Global Artificial Marble Market Research Report: Information by Type (Polyester Artificial Marble, Cement Artificial Marble, Composite Artificial Marble and Sintered Artificial Marble), Application (Flooring, Countertops, Vanity Tops, Bathtubs, Wall Panels, Shower Stalls and others) and Region (North America, Asia-Pacific, Europe and Rest of the World) – Forecast to 2025
Artificial Marble Market Research Report – Global Forecast till 2025
The Global Artificial Marble Market is expected to gain an unprecedented value of USD 11,183.8 Million by 2025, with 9.48% CAGR during the forecast period (2019–2025). Market Research Future (MRFR) in their report envelops segmentations and drivers for a better glimpse of the market in the coming years. Artificial marble is manufactured using raw materials such as silica, fluorspar, and waste materials such as limestone, clay, magnesite, and phosphate used in various applications such as flooring, countertops, vanity tops, and bathtubs.
The increasing infrastructure development, especially in developing nations, leads to various reforms and regulations in real estate and infrastructure. Such reforms are expected to augment the growth of the construction sector, driving the growth of the global artificial marbles market. Various benefits of using artificial marble are cost-effectiveness, low maintenance, low water absorption rate, and environmental benefits. The need for profitability is expected to add to the growth of the global artificial marble market. Hence, the impact of the growing demand for artificial marble on the global artificial marbles market is expected to shift from moderate to high over the forecast period.
The unique appearance of natural marble acts as a challenge for the market growth during the forecast period. The demand for artificial marble had been growing owing to an increase in international trade and high exports and exports across the globe. Natural marble is used as an alternative for artificial marble. Therefore, due to the various properties of natural stone, property owners, who prioritize authenticity, prefer its use over artificial stone, acting as a major challenge or restraint for the artificial marbles market.
Competitive Analysis
Prominent players profiled in the report on the Global Artificial Marble Industry are DuPont de Nemours, Inc (US), Lotte Advanced Materials Co., Ltd (South Korea), LG Hausys (South Korea), Guangdong Chuanqi Compound Stone Co.,Ltd (China), Marmil S.A. (Greece), Nanan Guang Tai Xiang Stone Co., Ltd (China) , Pengxiang (China), Wanfeng Compound Stone Technology Co., Ltd. (China), Shanghai Meyate Group (China), Samsung Stone Industry Co., Ltd. (China), Yunfu Liji Stone Co., Ltd (China), Bitto Industry (Dongguan) Co., Ltd. (China), and Jordan Marble and Granite (US). Mergers, acquisitions, and collaborations are some of the strategies that these companies have adopted to stay ahead of the rest.
Segmental Analysis
The Global Artificial Marble Market is segmented based on type and application. Based on type, the polyester artificial marble segment is expected to dominate the market as it is available in different designs, colors, and textures and also can be converted into granite and jade slates.
Based on application, the flooring segment is expected to dominate the global market, owing to the constantly growing construction industry. Artificial marble enhances the value of the building and ensures a distinct look to the interior of the structure. It has become an ideal choice for architects and designers across the globe, owing to several benefits associated with it, such as durability, uniformity, easy availability, and uniqueness.
Regional Analysis
Geographic analysis of the artificial marble market spans across North America, Europe, Asia-Pacific (APAC), and the rest of the world. In 2018, Asia-Pacific was the leading market with a market valuation of USD 3,632.2 million. The regional market value is expected to reach USD 6,935.1 million by 2025, with an impressive 10.02% CAGR during the forecast period. Asia-Pacific is the fastest-growing region in the artificial marble market, with China, India, Vietnam, and Australia being the major markets of the region. The growth of the infrastructure and construction industries and the improvement in the financial conditions in this region have led to the growth of the construction industry and, consequently, the artificial marble market. In 2018, China accounted for the largest market share of 58.97% with a market value of USD 2,142.0 million along with polyester artificial marble segment accounted for the largest market share of 47.27% in 2018, with a market value of USD 1,717.0 million expected to register highest CAGR of 10.60% and 10.70%, respectively, during the forecast period. The flooring segment accounted for the largest market share of 23.53% in 2018, with a market value of USD 854.8 million; and it is expected to register the highest CAGR of 12.92% during the forecast period.
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