Market Trends of China Marble Industry
Building and Decoration Segment to Dominate the Market
- Marble has multiple structural and decorative uses, including outdoor sculptures, walls, floors, stairs, and pavements. Thus, with the rising construction, the demand for marble is also anticipated to increase.
- China is the world's largest construction market. According to the National Bureau of Statistics of China, the construction industry in China generated an added value of approximately CNY 8.3 trillion (~USD 1.23 trillion) in 2022.
- Similarly, according to the National Bureau of Statistics of China, the value of construction output accounted for CNY 31.2 trillion (~USD 4.5 trillion) in 2022, up from CNY 29.31 trillion (~USD 4.2 trillion) in 2021. As per the forecast by the Ministry of Housing and Urban-Rural Development, the Chinese construction sector is expected to maintain a 6% share of the country's GDP for the next two years.
- According to the Shanghai Municipal Statistics Bureau, the area of residential property under construction in Shanghai accounted for around 77 million sq m in 2022.
- The Chinese construction decoration sector reached a total output value of roughly CNY 1.29 trillion (~USD 0.19 trillion) in 2022, as per the National Bureau of Statistics of China.
- Therefore, the rising construction sector is anticipated to enhance the growth of marble in the forecast period.
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Furniture Segment to Dominate the Market
- Marble furniture includes tables, coffee tables, chairs, benches, and desks, but even some lesser-known types of furniture, such as sculptures or pedestals.
- According to the China National Information Center of Light Industry, China has remained the world's largest furniture-producing country. Over the past few years, Chinese furniture production has steadily increased. The country produced around 1.19 million pieces of furniture in 2022.
- In the past decade, China's online furniture retail industry has grown significantly due to the development of online shopping and logistics. In 2022, online retail sales of furniture totaled around CNY 656 billion (~USD 97.55 billion) in China.
- In 2022, jd.com was the leading online store in the furniture and appliances segment in Greater China, generating e-commerce net sales exceeding USD 30 billion that year.
- According to Statista, the revenue of the furniture market accounted for USD 82.3 billion, which enhanced the growth of the marble market in the region.
- Therefore, all the aforementioned factors are expected to boost the demand for marble in the forecast period.
