Impact Assessment of COVID-19 Outbreak on Marble Market

Marble Market: Introduction

Transparency Market Research delivers key insights on the global marble market. In terms of revenue, the global marble market is estimated to expand at a CAGR of ~6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global marble market.

The global marble market is broadly affected by several factors, including rise in usage of marble in the building & construction sector. Thus, expanding applications of marble in different sectors are propelling the global marble market.

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Marble Market: Dynamics

Marble is a metamorphic rock composed of recrystallized carbonate minerals, wherein calcite or dolomite are common constituents. Marble is considered one the highly popular natural stones around the world. Marble slabs, tiles, and blocks are extensively used in construction of private and public buildings and decorative artwork items.

Marble is primarily used as a finishing stone in the building & construction industry. It can be used either in a cladding structure or in supporting columns, flooring, bench-tops, and other decorative applications. Marble is a dimensional stone that can be largely used in kitchen countertops, wall claddings, and pavers.

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In comparison to many other natural stones, marble is highly durable and easy to carve. This makes it a preferred option for new buildings as well as renovation projects.

Marble is one of the most used precious stones in the building & construction industry. White marbles are valued for fine art sculptures, due to their relatively high isotropy and homogeneity; and resistance to shattering. Compared to alternative stones such as limestone, marble possesses much finer grains. This makes it easier for the sculptor to render minute details.

In the form of a slab, marble is used for a variety of purposes inside homes. A popular application of marble is fireplace construction. It not just boosts the decor of the living space, but also enhances the value of the property to a large extent.

Currently, the global construction industry holds about 13% share of the global GDP. This share is expected to increase to 15% by 2024. Countries projected to witness significant growth in the construction industry in the near future include China, India, Russia, Brazil, Poland, and the U.S.

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Marble Market: Prominent Regions

Asia Pacific dominated the global marble market with 30.7% share in 2019. This trend is anticipated to continue during the forecast period. Increase in new construction and renovation activities in Asia Pacific is boosting the demand for marble in the region. The marble market in Europe is estimated to expand at a healthy CAGR during the forecast period due to growth in the art & craving industry in the region.

Marble Market: Key Players

Key players operating in the global marble market are segmented into tier 1, tier 2, and tier 3. Tier 1 companies comprise major players such as Levantina y Asociados de Minerales, S.A. and Polycor inc. These players have considerable presence across the globe. These companies accounted for 40% to 50% share of the global marble market in 2019.