The global marble market size was valued at USD 71.73 billion in 2023 and is expected to be worth USD 69.52 billion in 2024. The market is projected to reach USD 93.53 billion by 2032, recording a CAGR of 3.8% during the forecast period.
Marble is a metamorphic rock composed of recrystallized carbonate materials, primarily calcite or dolomite. It reforms through the transformation of limestone under high pressure and temperature. Its beauty and durability have resulted in its multiple applications. It is widely adopted in architecture and sculpture, adorning buildings, monuments, and artworks.
Fortune Business Insights™ displays this information in a report titled, “Marble Market, 2024-2032."
Source: https://www.fortunebusinessinsights.com/marble-market-104560
Segmentation:
White Color Captured Largest Market Share Due to its Widespread Adoption in Building and Construction Projects
Based on color, the market is classified into white, black, yellow, red, and others. The white color segment captured the largest marble market share in 2023 and is projected to grow significantly in the coming future. This growth is influenced by its widespread adoption in building and construction projects in flooring, walls, and countertops, driven by its durability and aesthetic appeal.
Building & Construction Dominated Market Due to Durability and Aesthetic Appeal of Marble
Based on application, the market is segmented into building & construction, statues & monuments, furniture, and others. The building & construction segment accounted for the largest share of the market in 2023. This growth can be attributed to its properties, such as durability, aesthetic appeal, and versatility as a building material.
With respect to region, the market covers North America, Latin America, Europe, the Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, colors, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Need for Sustainable Construction to Fuel Market Expansion
Marble, being a renewable resource, can be extracted with reduced carbon emissions when sourced properly. Its longevity is also a contributing factor supporting sustainable construction. Buildings and structures made from this material necessitate less maintenance and tend to have extended lifespans in comparison to those constructed with less durable materials. This durability property also minimizes the requirement for frequent replacements and lowers wastage, appealing to sustainable construction. These factors contribute to the overall marble market growth.
However, market growth is restricted by the constraining factor of the availability and affordability of high-quality raw materials.