Marble Global Market Report 2024

The marble market size has grown rapidly in recent years. It will grow from $31.33 billion in 2023 to $34.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historical period can be credited to the demand for architecture, global urbanization, international trade and exports, the preference for natural materials, and the preservation of cultural heritage.

The marble market size is expected to see strong growth in the next few years. It will grow to $50.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The projected growth in the forecast period is driven by various factors such as the adoption of sustainable quarrying practices, a surge in demand within emerging markets, expanding usage in furniture and décor, ongoing infrastructure development, and the recognition of marble as a sustainable building material. Noteworthy trends anticipated during this period encompass innovations in marble finishes, the integration of digital technologies into marble processing, an increased focus on customization and personalization of marble products, collaborative efforts with designers and architects, as well as the utilization of digital marketing strategies and online sales channels.

The expansion of the construction industry is expected to drive the growth of the marble market in the foreseeable future. The construction industry encompasses diverse activities related to the construction, repair, renovation, and maintenance of infrastructure. Marble holds significance in this sector due to its aesthetic appeal, durability, and versatility. It finds application in both interior and exterior contexts, such as walls, floors, and sculptures, enhancing the visual appeal of buildings. Additionally, its high durability and resistance to heat make it well-suited for various construction purposes. As an illustration, reports from Oxford Economics, a UK-based economic information services company, indicated that global construction output reached $10.7 trillion in 2020. Projections suggest a substantial increase of 42%, equivalent to $4.5 trillion, between 2020 and 2030, bringing the total to $15.2 trillion. Consequently, the expansion of the construction industry stands as a key driver for the growth of the marble market.

The growing preference for home remodeling and renovations is expected to drive the growth of the marble market in the future. Home remodeling and renovations involve making significant changes, improvements, or alterations to the structure, layout, design, or functionality of a residential property. Marble is a popular choice for these projects due to its aesthetic appeal, ability to increase property value, versatility, durability, and longevity. For example, according to the Joint Center for Housing Studies of Harvard University in January 2023, national spending on remodeling and repairs for owner-occupied homes is projected to reach $485 billion in 2023, reflecting a 2.6% increase from the previous year, 2022. Therefore, the increasing inclination toward home remodeling and renovations is a significant factor driving the growth of the marble market.

The marble market is witnessing a significant trend towards new product launches, with companies increasingly focusing on developing and introducing new marble products of improved quality. For example, in March 2022, A-Class Marble India Pvt Ltd., an India-based marble manufacturer, unveiled its Exotica marble collection. This unique and upscale collection is crafted from precious stones imported from Brazil and Norway. The Exotica marble collection features several exclusive high-quality marble types, including Patagonia, Emerald Quartz, and others that combine the beauty of quartz, rubies, and emeralds with the elegance of marble, resulting in distinctive patterns and textures. The translucent finish of the Exotica line aims to provide a glossy refinement suitable for both indoor and outdoor applications.

Leading companies in the marble market are innovating by introducing new products such as paired stone flooring to enhance their competitive position. Paired stone flooring is a flooring type that combines small, roughly cut stones arranged in a pattern. For example, in May 2023, The Quarry Marble, an Indian-based supplier of Italian and onyx marbles, unveiled The Quarry Season Of Love, a collection featuring perfectly paired marble, granite, and onyx. The Season of Love collection offers a range of stones, from the rare and exotic Sodalite to the classic and refined Laas Authentico white marble. Each slab is meticulously selected by The Quarry's curators and expertly cut to ensure that every piece is a masterpiece.

In November 2021, SiteOne Landscape Supply, Inc., a US-based distributor of landscape supplies, acquired Semco Stone, LLC for an undisclosed sum. This strategic acquisition aims to broaden SiteOne's presence across multiple markets by enabling the company to offer a comprehensive range of landscape supplies. Semco Stone, LLC, based in the US, specializes in supplying natural stones, including white marble and other varieties.

Major companies operating in the marble market report are Staron, DuPont de Nemours Inc., Kuraray, Aristech Acrylics, Durat, Pengxiang Industry, MARGRAF, Ranamar, LG Hausys, Levantina y Asociados de Minerales S.A., Indiana Limestone Company, XiShi Group, Vetter Stone, New SunShine Stone, Southland Stone Group, Hanex, Pakistan Onyx Marble, Sinai Marble, Fox Marble, CXUN, Wanfeng Compound Stone, ChuanQi, Leigei Stone, Jinlong Yu Marble, Guangdong Chuanqi Compound Stone Co. Ltd., Nanan Guang Tai Xiang Stone Co. Ltd., Mumal Marbles, Aurangzeb Marble Industry, Granite Construction, Kangli Stone Group, Best Cheer Stone.

Asia-Pacific was the largest region in the marble market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marble market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marble market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Marble comes in two main types: natural and synthetic. Natural marble is a metamorphic stone composed of calcite, used in building materials, sculptures, kitchen countertops, stairs, and more. Synthetic marble, made from a mixture of marble debris, stone powder, plastic, cement, and sand, offers various colors and patterns and is used in house exteriors, kitchens, walls, floors, and more. The market is segmented by form (slab and powder) and color (white and others), with applications in building decoration, statues, monuments, furniture, and others.

The marble research report is one of a series of new reports that provides marble statistics, including marble industry global market size, regional shares, competitors with marble share, detailed marble segments, market trends and opportunities, and any further data you may need to thrive in the marble industry. This marble research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marble market consists of sales of black marble, grey marble, cream marble, red marble, blue marble. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.