Rise in construction activities and increase in use of artificial marble in various palliations such as walls, flooring, furniture, countertops and others drives the growth of the global artificial marble market.
PORTLAND, Ore., Aug. 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Artificial Marble Market by Product type (Polyester Artificial Marble, Cement Artificial Marble, Composite Artificial Marble, Sintered Artificial Marble), by Application (Flooring, Walls, Countertops, Others), by End User (Residential, Non-Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global artificial marble industry was estimated at $2.88 billion in 2021, and is anticipated to hit $4.58 billion by 2031, registering a CAGR of 4.7% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape. The market study is exclusively meant to help the readers with a complete valuation of industry analysis and trends.
Determinants of growth:
Rise in construction activities and increase in use of artificial marble in various palliations such as walls, flooring, furniture, countertops, and others drive the growth of the global artificial marble market. Also, the fact that artificial marble has various advantages over natural marble such as cost effectiveness, easy remodeling, high durability, easy maintenance, and better appearance has supplemented the market growth even more. Simultaneously, surge in investments in expansion and renovation of buildings and tourist places is expected to create lucrative opportunities in the industry.
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Covid-19 scenario:
- Halted production activities across the world had a sheer negative impact on the global artificial marble market, especially during the initial period.
- However, mass rollout of vaccinations has improved the global situation, leading to the reopening of artificial marble companies at their full-scale capacities. The market for artificial marble is now getting back on track at a slow and steady pace.
The polyester artificial marble segment to dominate by 2031:
Based on product type, the polyester artificial marble segment held nearly two-fifths of the global artificial marble market revenue in 2021, and is expected to lead the trail by 2031, due to increase in its adoption of artificial marbles in decorative mosaics and landscaping. The composite artificial marble segment, nevertheless, would manifest the fastest CAGR of 5.9% from 2022 to 2031. This is owing to the fact that composite marble or engineered marble brings a seamless look to the floor and more uniformity in colors & design for large areas.
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The flooring segment to rule the roost:
Based on application, the flooring segment generated the major share in 2021, holding nearly half of the global artificial marble market, and is projected to dominate throughout the forecast period. Rise in new construction activities is one of the major factors that drive the segment growth. The countertops segment, simultaneously, would cite the fastest CAGR of 6.9% by 2031. This is attributed to the fact that artificial marble plays a crucial role in the countertops industry by giving large restaurant ventures a contemporary look for their kitchens.
The residential segment to maintain the lion's share:
By end-user, the residential segment contributed to more than half of the global artificial marble market share in 2021, and is expected to retain its dominance by 2031. Growing awareness regarding insulating properties of artificial marbles fuels the segment growth. The non-residential segment, on the other hand, is expected to exhibit the fastest CAGR of 5.4% from 2022 to 2031. This is because non-residential marbles are increasingly being installed in offices & buildings, restaurants kitchen tops, commercial establishments, and public infrastructures.
Asia-Pacific garnered the major share in 2021:
Based on region, Asia-Pacific held the major share in 2021, generating more than two-fifths of the global artificial marble market. The same region would also garner the fastest CAGR of 5.8% by 2031. Ongoing infrastructure development in China and India drives the market growth. The regions studied in the report include North America, Europe, and LAMEA.
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Key players in the industry:
- Classic Marble & Stone
- Aristech Surfaces LLC
- LX HAUSYS
- Yunfu City Liji Stone Co., Ltd. Engineering
- XISHI GROUP LTD
- Owell
- Southland Stone
- Cupa Group
- DuPont
- Guangdong Legend Stone Co., Ltd
- Hari Stones Ltd
- Hfrtub Co. Ltd.
- Hyundai L & C Europe GMBH
- Kalinga Stone
- WANFENG
- Lotte Chemical
- MARMIL S.A.
The report analyzes these key players in the global artificial marble market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.
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