Artificial Marble Market Is Projected To Be Worth USD 27.2 Billion By 2030, Registering A CAGR Of 11.20% During The Forecast Period (2022 - 2030)
Artificial Marble Market is projected to be worth USD 27.2 Billion by 2030, registering a CAGR of 11.20% during the forecast period (2022 - 2030), The market was valued at USD 14.5 billion in 2021.
The market growth can be attributed to the rising consumption of artificial marble for furniture, kitchen countertops, walls, and floor applications. Most homebuyers now prefer to have artificial marble for its significant advantage over natural marbles, such as cost-efficiency, ability to remodel and shaped as per the user's preference, high durability, ease-of-maintenance, and cost-savings.
High-quality cultured marble resembles natural marble. Besides, rising artificial marble uses for aesthetic appeal drive the market growth. Moreover, the burgeoning construction industry worldwide escalates market demand.
The COVID-19 outbreak has severely affected the artificial marble industry, resulting in the closing down of several manufacturing facilities across the globe. It has created new and amplified existing challenges, grappling sector participants with the contractual implications of the lockdown. Apart from the contractual issues, COVID-19 initially added to the pipeline uncertainty and project funding issues.
Industry players faced significant hurdles in delivering on their strategies to respond to the shortage of skilled workers, elevated with the tightening of immigration restrictions due to COVID-19 and the impact of these restrictions on overseas specialist labor availability. Overall, Coronavirus has given the industry a shake-up to address some of the entrenched contractual positions that have historically been adopted by the market players.
They are trying to deliver on the significant project pipeline, fostering investments. However, COVID-19 level 4 restrictions have also created significant new opportunities. Not only have things changed, but there are plenty of opportunities for transformation and revitalization in the construction sector.
The governments across the countries worldwide stepped into injecting significant amounts of money through 'shovel ready' projects initiatives. The governments also took up some unique initiatives to tackle the skills shortage, improve the skills of workforces, and increase the construction sector's productivity levels. Also, it is expected that the product demand in the end-use sector would pick up following the uplift of the lockdown in numerous countries.
The worldwide market appears fragmented due to the presence of several established industry players. Global vendors are increasingly facing fierce rivalry from each other and from local firms, who are growing aware of the regulations and suppliers in the industry. Matured players seek opportunities to deeply integrate across the extended value chain while focusing on the expansion of production facilities, R&D investments, and M&A activities to gain a larger competitive share.
Jordan Marble and Granite is one of the largest privately-owned artificial marble companies in the United States. The company is in this business since 1997, and its expertise reflects that singular concentration. Jordan Marble & Granite manufactures standard and custom artificial marble from natural stone slabs and quartz material. Its craftsmen create an exceptional finished product that blends seamlessly into its surroundings, performs for years, and increases the beauty and aesthetic value of any interior or exterior setting.
The pristine elegance of artificial marble has made it one of the savviest home decor choices for homebuyers. Flooring made of artificial marble in the living room or kitchen countertop adds eye-catching beauty to the intrinsic state-of-art décor. Artificial marble has versatile colors and patterns, and they are cost-effective, which enhances selection diversity. Ever-increasing population and rapid industrialization & urbanization worldwide boost the growth of the market.
Artificial marble demonstrates high strength and durability, which increases its uptake in residential as well as commercial construction projects. Additionally, rising government initiatives of infrastructure development provide impetus to market growth. The hotel industry is surging rapidly, owing to the growing travel sector. Usages of artificial marble in the hospitality sector to ensure aesthetic appeal define market landscape expansion in the recent future.
Emerging markets across the globe present untapped opportunities for the consumption of Artificial Marble in end-use industries. The expanding construction industry in developed countries and increased commercial and residential construction activities boost the Artificial Marble market size.
The construction industry benefits from the rise in disposable income of demographics and the substantial spending by the government on huge infrastructural projects. Also, rising numbers of Artificial Marble manufacturing plants in emerging countries offer a host of lucrative opportunities to construction firms globally in the near future.
The artificial marble industry faces significant challenges, such as fluctuating prices and shortages of raw material supply required for production. Also, the introduction of strict environmental norms in several countries could restrain the market growth, slowing down the sales and adoption of artificial marble in the coming years.
The market is segmented into type, application, and regions. The type segment is bifurcated into polyester artificial marble, cement artificial marble, composite artificial marble, and sintered artificial marble. Based on applications, the artificial marble market is segmented into flooring, countertops, vanity tops, bathtubs, wall panels, shower stalls, and others.
By region, the market is segmented into Americas (US, Canada, Mexico, Rest-of-North America), Europe (Germany, UK, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World.
By type, the polyester artificial marble segment holds the largest market share. In 2018, the segment accounted for 47.27% of the overall market share, reaching a valuation of USD 1,717.0 million. The polyester artificial marble segment is predicted to grow at 10.70% CAGR during the forecast period, heading with its availability in different designs, colors, and textures, and it can also be converted into granite and jade slates.
By application, the flooring segment dominates the global artificial marble market, mainly due to the constantly growing construction industry. The segment accounted for the largest as in 23.53% market share in 2018 with a market value of USD 854.8 million. The flooring segment is expected to register a 12.92% CAGR during the assessment period.
APAC has always been the market leader and could continue to maintain its winning streak throughout the assessment period. Heightened demand from the burgeoning construction sector and the growth opportunities presented by application segments position APAC among the strongest contenders in the global market. Significant expansion in residential construction, commercial construction, and infrastructural development drive the artificial marble market growth.
Moreover, spurring growth in the infrastructure and construction industries, alongside the economic growth in the region, increases the artificial marble market growth, driving the construction industry. China, Vietnam, Australia, and India are the largest market for artificial marble in the region. Also, the rising population and economic growth in the region influence the growth of the marble market.
China leads the regional market accounting for the largest market share of 58.97%. In 2018, the Chinese artificial marble market was valued at USD 2,142.0 million and projected to grow at 10.60% CAGR during the assessment period. The APAC artificial marble market is expected to create a valuation of USD 6,935.1 million by 2025, growing at 10.02% CAGR throughout the forecast period.
Europe has captured the second biggest share in the global market. Market growth is driven by the booming construction sector witnessing constant renovation activities in the already well-defined infrastructure. Additionally, the high consumption potential, increasing production capacities, and the well-developed economy boost the regional market's growth. Italy and France account for major shares in the regional market. Furthermore, increasing green building structures create substantial demand for concrete components.
Expected to complete by July 2019, this acquisition secures a bridgehead for Lotte to advance into high-end interior material markets of developed countries such as the United States. Lotte also plans to invest aggressively in the specialty chemicals business at home and abroad.
The report features unique and relevant factors expected to significantly impact the artificial marble market during the forecast period. The detailed and considerable amount of information in the report would help industry players understanding the market better. The MRFR report elaborates on the historical and current trends boosting the growth of the artificial marble market. Besides, the analysis of COVID-19 impact on the artificial marble market is also included in the report.
This report examines the demand-supply scenario, pricing structure, profit margins, production, and value chain analysis influencing the artificial marble market growth. Regional assessment explained in this report unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling in the region enables users to evaluate company shares analysis, emerging product lines, the scope of the product in new markets, pricing strategies, innovation possibilities, and much more.
|Market Size||2030: USD 27.2 Million|
|CAGR||11.20% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Lotte Advanced Materials Co., Ltd (South Korea), DuPont de Nemours, Inc. (US), Marmil S.A. (Greece), LG Hausys (South Korea), Guangdong Chuanqi Compound Stone Co.,Ltd (China), Jordan Marble and Granite (US), Nanan Guang Tai Xiang Stone Co., Ltd (China), Wanfeng Compound Stone Technology Co., Ltd. (China), Pengxiang (China), Shanghai Meyate Group (China), Yunfu Liji Stone Co., Ltd (China), Samsung Stone Industry Co., Ltd. (China), and Bitto Industry (Dongguan) Co., Ltd. (China)|
|Key Market Opportunities||The expanding construction industry in developed countries and increased commercial and residential construction activities|
|Key Market Drivers||
Global artificial marble market is projected to grow at approximately 11.20 % CAGR during the assessment period (2022-2030).
Artificial Marble Market is projected to be worth USD 27.2 Billion by 2030, registering a CAGR of 11.20% during the forecast period (2022 - 2030)
Based on type, the polyester artificial marble segment and based on application, the flooring segment holds majority shares in the global artificial marble market.
Asia Pacific holds the largest share in the global artificial marble market, followed by North America and Europe, respectively.
Lotte Advanced Materials Co., Ltd (South Korea), DuPont de Nemours, Inc. (US), Marmil S.A. (Greece), LG Hausys (South Korea), Guangdong Chuanqi Compound Stone Co.,Ltd (China), Jordan Marble and Granite (US), Nanan Guang Tai Xiang Stone Co., Ltd (China), Wanfeng Compound Stone Technology Co., Ltd. (China), Pengxiang (China), Shanghai Meyate Group (China), Yunfu Liji Stone Co., Ltd (China), Samsung Stone Industry Co., Ltd. (China), and Bitto Industry (Dongguan) Co., Ltd. (China), are some of the top players operating in the global artificial marble market.