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The global marble market has been growing steadily over the years, Marble is a metamorphic rock composed of recrystallized carbonate minerals mostly dolomite and calcite. It is usually found in non-foliated form but has exceptions as well. It is found in colors like white, yellow, red, black and other and therefore can be used for aesthetic applications. Geologically, marble is implied as metamorphosed limestone and is generally used in sculptures and building applications.
Increasing prominence of marble in manufacturing of kitchen countertops, flooring and bathroom applications from construction industry. The exception aesthetic properties of marble coupled with its availability in various colors make it appropriate choice for interiors. Additionally, bulk availability of marble due to large number of quarries around the globe is estimated to positively influence the marble industry.
However, there are substitute materials like granite, and kaolin accessible in market which are natural stone and are preferred due to their lower cost. This is expected to hinder the marble industry growth.
Key Market Driver -
Increasing demand from construction sector for aesthetical purposes.
Key Market Restraint -
Availability of cost-effective substitutes.
Based on color, the global marble market is segmented into white, black, yellow, red and others. Based on application, is segmented into building & construction, structures & monuments, furniture, and other applications.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The marble market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to lead the marble market attributed to the high demand for marble from Spain, Italy and UK. Increasing constructional activities of monuments, statues and other infrastructures. Additionally, presence of large manufacturing base for marble in the region shall foster the regional growth. Asia pacific is one of the prime producing and consuming region of marble which are used for decorative applications in residential and non-residential infrastructures. North America is expected to show considerable growth due to increase in disposable income followed by substantial expenditure on interiors of infrastructures. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.
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