Analysis of COVID-19 Crisis-driven Growth Opportunities in China Marble Market
China Marble Market: Introduction
In terms of value, the China marble market is expected to reach US$ 17.7 Bn by 2030, expanding at a CAGR of 4.5% during the forecast period. Increase in the demand for marble in construction applications is a key factor driving the China marble market. Additionally, the growth of the construction industry in China is estimated to fuel the market in the country during the forecast period.
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Key Drivers of China Marble Market
The demand for marble in the construction industry is increasing, due to its high aesthetic appeal. Rapid growth of the construction industry in China is likely to propel the demand for marble in the country in the near future. Marble is primarily used as a finishing stone in the building & construction industry. It can be used either in cladding structures or in supporting columns, flooring, benchtops, and other decorative applications. Marble is a dimensional stone and it is largely used in kitchen countertops, wall cladding, and pavers. In the building & construction industry, marble is one of the most widely used precious stones. White marble is valued for fine art sculptures, due to its relatively high isotropy and homogeneity and resistance to shattering. Compared to alternative stones such as limestone, marble possesses much finer grains. This makes it much easier for the sculptor to render minute details.
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Marble to Witness High Demand for Use in Building Decoration
The building decoration industry accounts for the maximum marble consumption in China, followed by the art & carvings industry. In building decoration, marble is used as a facing stone in buildings and bungalows as well as for pillars, colonnades, paneling, wainscoting, and floor tiles. In the building & construction industry, marble is used for both interior and exterior decoration. In China, the marble consumption in the construction of airports, public squares, starred hotels, villas, high-end communities, and clubs is increasing every year.
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Fragmented China Marble Market with Large Number of Players
A large number of producers of marble slabs and blocks operate in the China Market. A few major marble corporations in China are Xishi Group Ltd., Xiamen Yuanda Stone Co. Ltd, Xiamen Kungfu Stone Ltd., Xiamen Quality Stone Co. Ltd., JSC Stone, Universal Marble & Granite Group Ltd., Kangli Stone Group, Xiamen ForU Import & Export Co., Ltd., and Quanzhou Fulei Stone Co., Ltd. The marble market in China is witnessing reduced exports, which means that China uses the produced marble for various applications within the country itself. The country is focusing on exports of finished marble products of high value. Exports of block marble to China increased by 31.23% in 2018 over those in 2017.
China Marble Market: Segmentation
China Marble Market, by Product
- Slabs
- Blocks
China Marble Market, by Application
- Building Decoration
- Art & Carvings
- Furniture
- Others (including Vases and Lamps)
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