decorative and structural purposes, ranging from outdoor sculptures to walls, veneers, flooring, ornamental features, stairways and walkways.
• Marble has become ever more popular for different applications, from use in large-scale construction projects to small do-it-yourself home renovations. In addition to traditional markets already accustomed to using marble, new markets in the Middle-East and Southeast Asia are now increasingly aware of the benefits of marble.
• Not only are houses of worship and other ceremonial structures use marble in construction, but also modern office complexes, hotels and airports. The use of marble increases aesthetic appeal, improves structural durability and has become increasingly affordable with its prices going down.
• The rising building industry is expected to drive the marble consumption in building and decoration application through the years to come. The global construction industry is expected to reach USD 8 trillion by 2030, primarily driven by countries, such as India, China, and the United States.
• China is in the midst of a construction mega-boom. The country has the largest building market in the world, making up 20% of all construction investment globally. The country alone is expected to spend nearly USD 13 trillion on buildings by 2030.
• Although construction activities in 2020 witnessed a temporary setback due to COVID-19’s impact, all the aforementioned developments are expected to drive the demand for marble in the construction industry through the years to come.

Asia-Pacific Region to Dominate the Market Studied

• Asia-Pacific is expected to be the dominating and fastest-growing market over the forecast period, owing to increasing government investment in building and construction industry in the region.
• China is the largest single market for growth in the building sector. China has the largest new construction market globally, adding an average of 1.8-2.0 billion m2 (19 – 21 billion ft2 ) annually. The total floor area of Chinese buildings was expected to reach around 69 billion m2 (742 billion ft2) by 2020 and is projected to be 80 billion m2 (861 billion ft2) by 2030.
• China is one of the leading countries in the construction of shopping centers. China's shopping malls sector has enjoyed robust development over recent years, and 7,000 more malls are estimated to be opened by 2025. The total number of malls (with a gross floor area over 10,000 m2 and not operating on a strata-titled basis) in China's top 30 cities is estimated to increase to 1,445 units in 2019, at an annual growth rate of 13%.
• In India, the growing real estate business, which is mainly focused on the residential sector and commercial places, is key for the sector's growth. The growing individual townships are driving the sector. The development of Palva industrial township, Zaheerabad integrated industrial township, and many other projects involving public and private investments with a total of USD 29.38 billion are boosting the sector.
• The demand for residential housing has been increasing in cities, such as Delhi-NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Ahmedabad, due to the migration of people from rural areas to urban in search of jobs, higher education, and better life. In Mumbai, with developers focusing on timely execution, over INR 4,000 crore worth of ready-to-move-in luxury residential inventory is available in the south and south-central zones of the megapolis as against INR 2,800 crore a year ago and ultraluxury projects in the residential sector are coming up in south-central areas spanning Prabhadevi, Mahalaxmi, and Lower Parel in Mumbai.
• Demand for residential housing in India has rushed due to increased urbanization and rising household income. Also, the Indian government has allowed FDI of up to 100% for settlement development and townships projects. This, in turn, is projected to increase the residential housing construction in the country.
• Hence, all such market trends are expected to drive the demand for the marble market in the region, during the forecast period.

Competitive Landscape

The market for marble is extremely fragmented in nature, where no top player accounts for a major chunk of the market. Some of the major companies are Fox Marble, Best Cheer Stone, Levantina y Asociados de Minerales, S.A, Kangli stone group, and China Kingstone Mining Holdings Limited, among others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Whitford
Poeton
ENDURA
Dow
CARL BECHEM GMBH
The Chemours Company
Whitmore Manufacturing, LLC
Everlube
VITRACOAT
AGC Inc
ASV Multichemie Private Limited
IKV

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