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KSA Marble and Granite Business to Reach US$ 5,662.2 million in 2033, Fueled by Infrastructural Development and Construction Boom | Future Market Insights, Inc.

Saudi Arabia stands as a major player in the worldwide natural stone industry, actively channelling substantial investments into both infrastructure development and expansive construction initiatives. The escalating need for marble and granite aligns closely with the surge in construction and infrastructure projects within the region.

NEWARK, Del, Dec. 06, 2023 (GLOBE NEWSWIRE) — The Kingdom of Saudi Arabia marble & granite business size is projected to reach US$ 1,229.2 million in 2023 and US$ 5,662.2 million in 2033. Over the assessment period, demand for marble and granite in KSA is projected to surge at a CAGR of 16.5%.

Based on application, the flooring segment is expected to dominate the Kingdom of Saudi Arabia marble and granite business through 2033. It is projected to hold a volume share of 44.9% by 2023. This is due to growing usage of granite and marble for flooring applications.

KSA’s construction sector is expanding at an impressive rate due to the construction of new buildings, highways, and several infrastructure projects. This is creating a higher demand for marble and granite, and the trend is expected to continue through 2033.

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The need for housing is rising due to the growing population, further supporting KSA’s business expansion. The demand for structures and commercial spaces is also expanding due to the rising urbanization and industrialization, creating growth prospects for companies.

The rising demand for granite and marble directly relates to Saudi Arabia’s infrastructure development. The country is investing rigorously in large-scale projects, including bridges, road networks, airports, and residential and commercial projects. This is expected to bolster sales of marble & granite.

Marble and granite offer durability and aesthetic adaptability and are integral to forming the Kingdom’s changing architectural landscape. Famous instances include the King Khalid International Airport extension in Riyadh and the Riyadh Metro project, which uses large amounts of marble and granite, demonstrating the materials’ superior quality.

Key Takeaways from the Report

  • The Kingdom of Saudi Arabia marble and granite business is projected to thrive at 16.5% CAGR through 2033.
  • By product type, the granite segment is expected to total US$ 3,761.9 million in 2033.
  • By application, the flooring segment is set to hold a significant share of 44.8% in 2023.
  • West KSA is expected to account for a significant share of about 42.4% in 2023.
  • Revenue in Northwest KSA is anticipated to total US$ 2,574.1 million in 2033.

“The KSA marble and granite business is set to expand rapidly through 2033, driven by substantial investments in large-scale projects and expanding infrastructure. Saudi Arabia’s commitment to sophisticated urban development positions the marble and granite industry as a vital player in shaping the nation’s architectural landscape,” Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.). 

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Who is Winning?

Leading players listed in the report include SMG Company, Marmotech, Al Takadom, Awtad Al-Riyadh, and Products Holding Company (CPC). These key players are forming partnerships and alliances with construction companies to provide marble and granite.

Key Companies Profiled:

  • SMG Company
  • Marmotech
  • Al Takadom
  • Awtad Al-Riyadh
  • Constructions Products Holding Company (CPC)
  • Al Ajial Factory Co. Ltd
  • Baaghil Factory
  • Dar Al Rokham LLC
  • Bin Harkil Co. Ltd,
  • Nesma Orbit
  • Fanar Marble
  • Marble Boutique
  • Alfurat Company

Recent developments:

  • In September 2023, GLAZE Granite & Marble introduced KOZO to revolutionize architectural surfaces.

More Insights into the Report

In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the Kingdom of Saudi Arabia marble and granite business, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033.

To understand the Kingdom of Saudi Arabia business potential, growth, and scope, the report is segmented based on product type (marble, granite), application (flooring, countertops, cladding, others), end user (government, others) and region (North, West, Centre, Northwest)

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KSA Marble and Granite Industry Segmentation by Category

By Product Type:

By Application:

  • Flooring
  • Countertops
  • Cladding
  • Others

By End User:

By Region:

  • North
  • West
  • Centre
  • Northwest

About the Chemicals and Materials Division at Future Market Insights (FMI)

The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling and renewable technology developments, supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.

Author by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Coverage in Chemicals and Materials Domain:

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  • The ceramic coating market is set to expand its roots at a CAGR of 7.6% from 2022 to 2032, while it is anticipated to reach a value of US$ 21.82 Billion. The market holds a revenue of US$ 10.49 Billion.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI’s latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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Originally published at https://www.einpresswire.com/article/673238726/ksa-marble-and-granite-business-to-reach-us-5-662-2-million-in-2033-fueled-by-infrastructural-development-and-construction-boom-future-market

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