Marble Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Marble Market is anticipated to display a CAGR of ~4% over the forecast period (2021-2027). Emerging economies like India, China, and Brazil are likely to witness considerable growth, this is mainly owing to rising activities which contributes to economic growth. Globally countries are heavily investing to improve their infrastructure like by constructing new airports. For instance, Noida International Greenfield Airport, Jewar, Uttar Pradesh, India is nearly USD 3.9 Billion project likely to be completed by 2024. The airport’s initial capacity will be 12 million passengers annually, which is expected to increase to 70 million passengers every year by 2050.

Further, The Board of Commissioners of the Port Authority of New York and New Jersey (PANYNJ) has approved a public private-partnership agreement with JFK Millennium Partners (JMP) to build a new USD 3.9 billion Terminal 6 at JFK International Airport. Therefore, rising construction activities to ameliorate countries infrastructure would escalate demand of marbles owing to extensive used of marbles in flooring, skirting and as a decorative to pillars of buildings thereby increasing the market size for marble market.

Companies operating in the global marble market are indulging in collaborative agreements such as mergers and acquisitions, product launches, and similar strategies to obtain the top position in the market competition. Besides this, players are focusing on geographical expansion to increase their brand presence in the overall market. For instance, in November, Fox Marble signed a joint venture agreement with Al Bab Al Mumtaz Group in the United Arab Emirates. Al Bab Al Mumtaz Group is a wholesaler of flooring solutions to customers in the UAE and MENA region.

Some of the major players operating in the market include Asian Granito India Limited, Dal-tile corporation, Dimpomar – Rochas Portuguesas Lda, Levantina Y Asociados De Minerales S.A.U., Temmer Marble, Topalidis S.A., Hellenic Granite Company S.A., Namco Co. SRL, Fox Marble Holdings Plc., Delta Marble, Mining, Construction Import and Export Inc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report

“Amongst Color, white color held lucrative market share.”

Based on color, the marble market is segmented into white, yellow, red, black, and others. White marble is considered the most classic of all the marble types and has a special kind of value. It is known for being majestic and pure since it is white, it shows more imperfections. Sometimes, the imperfections are part of what’s sought after in order to have a completely unique piece of stone. Moreover, black color is expected to grow at a significant growth rate as the color black is always associated with luxury, black marble definitely makes a statement. To overwhelm the settings, black marble is usually implemented in areas where there are wide spaces.

“Amongst end use, building & construction held considerable market share in 2020.”

Based on application, the marble market is divided into building & construction, statues & monuments, furniture, and others. Marble has always been and continues to be one of the most valuable additions to the home. If we closely observe the ancient buildings and monuments they have been made using marble. For example, the Taj Mahal is built using white sangmarmar marble. However, this rock is still used today as a decorative construction material. For instance, a total of 30 doors decorated with white sangmarmar marble will be installed in Ram Mandir, India to give grandeur to the temple.

Buildings & construction hold a lucrative market share owing to surging construction activities in emerging countries like India, China, Brazil, and Argentina. Further, in developed countries like US rising construction activities would result to increase in demand for marble. For instance, in US nearly 2,000 new residential house was constructed in October compared to September 2021.

“Asia Pacific represents lucrative market share in the Global Marble Market.”

For a better understanding of the market adoption of marble, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Currently, Asia Pacific held lucrative market share and is expected to grow throughout the forecast period. This can be attributed to the rising demand of marbles in construction of residential houses, buildings, statues, and monuments. For instance, according to Oxford Economics, residential construction activity is forecasted to grow fastest in region in 2021 at 7.1%. With the residential sector accounting for 44% of total global construction in 2020, it is the largest subsector and a key driver of global growth of construction industry where APAC region continues to remain the largest market for activity. Thus, surging construction activities in the region would propel the demand for marble.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional & country-level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of global marble were the three major steps undertaken to create and analyze the adoption of marble across various segments in North America, Europe, Asia Pacific, & Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the marble sector. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the marble through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the marble market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are as color and application. Further regional & country-level analyses were conducted to evaluate the overall adoption of marble in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of marble. Further, we conducted factor analysis using dependent and independent variables like rising urbanization and growing construction industry. Historical trends and their year-on-year impact on the market size and share in the recent past were analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global marble market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of marble across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the marble market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global marble market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of color and application.

The main objective of the Marble Market Study

The current & future market trends of marble were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of marble in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of color and application
• Defined analysis of the regulatory framework for the global marble industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the marble for the major regions & countries
• Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
• Company profiles of the marble market players and the growth strategies adopted by them to sustain in the fast-growing market

Deep dive regional & country level analysis of the industry