India Marble Market to be Dominated by Building & Construction Segment Through 2028
Growing utilization of marble for
interior decoration of structures and increasing building infrastructure are
driving the marble market across the country.
According to the TechSci Research report,
’India Marble Market - By Region, Competition, Forecast & Opportunities,
2018-2028’, The India Marble market is expected to grow during the forecast
period, 2024-2028F. The building & construction segment is estimated to
lead the marble market in 2020, owing to the rising demand in the building
sector for different types of marble because of its physical characteristics.
The developing countries' high demand for residential and commercial
infrastructure is driving the building and construction sector's expansion. Moreover,
the expansion of the construction sector has increased demand for building
supplies including marble, which is expected to drive the market's expansion in
the upcoming years, 2024-2028F.
A rock called marble is created when calcite
metamorphosis together with additional impurities including quartz, graphite,
mica, clay, and others. India is one of the top 10 marble manufacturers in the
world, with yellow marble being the most common type there. The market has
benefited from the implementation of new liberalization rules in 2016 since
they have lowered a number of standards and limitations on establishing marble
companies and importing marble into the nation.
According to a recent World Bank
research, India is predicted to spend USD 55 billion per year, on urban
infrastructure over the next 15 years due to the fast-growing urban population
across the whole country. By 2036, India's urban population is expected to
reach 600 million, or 40% of the whole population. The already challenged urban
infrastructure and services in Indian cities are expected to become even more
stressed as a result of growing demand for services including growing demand of
houses, safe drinking water, consistent energy supply, and efficient and secure
road transit. Thus, it is estimated that the demand for marble is expected to
rise over the forecast period 2024-2028F. At the moment, approximately 75% of
municipal infrastructure is funded by the union and state governments,
with urban local bodies (ULBs) contributing the remaining 15% of the total
through their own surplus funds.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "India Marble Market"
The
India Marble market is divided on the basis of product, color, application,
sources and region. Based on product, the market is divided into tiles and
blocks. Based on color, the market is segmented into white, black, red and
others. Based on application, the market is segmented into buildings &
decoration, statues & monuments, furniture, and others. Based on sources,
the market is further bifurcated into import and domestic. On the basis of
region, the market is divided into North, South, West
and East.
Based on color,
the white color segment is expected to grow at the highest market share in the
upcoming years and register a significant CAGR during the forecast period. Architects
typically utilize white marble as a wall or floor coverings to expand and
brighten a space. White also has the advantage of being ageless and
consistently stylish. White marble is most frequently used for kitchen
countertops, kitchen islands, backsplashes, bathroom floors, tub and shower
surrounds, wall caps and half-walls, entryway flooring, and fireplace
surrounds.
The building & decorative application
segment is expected to dominate the marble market during the forecast period, occupying
the largest share and it is anticipated to register a high CAGR between 2024
and 2028F. The growing demand for different types of marble due to its physical
qualities in the building sector is a factor that impacts the market. The
building and decorative segment is expanding as a result of the growing demand
for residential and commercial infrastructure from the nation. Moreover, high
demand for building materials including marble as a result of the expansion of
the construction sector is expected to drive the market's expansion.
Key market players in the India Marble market
include:
- Stonex India Pvt Ltd
- A-Class Marble India Pvt Ltd
- Inani Marbles and Industries Ltd
- Asian Granito India Ltd
- Bhandari Marble Group
- R K Marble & Granite Pvt Ltd
- Tilak Marbles Pvt Ltd
- Petros Stone LLP
- Millennium Marbles Pvt Ltd
- Elegant Marbles & Grani Industries
Ltd
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“The India Marble Market is expected to grow in the upcoming years and register
a high CAGR during 2024-2028F owing to an increase in demand for different
types of marble due to its physical qualities in the building sector. The
building and construction sector is expanding as a result of the growing demand
for residential and commercial infrastructure across the nation. Also,
high demand for building materials including marble as a result of the
expansion of the construction sector is predicted to drive the India
Marble market in upcoming years. Moreover, a number of government programs
support the industry. For instance, at USD 100.77 billion for 2023–24, it
represents 18% of overall government spending. Investments in capital
expenditure are at 22% of total spending, which is the highest level in the
past 15 years. Compared to the year before the pandemic (2019-20). It is
projected that the "Housing for All" plan, which intends to
dramatically boost the supply of affordable housing units for low- and
middle-income cohorts by 2022, is expected to lead to a rise in the marble
market across the country. Therefore, the market for marble across the country is
expected to rise during the forecast period, 2024-2028F,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Marble Market Segmented By Product (Tiles and
Blocks), By Color (White, Black, Red and Others), By Application (Buildings
& Decoration, Statues & Monuments, Furniture and Others), By Source
(Import and Domestic), By Region, Competition, Forecast
& Opportunities, 2028F”, has evaluated
the future growth potential of the India Marble market and provides statistics
and information on market structure, size, share, and future growth. The report
intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in the India Marble market.
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