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Artificial Marble Market Analysis

ID: MRFR//7066-CR | 183 Pages | Author: Tejas Chaudhary| February 2020

Technological advances, consumer tastes, and economic factors have changed the artificial marble market in recent years. Manufacturing process innovation drives market dynamics. Artificial marble manufacturers are using new methods to improve quality and appearance. This includes resin composition, pigment dispersion, and surface finishing enhancements, giving consumers more alternatives.

Consumer preferences also influence artificial marble market dynamics. Demand for eco-friendly and recycled products is rising as sustainability and environmental awareness develop. Thus, producers are manufacturing recycled artificial marble items with a minimal environmental impact. Market competitors have diversified their product portfolios to serve eco-conscious consumers due to this shift in consumer thinking.

The artificial marble market is heavily influenced by economic reasons. Artificial marble consumption in the construction industry is heavily impacted by economic cycles. Construction increases with economic growth, driving demand for imitation marble for countertops, floors, and wall cladding. Construction projects may decelerate during economic downturns, affecting artificial marble consumption. In tandem with economic swings, the market cycles.

Artificial marble market dynamics are complicated by globalization. Manufacturers can reach new markets and broaden their consumer base because to economic interconnection and international trade. This increasing competition has forced manufacturers to differentiate their products through innovation, quality, and pricing. Currency exchange rates and trade policies can also affect raw material prices and artificial marble product prices.

Global standards and regulations for construction material safety and quality also affect market dynamics. Compliance with these standards affects manufacturers' production processes and product offers. Environmental regulations and certifications are important to consumers and businesses, determining artificial marble market dynamics.

The customizing tendency also affects market dynamics. Consumers want personalized and unique living space designs, thus manufacturers offer many colors, patterns, and finishes. A more fragmented market with distinct product offers for different aesthetic preferences has resulted.

Covered Aspects:

Report Attribute/Metric Details
Segment Outlook Type, Application, and Region

Global Artificial Marble Market Overview

Artificial Marble Market Size was valued at USD 12.60 Billion in 2023. The Artificial Marble market Type is projected to grow from USD 14.01 Billion in 2024 to USD 29.4 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.71% during the forecast period (2024 - 2032). Artificial marble is in greater demand and use as a result of the world's growing population, industrialization, and urbanisation, which are the key market drivers enhancing market growth.

Artificial Marble Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Artificial Marble Market Trends

  • Rising demand & uses of artificial marble is driving the market growth

Artificial marble has become one of the smartest choices in home design for buyers thanks to its perfect elegance. Artificial marble countertops or flooring in the living room or dining room offer a strikingly beautiful touch to the already cutting-edge interior design. Artificial marble comes in a variety of colours and designs, and because it is affordable, there is a wider range of options. industrialisation, urbanisation, and population increase are all driving factors in the market's expansion.  Artificial marble is used more frequently in both residential and commercial construction projects because of its excellent strength and durability. Rising government initiatives for infrastructure improvement also fuel market expansion. As the travel business expands, the hotel industry is expanding quickly. Artificial marble is used in the hotel industry to ensure aesthetic appeal, which has defined market landscape expansion recently.

The market is growing as a result of an increase in the usage of imitation marble in a variety of palliations, including countertops, walls, flooring, furniture, and other surfaces. Additionally, artificial marble is superior to actual marble in a number of ways, including cost-effectiveness, ease of remodelling and reshaping to suit client preferences, high durability, simplicity of care, and better look. Additionally, the expansion of the construction industry in nations like India, the U.S., Brazil, Germany, and Spain is creating profitable growth prospects for artificial marble during the anticipated time. For instance, the Oxford Economics predicts that by 2030, the worldwide construction market would rise by 85% to $15.5 trillion, with China, the United States, and India taking the lead and contributing 57% of the expansion. Therefore, it is anticipated that these new construction activities will have a favourable effect on market growth during the projection period.

Due to increased rehabilitation and infrastructure projects, the artificial marble market is rising. As personal disposable income has increased, there has been a shift towards aesthetically pleasant interior designs, which is expected to boost market growth. Furthermore, it's expected that rising construction investment in developing countries will favourably affect overall market demand. Artificial marbles are utilised as flooring in newly constructed residences, structures, business complexes, and other structures. One of the key elements fueling market expansion is the increase in new construction activity.

The ability of artificial marble to withstand daily use wear and tear and to endure a long time compared to natural marble is expected to fuel market expansion, which is why the worldwide artificial marble market's revenue growth is significantly rising. Growth would also be aided by materials with greater tensile strength, increased abrasion resistance, and decreased water absorption. Artificial marble is frequently used to enhance the aesthetic appeal of buildings, offices, and homes. Because they are used as ornaments in hotels, temples, and other buildings, the demand for these marbles is anticipated to increase. A major factor in the sector is the relative affordability of artificial marbles in comparison to natural marbles. Thus, driving the Artificial Marble market revenue.

Artificial Marble Market Segment Insights

Artificial Marble Type Insights

The Artificial Marble market segmentation, based on type, includes polyester artificial marble, cement artificial marble, composite artificial marble, and sintered artificial marble. Polyester artificial marble segment dominated the market in 2022. Due to its great resistance to water damage and attractive appearance, artificial marble is increasingly being used in decorative mosaics and landscaping, which is one of the main factors driving the market's expansion. Additionally, emerging nations need artificial marbles for the construction of temples and other religious buildings. In the near future, it is projected that rising investments in building rehabilitation and expansion will fuel the market growth for fake marble.

Figure 1: Artificial Marble Market, by Type, 2022 & 2032 (USD Billion)

Artificial Marble Market, by Type, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Artificial Marble Application Insights

The Artificial Marble market segmentation, based on application, includes flooring, countertops, vanity tops, bathtubs, wall panels, shower stalls, and others. Flooring segment dominated the artificial marble market in 2022. This is due to the growing demand for faux marble in commercial buildings like malls, colleges, and big complexes.

Artificial Marble Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Artificial Marble Market dominated this market in 2022 (45.80%). One of the key elements anticipated to fuel market revenue growth in this area is the increased use of artificial marbles, notably in the United States and Canada. Further, the U.S. Artificial Marble market held the largest market share, and the Canada Artificial Marble market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Artificial Marble market accounted for the healthy market share in 2022. This development is ascribed to the development of the building and construction sectors in developing nations like France and Spain. Further, the German Artificial Marble market held the largest market share, and the U.K Artificial Marble market was the fastest growing market in the European region

The Asia Pacific Artificial Marble market is expected to register significant growth from 2023 to 2032. This is due to the increased activity in the region's infrastructure. The market for fake marble is also anticipated to increase due to an increase in construction activity brought on by growing urbanisation and industrialization. Therefore, it is anticipated that the use of artificial marble in new construction for a sustainable environment would lead to profitable market expansion in the future. operations, supply networks, and new working procedures to address urgent emergencies. Moreover, China’s Artificial Marble market held the largest market share, and the Indian Artificial Marble market was the fastest growing market in the Asia-Pacific region.

Artificial Marble Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Artificial Marble market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Artificial Marble Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Artificial Marble Industry to benefit clients and increase the market sector. In recent years, the Artificial Marble Industry has offered some of the most significant advantages to medicine. Major players in the Artificial Marble market, including Lotte Advanced Materials Co. Ltd, DuPont de Nemours Inc, LG Hausys, Marmil S.A., Guangdong Chuanqi Compound Stone Co. Ltd., Nanan Guang Tai Xiang, Stone Co. Ltd., Wanfeng Compound Stone Technology Co. Ltd., Pengxiang, Shanghai Meyate Group, Yunfu Liji Stone Co. Ltd., Samsung Stone Industry Co. Ltd., Bitto Industry Co. Ltd., and Jordan Marble and Granite, are attempting to increase market demand by investing in research and development operations.

A chemical firm called Lotte Chemical Corp. (Lotte Chemical) produces and sells petrochemicals and essential chemicals. Polymers like low-density polyethylene and ethylene vinyl acetate, as well as monomers like ethylene glycol and ethylene oxide, chemical fibres, and megatrends, are among the company's product offerings. Products from the company are used to make materials for the agricultural, engineering, medical, and car industries as well as domestic goods. In addition to having production facilities in Daesan, Yeosu, and Ulsan, Lotte Chemical also has research and development facilities in Daedeok and Yeosu. China, Hong Kong, Russia, the US, Peru, Turkey, and Vietnam are among the countries where the corporation maintains offices abroad. The headquarters of Lotte Chemical are in Seoul, South Korea. The world leader in engineered stone, Belenco (Turkey), was acquired by Lotte Advanced Materials (South Korea), a subsidiary of Lotte Chemical, for 72.5 percent of its equity in January 2019.

Construction material manufacture is what LG Hausys Ltd does. Building and interior, automotive, and industrial film segments make up the company's business divisions. Flooring, wallcovering, deco foil, curtain walls, windows, automotive skin, vinyl, and vacuum insulation panels are only a few of its goods. The business is an expert in windows, interior materials, automotive materials, and its parts. As of January 2020, LG Hausys will attend the Kitchen and Bath Industry Show (KBIS), the trade show for the artificial marble industry in North America. As such, LG Hausys is seeking to increase its market share in this sector.

Key Companies in the Artificial Marble market include

  • Lotte Advanced Materials Co. Ltd

  • DuPont de Nemours Inc

  • LG Hausys

  • Marmil S.A.

  • Guangdong Chuanqi Compound Stone Co. Ltd.

  • Nanan Guang Tai Xiang Stone Co. Ltd.

  • Wanfeng Compound Stone Technology Co. Ltd.

  • Pengxiang

  • Shanghai Meyate Group

  • Yunfu Liji Stone Co. Ltd.

  • Samsung Stone Industry Co. Ltd.

  • Bitto Industry Co. Ltd.

  • Jordan Marble and Granite

Artificial Marble Industry Developments

January 2020: the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.

Artificial Marble Market Segmentation

Artificial Marble Type Outlook

  • Polyester Artificial Marble

  • Cement Artificial Marble

  • Composite Artificial Marble

  • Sintered Artificial Marble

Artificial Marble Application Outlook

  • Flooring

  • Countertops

  • Vanity Tops

  • Bathtubs

  • Wall Panels

  • Shower Stalls

  • Others

Artificial Marble Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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