Market Trends of Marble Industry
This section covers the major market trends shaping the Marble Market according to our research experts:
Building and Decoration Segment to Dominate the Market
- 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 as 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 most significant percentage. Marble is also widely used for decorative and structural purposes, 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.
- The rising building industry is expected to drive marble consumption in building and decoration applications in 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.
- According to the US Census Bureau, the value of public residential construction spending reached USD 9.27 billion in 2021, compared to USD 9.53 billion in 2020. The value of private commercial construction reached USD 91.03 billion in 2021, compared to USD 85.57 billion in 2020.
- As per the Statistisches Bundesamt survey, the number of building permits for residential and non-residential buildings in Germany reached 158 thousand in 2021 and registered growth compared to 153 thousand licenses in 2020.
- China is amid a construction mega-boom. The country has the most significant building market in the world, making up 20% of all construction investments globally.
- China is expected to spend nearly USD 13 trillion on buildings by 2030. Although this number may take a hit as China is reeling through the Evergrande debt crisis.
- Hence, the building and decoration segment is expected to dominate the market.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to be the dominating and fastest-growing market over the forecast period, owing to increasing government investment in the 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) in 2020, and it is projected to be 80 billion m2 (861 billion ft2) by 2030.
- According to the National Bureau of Statistics of China, the value added to the Chinese construction industry accounted for CNY 8,013.8 billion (~USD 1,241.87 billion) in 2021, compared to CNY 7,244.5 billion (~USD 1,050.33 billion) in 2020.
- In India, the growing real estate business, which is mainly focused on the residential sector and commercial places, is key to 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.
- Demand for residential housing in India has rushed due to increased urbanization and rising household income. Also, the Indian government has allowed foreign direct investment (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.
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