Report Description

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.