Marble Market Size, Share & Trends Analysis Report By Product (Tiles or Slabs, Blocks), By Application (Building & Construction, Statues & Monuments, Furniture), By Region (Europe, Asia Pacific), And Segment Forecasts, 2023 - 2030

Marble Market Size & Trends

The global marble market size was estimated at USD 64.67 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 4.6% from 2023 to 2030, on account of the growing construction activities of residential and commercial buildings around the world. The adoption of natural stone has increased as a result of the increasing consumer purchasing power and customer readiness to pay for natural & long-lasting stone floorings for residential and commercial premium structures. The market is expected to grow significantly over the forecast period as a result of the increasing use of marble for interior decoration of facilities, such as religious centers, hotels, and, museums, among others. The product is becoming increasingly popular owing to its durability, strength, and polished finish.

The U.S. is one of the major markets for marble on account of its highly developed economy, growing construction spending combined with a highly skilled workforce, and R&D initiatives to encourage product innovation. Major cities including Atlanta, Augusta, Columbus, and Macon are witnessing a surge in residential and commercial building construction. For instance, the construction of quarry yards in Atlanta, a mixed-used development program for retail buildings, apartments, and hotel construction is expected to add to the market growth. The extraction of raw marble blocks from quarries is the first step in the supply chain.

These quarries may be found all over the world, each with its distinct color, texture, and quality. The retrieved blocks are subsequently transferred to processing plants, where they are sliced, polished, and finished. After being turned into slabs or tiles, these products are distributed to end-users, such as construction firms, interior designers, and individual customers via wholesalers and retailers. Marble is a rock generated from the metamorphism of calcite with additional impurities such as quartz, graphite, mica, and clay. China, Italy, Turkey, India, and Spain are among the leading marble-producing countries, accounting for a substantial share of the global production.

Italy continues to be the leading exporter in 2022, followed by China and India. In contrast, the United States and China are major importers of marble products. However, due to the strong product demand and limited deposits of high-quality material, several areas are concerned about resource depletion. Moreover, quarrying and processing procedures can have negative environmental consequences like habitat damage, deforestation, and landscape distortion along with that, the energy-intensive nature of marble processing adds to carbon emissions causing environmental degradation.

Application Insights

The building and construction segment accounted for the largest revenue share of 38.8% in 2022. The building and construction segment is inclusive of residential, commercial, industrial, and institutional buildings. Marble is commonly utilized in construction for flooring, wall cladding, facades, and ornamental features. Due to its high durability and natural beauty, it is an ideal material for high-end commercial and residential structures. Sculptors prefer marble as a medium due to its workability, which helps make detailed masterpieces. As marble is more expensive compared to other materials, it has been used for making rare statues and sculptures. Its high durability, high-quality finish, and easy-to-cut properties are projected to drive its demand for the statues and monuments application segment over the forecast period.

Marble furniture is expected to grow at a substantial CAGR over the forecast period as it is used in the creation of furniture, tabletops, worktops, and ornamental items. Marble furniture is aesthetically pleasing, durable, elegant, and eco-friendly. In addition, the furniture items are available in variant colors and designs. The other applications segment includes landscaping and religious & historical buildings. The product is utilized in outdoor settings for walks, fountains, and garden ornaments, to enhance the beauty of gardens and public places. Furthermore, it has been used in many prominent religious and historical structures, like the Taj Mahal and the Parthenon owing to its moisture-resistant properties.

Product Insights

The tiles or slabs segment dominated the market in 2022 with a share of more than 40% of the overall revenue. Slabs have a distinct aesthetic with a variety of color combinations and decorative patterns compared to their counterparts. As marble is not man-made, the patterns seen in each tile or slab slightly vary, allowing producers to provide end-users with customized goods. These tiles or slabs are eco-friendly, durable, easy to clean & customize, and provide heat conduction. Furthermore, these tiles are allergen resistant owing to low porosity and density, which makes them ideal for residential, commercial, or hotel end-uses.

Marble kitchen slabs are ideal for both residential and commercial kitchens as they do not conduct heat. Blocks are extensively used in construction as well as in the carving & arts industries. Large blocks are used for carving out statues and art pieces for museums or art galleries as they can be easily cut and carved. Blocks are often mined from the quarry and a large-diameter diamond saw cuts a block of marble into dimension stone at a factory. The geometric measurements of the marble block and other stones are normally in rectangular cubes. Blocks are used for stair treads, facing stones, cemetery stones, window sills, ashlars, sculptures, benches, and paving stones among others.

Regional Insights

North America accounted for a revenue share of 19.0% in 2022. North America is characterized by high diversity owing to the presence of major developed and advanced economies, such as the U.S. and Canada. The region has been witnessing increased demand for residential and commercial spaces owing to its growing population and rising consumer purchasing power in countries, such as Mexico. According to the U.S. Census Bureau, the construction of new homes in the country increased by 9.8% in February 2023 compared to the new homes developed in the country in January 2023. Such factors are expected to propel the product demand for use in building & construction applications. Increasing product demand in residential & non-residential construction is expected to drive market growth over the forecast period.

Rapid urbanization in various cities in emerging markets of China and India along with other markets, such as Indonesia, Malaysia, Thailand, and Philippines, is driving the growth of residential infrastructure. Moreover, the rising spending power of the middle-class population is expected to boost the demand for marble furniture or tiles, thereby driving market growth. Rising demand for furniture with an aesthetic appeal for living rooms and bedrooms in Europe is expected to drive the product demand in furniture manufacturing applications over the forecast period. Furthermore, rising product demand to manufacture residential & commercial furniture and small accent items is expected to have a positive impact on the industry growth over the projected period.

Key Companies & Market Share Insights

The global market is highly competitive owing to the presence of a large number of manufacturers. Manufacturers aim to achieve optimum business growth and a strong market position through the implementation of various strategies, such as acquisition, joint venture, production capacity expansion, new product development, promotion of key product brands, and significant investments in research & development. For instance, in January 2022, Triton Stone Group, a national wholesaler and distributor of granite and natural stone goods in Louisiana, acquired the assets of Unique Stone Concepts. Through the acquisition, Triton Stone Group was able to capture six locations of Unique Stone Concepts known for their marble, granite, travertine, and quartzite, which will help the company increase its customer base.

Marble Market Report Scope

Global Marble Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global marble market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Tiles or Slabs

  • Blocks

  • Others

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Building and Construction

  • Statues and Monuments

  • Furniture

  • Other Applications

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa