By Areena Fx
Artificial Marble Market Dynamics :
Artificial marble, also known as cultured marble, provides the aesthetic appeal of real marble with added durability and convenience. Its usage in homes, offices, industries, and institutions for an elegant appearance and low-maintenance requirements is a significant driver for its market growth.
The Artificial Marble Market Growth Estimate:
Artificial Marble Market was valued at USD 8.60 Bn in 2022 and is expected to reach at USD 16.44 Bn by 2029 at a CAGR of 9.7 % over forecast period 2023-2029.
Drivers
Increasing Infrastructure Development: Particularly in developing nations, the demand for artificial marble is rising due to extensive infrastructure projects.
Cost-effectiveness and Low Maintenance: Artificial marble offers advantages like cost-effectiveness, low water absorption, and environmental benefits, driving its market growth.
R&D Activities for Enhanced Product Quality: Manufacturers are focusing on R&D initiatives to improve product quality by utilizing alternative raw materials, presenting lucrative opportunities in the market.
Restraints
Vulnerability to Stains and High Maintenance Cost: Despite its benefits, artificial marble is susceptible to stains, and the high cost involved in its maintenance and usage might impede market growth.
Artificial Marble Market Extension:
This report serves as the ultimate compass for business development, providing an in-depth understanding of the industry landscape. Whether you’re an investor, entrepreneur, or aspiring to venture into this field, the report equips you with comprehensive insights.
Analytical Tools:
Utilizing esteemed methodologies like SWOT and PESTLE analysis, the report examines political, social-cultural, economic, technological, and environmental impacts.
It aids in strategic planning and management, offering a nuanced understanding of market dynamics.
Data Presentation:
Designed for accessibility, the report presents up-to-date market data through graphical and tabular representations, ensuring clarity and ease of comprehension.
Artificial Marble Market Segmentation Strategies:
The type, application, and region segments of the global artificial marble market are as follows. Sintered type accounted for 39.67% of the market by type in 2022 and is anticipated to continue to dominate over the forecast period.
Because sinted artificial marbles may be modified to meet specific needs, they are used in both residential and non-residential settings. They come in a variety of sizes and forms.
Because these marbles are inexpensive and have an attractive, opulent appearance, many people choose to use them in wall, flooring, and roofing goods.
Artificial Marble Market by Type
Polyester artificial marble
cement artificial marble
composite artificial marble
sintered artificial marble
Artificial Marble Market by Application
Flooring
Countertops
Vanity tops
Bathtubs
Wall panels
Shower stalls
Others
Flooring accounted for 41.65% of the market by application in 2022, and this share is predicted to remain dominant throughout the forecast period. The primary market for marble is the flooring application sector; fake marble is used for a variety of flooring applications, including exterior walls, stairways, kitchen platforms, flooring, and sculpture.
In the building business, artificial marble is employed not only for aesthetic purposes but also as a practical filler for external walls, staircases, pavements, floor coverings, and concrete aggregate. Marble is used as ornamentation in many opulent structures and monuments, including hotels, theaters, temples, cathedrals, memorial buildings, and tombs since it is frequently connected to extravagance and wealth.
Artificial Marble Market Location-Based Analysis :
Asia Pacific (APAC): Leads the market share due to growth in the construction industry, urbanization, and increased residential complexes, especially in India and China.
North America and Europe: Expected to hold substantial market shares, driven by expansion in the real estate sector and infrastructure industries.
The Major Players in the Artificial Marble Market:
- Aristech Surfaces LLC
2. Hyundai L & C Europe GMBH
3. Kuraray Co., Ltd
4. LG Hausys Ltd.
5. Marmil SA
6. Lotte Chemical
7. Guangdong Chuanqi Compound Stone Co., Ltd
8. GuangTaiXiang Stone Co. Ltd
9. Fujian Pengxiang Industrial Co., LTD.
10. Wanfeng Compound Stone Technology Co., Ltd.
11. Yunfu Liji Stone Co., Ltd
12. Bitto Industry (Dongguan) Co., Ltd.
13. Jordan Marble and Granite
14. Brown stone korea
15. Cxun Holding Group Co., Ltd.
16. XiShi Group
Key Strategies and Analysis
- The report covers comprehensive analyses of key players, their strategies, value chains, supply chains, and company profiles.
- Market leaders are adopting various growth strategies, including mergers, collaborations, new product launches, expansions, and alliances, to increase their market presence.
Conclusion
The report aims to present an in-depth analysis of the Global Artificial Marble Market, encompassing all stakeholders, market trends, size, and competitive landscapes. It provides insights to facilitate informed decision-making for investors and industry stakeholders.