Global Marble Market: Snapshot
Since antiquity marbles have been a construction material used for its unique architectural aesthetics and elegance to buildings of all types. Their availability in a passel of forms, texture, and colors have made the material a thing of sculptor’s delight, thanks to the sophistication it lends to structures. The marble market has evolved notably on the back of affordability for a large section of residential consumers. Especially in developing countries, growing numbers of residential constructions have utilized marbles for interior designing of structures. Also, world over marbles have been a choice of material for architects for building religious structures, historical monuments, and hotels. Of note, marbles with exotic designs have been quarried in numerous European countries, most notably in Italy and Spain.
Among the various end users, commercial building and constructions have been a major consumer of marbles. Increasing utilization of marbles in public infrastructures in several countries around the world drives the evolution of the marble market.
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Global Marble Market: Growth Dynamics
Steady demand for marbles in residential and commercial construction work is helping the market evolve steadily. Architects now have a wide variety of marbles to choose from. Sales of marbles in emerging economies have prospered to a large extent on the back of growing demand in residential and commercial buildings. Marbles are being increasingly demanded for building kitchen tabletops and bathroom countertops at homes, as they impart an air of finesse. Natural stone dealers have become connoisseurs, helping the marble market flourish steadily. They have also reaped gains from increasing consolidation of distribution chains.
Over the past few years, some notable advances have been made in marble processing. Civil contractors in the marble market are gearing toward consolidating their distribution chains. This will help them meet the demand for wide range of marbles for public buildings and religious monuments such as churches, temples, and tombs.
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Global Marble Market: Notable Developments
Marble vendors and marble product companies are focusing on expanding their product range, by varying style and exploring new definitions of sustainability. A case in point is utilizing offcuts and salvage marbles. A London-based company attaches business value in upcycling marble offcuts to make tables. The company Marble.Partners considers it a part of sustainability quotient of their brand. In the light of various consumer brands espousing concepts of circular economy, such products made from salvage marbles attract consumers worldwide.
Numerous companies in the stone and marble industry focus on consolidating their revenues by adopting advanced manufacturing industries. Players eyeing shares in emerging marble markets, such as in Asia Pacific, are putting bets on exotic marble varieties, and are trading them with affluent buyers. A case in point is Classic Marble Company.
Some of the prominent players in the global marble market are Hilltop Granites, The Marble Factory Ltd., Santucci Group S.r.l., Fox Marble Holdings, HELLENIC GRANITE Co, European Marble Co, and Jiangxi Rare Earth Corp.
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Global Marble Market: Regional Assessment
Region-wise, North America and Europe have been lucrative markets. The Europe marble market has flourished on the back of presence of a few large producing countries, where different varieties are quarried. Also, opportunities in the Middle East and Africa are thriving largely on the back of the sizable production of marbles in Jordan.
Meanwhile, Asia Pacific is emerging at a promising pace in the global marble market. Rising demand for marbles in residential and public construction works is a notable trend expected to reinforce the revenue potential of the regional market. Emerging economies in the region with burgeoning construction and building industries have developed large appetite for marbles.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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