The artificial marble market outlook looks extremely promising, mainly due to the rapidly growing construction industries worldwide. With attractive design features and colors, artificial marble has steadily replaced natural materials, such as marble and granite, in the household. Besides, the rising uses of artificial marble in commercial structures and high growth in people’s income drive the growth of the market.
Major industry players make substantial investments in the development of artificial marble and stones used for decorative purposes. Therefore, the market share is projected to escalate further during the forecast period. According to Market Research Future (MRFR), the global artificial marble market valuation is poised to reach USD 45,306 Million by 2027, continually growing at a 11.20?GR during the assessment period (2020 to 2027).
The rising consumption in making furniture, walls, and floor applications define the market’s growing landscape. Most homebuyers prefer to use artificial marble for its significant advantage over natural marbles, such as cost-efficiency, ability to remodel & shape as per the user’s preference, high durability, ease-of-maintenance, and cost-savings. Besides, rising uses of artificial marble for aesthetic appeal, alongside the burgeoning construction industry worldwide, foster market growth.
Like many markets related to the construction industry, the artificial marble industry was drastically impacted by the COVID-19 pandemic. Lockdowns initiated by governments worldwide disrupted the supply chain on a global scale and halted exports of the raw materials, impacting production and sales.
Get Free Sample PDF Brochure:
Moreover, changing consumer buying patterns, economic uncertainties affected the market demand. However, as construction and industrial activities are rapidly returning to normalcy, the market demand is gradually picking up. Also, the reopening of various manufacturing facilities is driving the growth of the market.
Factors impacting the market growth are the rapid industrialization and urbanization increasing construction activities. Artificial marbles are high-strength and durable materials, which increases their uptake in residential and commercial construction projects. The rapidly surging hotel industry creates a vast market demand for artificial marble to enhance the property’s aesthetic value.
Additionally, the rapidly expanding construction industry in developed countries, alongside increased commercial and residential construction activities, boosts the market size. The construction is led by the rise in disposable income and substantial government spending on huge infrastructural projects. Also, rising numbers of artificial marble manufacturing plants in emerging countries define market landscape expansion.
Browse In-depth Market Research Report (183 pages) on Artificial Marble:
Major trends benefitting the market growth include favorable government policies and initiatives for infrastructure development projects. Besides, huge R&D investments made by manufacturers in product development drive the market growth. Additionally, emerging nations worldwide present untapped opportunities for artificial marble uses, heading with government mandates and updated policies.
Despite significant growth prospects, the market still witnesses major setbacks such as high initial investments required for the production. Moreover, price volatility and the demand-supply gap in raw materials required for production present significant challenges for market growth. Also, the introduction of stringent environmental norms in many countries could restrict market growth.
The artificial marble market analysis is segmented into type, application, and regions. The type segment is sub-segmented into polyester artificial marble, composite artificial marble, cement artificial marble, and sintered artificial marble. Among these, the sub-segment polyester artificial marble holds the largest market share.
The segment accounted for 47.27% of the overall market share with a valuation of USD 1,717.0 million in 2018. The polyester artificial marble segment is projected to grow at a 10.70?GR during the assessment period due to the wide availability of different designs, colors, and textures.
Polyester artificial marbles can also be converted into granite and jade slates. The application segment is sub-segmented into flooring, countertops, vanity tops, bathtubs, wall panels, shower stalls, and others. Among these, the sub-segment flooring holds the largest market share, heading with the constantly growing construction industry.
In 2018, the segment accounted for a 23.53% share of the overall market with a market value of USD 854.8 million. The flooring segment is likely to grow at a 12.92?GR during the review period. By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
The Asia Pacific region dominates the global artificial marble market. Raw material advantages and the availability of cost-competitive workforces bolster the artificial marble market growth in the region.
The presence of the largest construction industry increases the region’s artificial marble market share. Moreover, the growing numbers of production capacities and artificial marble manufacturers in the region positively impact the market’s growth. The APAC artificial marble market is estimated to maintain its market position in the coming years as well.
Europe stands second in the global artificial marble market. The region has seen increased interest in artificial stone for countertops and flooring in homes. Moreover, the rising use of artificial marbles with attractive design features and colors in the household substantiates the region’s market share.
The booming construction sector witnessing constant renovation activities in the already well-defined infrastructure creates significant market opportunities. Additionally, the high consumption potential, increasing production capacities, and growing economy boost the regional market growth. Major artificial marble markets in the region are Italy and France, holding sizable shares. Furthermore, increasing green building structures create substantial demand for artificial marbles.
Speak to Analyst@ https://www.marketresearchfuture.com/ask_for_schedule_call/8538
Request for Customization@ https://www.marketresearchfuture.com/ask_for_customize/8538
The artificial marble market witnesses several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Leading industry players make strategic investments in R&D activities and expansion plans.
For instance, recently, on Feb 19, 2021, Tile Shop Holdings, Inc. (TTSH – the US), a specialty retailer of engineered and natural stone tiles, setting, maintenance materials, and related accessories, announced opening a new showroom in Wayne. It marked the company’s sixth store in the New Jersey market.
The company offers marble, travertine, granite, quartz, sandstone, porcelain, glass, cement, wood look, and metal tiles. TTSH sells its products under the Rush River and Fired Earth brands through its website and offers delivery service through third-party freight providers.
List of the Key Companies Profiled in this Artificial Marble Market Research Report are
Discover More Research Reports on Construction Industry, By Market Research Future
Browse Related Reports:
Global Recycled Construction Aggregates Market Research Report: Information by Product Type (Crushed Stone, Sand & Gravel, Cement Concrete and Asphalt Pavement Debris), End-Use [Residential, Commercial, Infrastructure, and others (Industrial and Monumental)] and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Metal cladding Market Information: by Type (Aluminum Cladding, Galvanized Steel, Cladding, Zinc Cladding, Copper Cladding, Titanium Cladding, Brass Cladding, and Bronze Cladding), Application (Residential, Commercial and Industrial) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Green Concrete Market Research Report: by End-Use (Residential, Commercial, Industrial and Infrastructure) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Plywood Market Research Report: Information By Grade (MR Grade, BWR Grade, Fire Resistant Grade, BWP Grade and Structural Grade), Wood Type (Softwood and Hardwood), Application (Furniture, Flooring & Construction, Automotive Interior, Packaging, Marine and Others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Laminated Veneer Lumber Market Research Report: Information By Product (Cross-Banded Laminated Veneer Lumber and Laminated Strand Lumber (LSL)), Application (Concrete Formwork, House Beams, Purlins, Truss Chords, Scaffold Boards and Others), End-Use (Residential, Commercial and Industrial) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Aluminum Doors and Windows Market Research Report: Information By Product (Exterior Door, Patio Door, Sliding Window, Bi-Fold Window and Other), Application (Residential and Commercial) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
Global Medium Density Fiberboard (MDF) Market Research Report: By Product (Standard MDF, Moisture Resistant MDF and Fire Resistant MDF), By Application (Cabinet, Flooring, Furniture, Molding, Door and Millwork, Packaging System and Others), By End-user (Residential, Commercial and Institutional) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2027
Global Composite Insulated Panels Market Research Report: Information by Product [Expanded Polystyrene (EPS) Panel, Rigid Polyurethane (PUR) and Rigid Polyisocyanurate (PIR) Panel, Glass Wool Panel and Others], Application (Building Wall, Building Roof and Cold Storage) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2027
Global Exterior Insulation And Finish System Market Research Report: by Type (Polymer-Based and Polymer Modified), Insulation Material (EPS (Expanded polystyrene), MW (Mineral Wood) and others), Component (Adessives, Insulation Board, Base Coat, Reinforcement, and Finish Coat) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.