The increase in construction activities and the rise in the usage of artificial marble in different palliations including countertops, walls, furniture, flooring, and others fuel the global artificial marble market growth.
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Allied Market Research published a research report on the global artificial marble market. The findings of the report state that the global market for artificial marble generated $2.88 billion in 2021, and is expected to generate $4.58 billion by 2031, manifesting a CAGR of 4.7% from 2022 to 2031. The research provides a detailed analysis of changing market dynamics, key investment pockets, major segments, and competitive scenarios for new entrants, market players, and investors.
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Onkar Sumant, the Manager for Construction and Manufacturing at Allied Market Research, stated, “The artificial marble market has grown significantly over the past few years as a result of an increase in investment in infrastructure, including residential, non-residential, airports, malls, and other sectors. Moreover, renovation and reconstruction of existing buildings such as residential and office spaces are expected to drive the artificial marble market growth. Moreover, various benefits of artificial marble over natural marble such as low cost, high durability, and better appearance are a few of the factors that drive the market growth. In addition, leading industry players are employing a range of strategies, which is causing the artificial marble market to witness growth.”
The report offers an extensive analysis of driving forces, restraints, and opportunities to help market players in determining the strategies to be adopted to grow in the market. The increase in construction activities and the rise in the usage of artificial marble in different palliations including countertops, walls, furniture, flooring, and others fuel the global artificial marble market growth. Moreover, various advantages of artificial marble over natural marble including easy remodeling, cost-effectiveness, easy maintenance, high durability, and improved appearance supplement the market growth. In addition, the rise in investments in the renovation of buildings and the expansion of tourist places offer new lucrative opportunities in the coming years.
The research offers a detailed analysis of the impact of the Covid-19 pandemic on the artificial marble market across the globe. Market players needed to stop production activities of artificial marble completely or partially due to lockdown restrictions. Moreover, construction activities were stopped as per stringent regulations imposed by governments to curb the spread of the Covid-19 infection. However, the demand for artificial marble is expected to recover post-pandemic as new construction and renovation activities begin.
The report provides an extensive segmentation of the global artificial marble market based on product type, application, end-user, and region. On the basis of product type, the polyester artificial marble segment accounted for the highest market share in 2021, contributing to nearly two-fifths of the market, and is expected to maintain its dominance during the forecast period. However, the composite artificial marble segment is projected to register the highest CAGR of 5.9% from 2022 to 2031. Based on application, the flooring segment contributed to the highest market share in 2021, accounting for nearly half of the market share, and is estimated to maintain its leadership status during the forecast period. However, the countertops segment is estimated to manifest the largest CAGR of 6.9% from 2022 to 2031.
Based on end user, the residential segment accounted for the highest market share in 2021, holding more than half of the market share in 2021, and is estimated to maintain its dominance throughout the forecast period. On the other hand, the non-residential segment is projected to register the highest CAGR of 5.4% from 2022 to 2031. Based on region, Asia-Pacific contributed to the highest market share in 2021, accounting for more than two-fifths of the global artificial marble market, and will maintain its highest share by 2031. In addition, this region is expected to witness the fastest CAGR of 5.8% from 2022 to 2031. The research also analyzes regions such as North America, Europe, and LAMEA.
The report analyzes the leading players of the global artificial marble market including Aristech Surfaces LLC, Cupa Group, Classic Marble & Stone, Guangdong Legend Stone Co. Ltd, DuPont, Hfrtub Co. Ltd., Hari Stones Ltd., Kalinga Stone, Hyundai L & C Europe GMBH, XISHI GROUP Ltd., LX HAUSYS, Lotte Chemical, Owell, MARMIL S.A, WANFENG, Southland Stone, and Yunfu City Liji Stone Co., Ltd.
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