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Artificial Marble Market to Develop at an 11.20% CAGR by 2027 | Market Research Future (MRFR)
Pune, April 19, Apr 19, 2021 (GLOBE NEWSWIRE via COMTEX) —
Rise in Artificial Marble Use Worldwide Drive the Market Growth
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% CAGR 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.
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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.
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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% CAGR 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% CAGR 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.
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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</b>
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