The marble market is estimated at USD 13 billion in 2020 and is projected to reach USD 16 billion by 2025, at a CAGR of 3.6% from 2020 to 2025. Marble is metamorphosed limestone, which are composed of recrystallized carbonate minerals such as calcite or dolomite. Marble has physical properties such as strength, hardness, variation in color, texture, and pattern among others, which makes it highly suitable for luxurious and aesthetical application in construction industry. Hence, rising demand for infrastructure development in developing economies and growth of construction industry in Asia Pacific region is a major driving factor for the growth of the marble market.
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Marble is a very common natural stone composed of calcite mineral. Marble quarries are widely available across the world. There are huge and high-quality quarries of marble in countries such as the US, Italy, Turkey, and Spain, which meet the global demand for good quality marble for residential, industrial, and commercial infrastructures. In each country, there are huge marble quarries that lead to easy availability and logistics of marble for further processing into the final product. Marble is extracted from open-pit mines that range from small to very large scale. Marble mining is a capital-intensive process, and due to the availability of a large number of quarries around the world, the cost of transportation and logistics are minimized.
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.
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, Autralia, 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.
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