Lack of Access for Overseas Supply during COVID-19 Outbreak Inhibits Market Growth
Shipping delays have hurt sales of developers in the marble market during the COVID-19 (coronavirus) outbreak. Work on commercial and residential projects has slowed down, since it has become challenging for users to acquire materials from overseas. This phenomenon is posing as a threat to construction jobs. Quarantine and lockdown restrictions in different countries have led to the cancellation of business trips. Thus, business activities are experiencing a slump during the ongoing pandemic, as real estate developers often buy building materials such as marble and Chinese copper globally and not locally.
The COVID-19 pandemic has brought business activities to a standstill. Real estate developers in the marble market are experiencing a lack of access to overseas supply for building materials. Large-scale commercial and residential projects are suffering a major share of loss due to supply shocks. As such, real estate developers are anticipating a revival of marble market growth by the end of 2024.
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Manufacturers Leverage Business Opportunities in CNC Cutting by Investing in Machinery
The marble market is largely fragmented where even startups are exploring value-grab opportunities in the market landscape. For instance, Marble Innovation— a new marble contractor in Paola, Malta, is investing in machinery that manufactures marble in an environmental-friendly manner. Companies in the marble market are investing in avant-garde machinery that involves CNC (Computer Numerical Control) cutting. They are increasing their production capacities to manufacture facades, staircases, kitchen tops, and shower trays among others. Manufacturers are collaborating with local distributors to grow their business via exports to hundreds of countries.
Top quality materials are highly preferred in kitchen top surfaces. In order to build credibility in local markets, manufacturers are improving customer service experience before and after the installation of marble products. They are increasing efforts to reduce the waiting time for customers and deliver products within strict timeframes.
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Affordability and Visual Aesthetics Offset Coloration and Surface Stripping Disadvantages of Marble
The marble market is projected to mature at a CAGR of ~6% during the forecast period. However, marble is facing stiff competition from natural stone materials, and is susceptible to coloration and surface stripping in the light of highly acidic materials. However, its visual characteristics for luxury interior designing tend to offset its disadvantages. As such, the marble market is expected to reach the revenue mark of US$ 93.7 Bn by 2030.
Marble is gaining prominence in kitchen countertops, flooring, and bathroom applications. As individuals are becoming more aware about interior designing techniques, the sale of marble is soaring. Moreover, marble is more affordable than most natural stones, which makes it a popular choice for real estate projects.
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Creating Market Acceptability Crucial to Pitch Products in India
Marble powder is being used to improve the physical properties of structural blocks. New trends in interior designing such as raw, polished, and tumbled finishes in stones are bolstering growth for the marble market. However, many individuals tend to confuse marble with granite. Hence, manufacturers in the marble market are increasing awareness that marble has veins, while granite sports a grainy appearance. Another advantage of marble is its attribute of absorbing more moisture.
Manufacturers are boosting their production capabilities to expand their portfolio in different colors, designs, and patterns of marble. This helps manufacturers to attain a cost advantage, since they can customize their pricing according to different patterns in marble. However, India’s marble market is quite unorganized and it is challenging for business owners to procure raw materials. Hence, Indian manufacturers are increasing efforts to create market acceptability and R&D activities to pitch products in the market.
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