Marble Market is Estimated to Reach Revenue of US$ 93.7 Billion by 2031; The Blocks Segment Accounted for Major Value Share of 5.6% in 2021

WILMINGTON, DE / ACCESSWIRE / June 22, 2023 / Global Marble Market stood at US$ 51.5 billion in 2021 and the global market is projected to reach US$ 93.7 billion in 2031. Global marble industry is anticipated to expand at a CAGR of 5.9% between 2023 and 2031.

Expansion in the construction sector is boosting the marble market size where the sector prefers marble over various other natural stones, as it is extremely durable and simple to work with. Increase in the global population has led to an upliftment in investment in housing infrastructure.

Asia Pacific is said to dominate the market in this sector followed by North America.

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Key Takeaways of Market Report

• Global marble market to generate absolute dollar opportunity worth US$ 93.7 billion until 2031.
• Global marble market from 2022 to 2031 is 5.9%
• Global marble market is currently valued at US$ 55.78 billion in 2022.
• Global marble market stood at US$ 51.5 billion in 2021.
• Market value of the global marble market management from 2018 to 2022 is 4.8%
• North America is said to have a market share of 21.2%
• Asia Pacific market region is estimated to have a market share of 46.1%

Global Marble Market: Growth Drivers

• Usage of marble powder is for improvising the physical properties of building blocks. Demand for marble stones, marble tiles, marble floorings, and marble facades is rising as a result of raw tumbled and polished stone treatments that are finding application in interior design. Marble has a scattered veining pattern as opposed to granite's grittier appearance. It offers a high capacity for humidity absorption.
• Market vendors are focused on diversifying their product portfolio with different shades, layouts, and patterns as they are also boosting their production volumes to enhance their market share.
• Leading vendors in the market are expanding their share in the construction sector by offering discounted white marble slabs. Residential and commercial construction projects prefer white marble slabs. Marble with a range of hardness, toughness, and color options is also in high demand.
• Latest marble market trends, the blocks product segment dominated the industry in 2021. Growth of the segment can be ascribed to the extensive usage of marble blocks in the construction and art & carvings sectors. Marble blocks are simple to cut and carve, thus, large marble blocks are frequently used to create diverse statues and works of art as they are also used to carve items that are employed to decorate the exterior and interior of a property.
• Sculptors initiate by pitching away sizable chunks of extra stone from the unfinished marble slabs and blocks. One of the crucial instruments required to create marble sculptures is the point chisel. Carving involves diminishing the material's primary body until the raw material takes on a certain form.

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Global Marble Market: Regional Landscape

• Asia Pacific is expected to hold a dominant share during the forecast period. Market in the region was valued at US$ 18.9 billion. Presence of major players is driving the market progress in the Asia Pacific. China and India are major growth engines of the industry. China is anticipated to dominate the market in the region and expand at a CAGR of 4.6% during the forecast period.
• Growth in the art and carvings sector is expected to augment market expansion during the forecast period. China and India are major consumers of marble in the Asia Pacific. Vendors in the global marble industry are investing significantly to expand their production capabilities in order to broaden their revenue share as they are also emphasizing product development to expand their portfolio.
• Market in North America is anticipated to grow at a significant pace in the next few years which is due to the rise in demand for marble in the art and cravings sector.

Global Marble Market: Key Players

• Daltile released new tile collections which provide a wide range of stylish goods with top-notch performance attributes.
• Asian Granito India Ltd. (AGIL) opened the AGL Export House at Wankaner, Morbi, Gujarat. Over 3,000 tiles, sanitary wares, and bath fittings in a variety of sizes, styles, and finishes are likely to be on exhibit at the 15,000-square-foot center for trading partners across the world

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Global Marble Market: Segmentation

Product

• Tiles or Slabs
• Blocks

Application

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

Regions Covered

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

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