CHICAGO, Sept. 23, 2020 /PRNewswire/ -- According to the new market research report "Marble Market" by Color (White, Black, Yellow, Red, and Others), Application (Building & Construction, Statues & Monuments, Furniture), and Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2025",published by MarketsandMarkets, the Marble Market in 2020 is estimated at USD 13 billion and is projected to reach USD 16 billion by 2025, at a CAGR of 3.6% from 2020 to 2025. Growth of the construction industry has led leading to high demand for building materials such as marble is anticipated to fuel the growth of Marble Market. High demand for residential and commercial infrastructure from the developing economies is driving the growth of building & construction segment.
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Building & construction segment accounts for the largest share of the Marble Market
The building & construction segment is estimated to lead the Marble Market in 2020 in terms of value, due to the rising demand for residential and commercial infrastructure. Marble is widely used building & construction application in flooring, wall, roofing, columns, and exteriors. In addition, marble is among the leading natural stones preferred for construction of residential and commercial buildings. Construction is among the hard hit industries due to COVID-19 pandemic outbreak. However, the building & construction segment is expected to witness growth from second half of 2020 in commercial and residential applications such as hospitals and township apartments.
White segment is estimated to witness fastest growth in the Marble Market, during the forecast period
Based on color, the white segment is estimated to witness highest growth in the Marble Market during the forecast period. White marble is highly suitable for structures that require luxurious and aesthetical appeal owing to its wide range of shades, textures, and patterns. Various renowned structures such as the TajMahal and the statue of Lincoln were made using very bright white marble. Asia Pacific is the largest consumer of white marble in applications such as building & construction, statues & monuments, and furniture.
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Asia Pacific is expected to witness the fastest growth in the Marble Market during the forecast period
The Marble Market in the Asia Pacific region is projected to grow at the highest CAGR between 2020 and 2025. China, Japan, India, and South Korea are estimated to be the fastest growing markets in the region for marble during the forecast period. China and India were the largest consumers of marbles in the Asia Pacific region in 2019. Outbreak of COVID-19 from China and the impact of coronavirus in Japan, South Korea, Australia, and India has caused a trivial decrease in the consumption of marbles. However, the consumption of marble is expected to resume from the second half of 2020.
Key market players covered in the Marble Market report includes Levantina y Asociados de Minerales, S.A. (Spain), Temmer Marble (Turkey), Hellenic Granite Company (Greece), Fox Marble Holdings plc (UK), California Crafted Marble, Inc. (US), Topalidis S.A. (Greece), Dimpomar - RochasPortuguesasLda (Portugal), Polycor Inc. (Canada), Asian Granito India Limited (India), NAMCO CO. srl (Italy), Dal-Tile Corporation (US), Kangli Stone Group (China), Hilltop Granites (India), First Marble & Granite (Qatar), Santucci Group (Italy), Classic Marble Company (India), and DELTA Marble, Mining, Construction Import and Export Inc. (Turkey) among others.
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