The India Marble market is
expected to register a robust CAGR during the forecast period. The marble
market is expected to be driven by the rising demand for marble from
applications including building & construction, statues & monuments,
and furniture. In the first half of 2020, marble mining operations were put on
hold due to the COVID-19 outbreak.
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 liberalisation rules in 2016 since they have lowered a
number of standards and limitations on establishing marble companies and
importing marble into the nation.
Marble is commonly used for structural and
decorative purposes in the architectural and construction industry, including
in outdoor sculptures, walls, veneers, floors, ornamental features, stairways,
and paths. Marble is utilised in novelty items, indoor and outdoor flooring,
fireplace face and hearths, and internal and external wall cladding.
Various types of marble are used for flooring and vertical wall cladding in
indoor and external spaces. Funeral art makes up the largest portion of their
usage, which is numerically smaller than that of structural components
(masonry), sculptures, epitaphs, graves, respectively. Marble is widely
utilised for walls, veneers, floors, decorative components, stairways, and
paths in addition to being used for outdoor sculptures.. Marble is growing demand for a various of uses, from big
home renovation restorations to usage in huge building projects.
The largest source of imported marble in India is located at Kishangarh,
Rajasthan. The Rajasthan state accounts for 95% of Italian marble, India
marble, granite, natural stone, international marble, and imported marble.
Italian marble and other marbles from around the world are well-known in the
Kishangarh Marble Market. In comparison to other places in India, Kishangarh
marble prices are consistently reasonable.
Government Initiatives to Boost the Market in the
Upcoming Years
The demand for marble products is anticipated to grow as a result of the
increasing government initiatives to support the development and maintenance of
reliable infrastructure, which is expected to increase the market for marble
over the anticipated timeframe. For example, in November 2022, according
to a new World Bank analysis, India is anticipated to spend USD 840
billion, or USD 55 billion per year, on urban infrastructure in the coming 15
years. The reason for this is the nation's fast-growing urban population.
The demand for urban and rural houses is expected to rise in the upcoming years.
Therefore, the market for marble production is anticipated to grow during the
forecast period, 2024-2028F.
In addition, the Union Government has boosted its capital investment in
infrastructure by 33%, or INR 10 lakh crore for 2023–2024, accounting
for 3.3% of GDP. It is projected that this expansion is expected
to greatly enhance the infrastructure industry and boost demand for marble
for monuments and building sites. With an emphasis on the infrastructure sector
in both urban and rural areas, the union government has also introduced several
projects, including Housing for All, Made in India, Pradhan Mantri Gati
Shakti Master Plan, and Pradhan Mantri Awes Yojana among others.
The Ministry of Road Transport and Highways (MoRTH) of India announced
investments in infrastructure projects worth USD 92.4 billion in December 2021.
As a consequence of the government's objective to greatly enhance the supply of
affordable housing units for low- and middle-income cohorts under the
"Housing for Everyone" initiative by 2022, it is projected that the
sector would expand. The construction sector is expected to grow by 6.2% per
year between 2023 and 2026, and the "Pradhan Mantri Gati Shakti Master
Plan" is expected to provide financing for it. The National Infrastructure
Pipeline (NIP), whose estimated price between FY 2020 and FY 2025 is USD 1.5
trillion, also increases the sector's output (April 2019 to March 2025).
The National Monetisation Pipeline (NMP), which was established by the
government in August 2021, aims to raise more money for infrastructure
projects. The objective is to lease out state-owned infrastructure assets
between FY2021-20 and FY2024-25 in order to raise money from the private
sector, which would then be used to fund new infrastructure projects. The
government plans to invest USD 552 million in 23 new highway and motorway
projects by FY2024–2025, which helps to spur economic growth
throughout the forecast period. The government also intends to invest USD 82
billion in port infrastructure and modernization projects between 2015 and 2035
as part of the SagarMala initiative. India marble market has the
biggest market share internationally between 2024 and 2028F and is expected to
maintain a high CAGR during 2024-2028F.
Recent
Developments & Investments:
- The Union Budget was proposed in Budget 2023,
providing a significant boost to the affordable housing sector. The Pradhan
Mantri Awas Yojana (PMAY) budget was increased by 66% from last year. The
Urban Infrastructure Development Fund (UIDF), which is expected to be utilized
to build urban infrastructure in Tier 2 and Tier 3 cities, was also revealed by
the finance minister of the country.
- According to the allocations in Budget 2023 for the
ministries of civil aviation, communications, housing & urban affairs, new
& renewable energy and power, ports, shipping & waterways, railways,
road transport and highways, which represent transportation and communications,
green and urban infrastructure, it turns out that 16.6% of the total
expenditure and 2.5% of GDP are totally dedicated to infrastructure. The budget
for the last year allotted 14.1% of total spending and 2.151% of GDP to
infrastructure, which is an increase from this year's allocation. In Budget,
2023-24, USD 100.77 billion, is 18% of total government spending in the
infrastructure sector. As a share of total expenditure, investments in capital
expenditure are at 22%, the highest in the last 15 years. Compared to the
pre-pandemic year (2019-20).
In Union Budget 2022-23:
- The Union Government provides USD 9.85 billion to
the Ministry of Housing and Urban Affairs to build homes for the urban and
rural populations.
- The government has allocated USD 130.57 billion to
improve the infrastructure sector, giving a significant boost to the
infrastructure sector across the country.
As part of its "National Infrastructure
Pipeline," India intends to spend USD 1.4 trillion on infrastructure over
the coming five years. Inflows of FDI of USD 81.72 billion in 2021 came from
activities involving infrastructure, or little over 13% of the total. To meet
the goal of providing housing for everyone by 2022, India is projected to build
43,000 homes every day till that time. As of August 22, 2022, the Pradhan
Mantri Awas Yojna (PMAY-Urban) plan had authorised 122.69 lakh homes, 103.01
lakh have been grounded for construction, and 62.21 lakh are completed.
The government provided the Department
of Telecommunications with a grant of USD 10.87 billion to help the country's
telecom infrastructure to be built and improved.
The union government's "Monument Mitra
Scheme" was introduced by the ministry of tourism. In order to cooperate
with private companies for the maintenance of 1,000 ASI monuments around the
nation, the program that comprises adopting and preserving a historical site
will be revised. The Union government has inked Memorandums of Understanding
(MoUs) with partners, for 500 sites under the updated Monument Mitra plan by
August 15, 2023, when the Azadi ka Amrit Mahotsav finishes..
From April 2000 and June 2022, Foreign Direct
Investment (FDI) stood at USD 26.22 billion and USD 28.64 billion,
respectively, in the construction development of the townships, housing,
built-up infrastructure, and construction development projects and construction
infrastructure activity sectors.
The governments of Dubai and India signed a
contract in October 2021 to build infrastructure in Jammu and Kashmir,
including industrial parks, IT towers, multifunctional towers, logistics
centres, medical colleges, and specialised hospitals. Therefore, the
market of marble is expected to grow during the forecast period and register a
high CAGR during 2024-2028F.
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Market
Segmentation
The India
Marble market is divided into product, color, application and sources. Based on
the product, the market is further bifurcated into tiles and blocks. Based on
color, the market is further 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 split into import and domestic. On the basis of region, the market is
divided into North, South, West and East.
Company
Profiles
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 are among the major players that are driving the
growth of the India Marble market.
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Attribute
|
Details
|
|
Base Year
|
2022
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|
Historical
Years
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2018 –
2021
|
|
Estimated
Year
|
2023
|
|
Forecast
Period
|
2024 – 2028
|
|
Quantitative
Units
|
Revenue in
USD Billion and CAGR for 2018-2022 and 2023E-2028F
|
|
Report
Coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
Covered
|
By Product
By Color
By
Application
By Sources
By Region
|
|
Regional
Scope
|
North,
South, West, and East.
|
|
Key
Companies Profiled
|
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
|
|
Customization
Scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
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Purchase Options
|
Avail of
customized purchase options to meet your exact research needs. Explore purchase options
|
|
Delivery
Format
|
PDF and
Excel through Email (We can also provide the editable version of the report
in PPT/pdf format on special request)
|
Report
Scope:
In this
report, the India Marble Market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
·
India
Marble Market, By Product:
o
Tiles
o
Blocks
·
India
Marble Market, By Color:
o
White
o
Black
o
Red
o
Others
·
India
Marble Market, By Application:
o
Buildings
& Decoration
o
Statues
& Monuments
o
Furniture
o
Others
·
India
Marble Market, By Source:
o
Import
o
Domestic
·
India
Marble Market, By Region:
o
North
o
South
o
West
o
East
Competitive
Landscape
Company
Profiles: Detailed analysis of the major companies present in the India
Marble market.
Available
Customizations:
With the
given market data, TechSci Research offers customizations according to a
company’s specific needs. The following customization options are available for
the report:
Company
Information
- Detailed analysis and profiling of additional
market players (up to five).
India Marble Market is an upcoming report to be
released soon. If you wish an early delivery of this report or want to confirm
the date of release, please contact us at [email protected]