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Global Artificial Marble Market Size was valued at USD 11.6 Billion in 2022. The Artificial Marble market Type is projected to grow from USD 12.3 Billion in 2023 to USD 29.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.40% during the forecast period (2023 - 2032). Due to the world's expanding population, industrialisation, and urbanization, artificial marble is more in demand and used, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Due to its flawless elegance, artificial marble has emerged as one of the best options for consumers looking to remodel their homes. The living room or dining room's artificial marble floors or worktops add a stunningly lovely touch to the already cutting-edge interior design. Because artificial marble is more reasonably priced, there are more color and design options available. Population growth, urbanization, and global industrialization are all driving forces in the market's evolution. Because of its superior strength and durability, artificial marble is employed increasingly commonly in both residential and commercial construction projects. Expanding government attempts to upgrade the infrastructure also stimulate the market. The hotel sector is growing swiftly as the travel industry does as well. In order to assure aesthetic appeal, the hotel business uses artificial marble, which has lately characterized market landscape expansion.
The use of imitation marble in more applications, such as countertops, walls, floors, furniture, and other surfaces, is causing the market to expand. Artificial marble also has a number of advantages over natural marble, including lower cost, ease of remodeling and reshaping to meet client preferences, high durability, ease of maintenance, and better appearance. Additionally, profitable growth chances for fake marble are being created during the anticipated time by the rise of the construction industry in countries like India, the U.S., Brazil, Germany, and Spain. For example, according to Oxford Economics, the global construction market would grow by 85% to $15.5 trillion by 2030, with China, the United States, and India taking the lead and accounting for 57% of the growth. Therefore, it is projected that during the projection period, these new construction activities will positively impact market growth.
The market for artificial marble is expanding because rehabilitation and infrastructure projects are expanding. A trend toward visually pleasing interior designs has occurred as personal disposable income has increased, which is anticipated to boost market expansion. A further anticipated positive market demand impact is the rise in construction investment in developing nations. In recently built homes, buildings, office complexes, and other structures, artificial marble is used as flooring. The rise in new construction activities is one of the major factors driving market expansion.
The ability of artificial marble to withstand wear and tear from daily usage and to last a long time relative to natural marble is anticipated to fuel market expansion, which is why the artificial marble market's revenue growth is rapidly increasing globally. Materials with higher tensile strength, improved abrasion resistance, and lower water absorption would also promote growth. Buildings, companies, and houses regularly employ artificial marble to improve their aesthetic appeal. The market for these marbles is expected to rise because they are utilized as ornamentation in hotels, temples, and other buildings. The relative affordability of artificial marbles in contrast to natural marbles is a significant aspect in the industry. Thus, driving the Artificial Marble market revenue.
The global Artificial Marble market segmentation, based on Type, includes polyester artificial marble, cement artificial marble, composite artificial marble, and sintered artificial marble. Polyester artificial marble segment dominated the global market in 2022. One of the key reasons influencing the market's growth is the increasing usage of artificial marble in decorative mosaics and landscaping due to its excellent resistance to water damage and appealing appearance. In addition, developing countries require synthetic marble for the construction of temples and other holy structures. Rising building renovation and expansion spending is anticipated to drive the growth of the fake marble industry in the near future.
The global Artificial Marble market segmentation, based on Application, includes flooring, countertops, vanity tops, bathtubs, wall panels, shower stalls, and others. Flooring segment dominated the global Artificial Marble market in 2022. This is as a result of an increase in the demand for faux marble in commercial structures like malls, universities, and large complexes.
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Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Artificial Marble Market dominated this market in 2022 (45.80%). The rising use of artificial marbles, particularly in the United States and Canada, is one of the major factors that analysts predict will drive market revenue growth in this sector. Further, In the North American area, the U.S. Artificial Marble market had the biggest market share, while the Canada Artificial Marble market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Artificial Marble market accounted for the healthy market share in 2022. The growth of the building and construction industries in developing countries like France and Spain is credited with this development. Further, In the European region, the German Artificial Marble market had the biggest market share, and the U.K. Artificial Marble market had the quickest rate of growth.
The Asia Pacific Artificial Marble market is expected to register significant growth from 2023 to 2032. This is due to the increased activity in the region's infrastructure. The market for fake marble is also anticipated to increase due to an increase in construction activity brought on by growing urbanisation and industrialization. Therefore, it is anticipated that the use of artificial marble in new construction for a sustainable environment would lead to profitable market expansion in the future. operations, supply networks, and new working procedures to address urgent emergencies. Moreover, In the Asia-Pacific region, the Indian Artificial Marble market had the quickest rate of growth while China's Artificial Marble market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Artificial Marble market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Artificial Marble sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Artificial Marble industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Artificial Marble sector. Major players in the Artificial Marble market, including Lotte Advanced Materials Co. Ltd, DuPont de Nemours Inc, LG Hausys, Marmil S.A., Guangdong Chuanqi Compound Stone Co. Ltd., Nanan Guang Tai Xiang, Stone Co. Ltd., Wanfeng Compound Stone Technology Co. Ltd., Pengxiang, Shanghai Meyate Group, Yunfu Liji Stone Co. Ltd., Samsung Stone Industry Co. Ltd., Bitto Industry Co. Ltd., and Jordan Marble and Granite, are attempting to increase market demand by investing in research and development operations.
Petrochemicals and necessary chemicals are produced and sold by a company called Lotte Chemical Corp. (Lotte Chemical). The company's product line includes chemical fibers, megatrends, and polymers like low-density polyethylene and ethylene vinyl acetate as well as monomers like ethylene glycol and ethylene oxide. Materials for the automotive, technical, medical, and agricultural industries as well as for domestic goods are made with the help of the company's products. Lotte Chemical has industrial facilities in Daesan, Yeosu, and Ulsan in addition to Daedeok and Yeosu for research and development. Among the nations where the company has offices abroad are China, Hong Kong, Russia, the US, Peru, Turkey, and Vietnam. Seoul, South Korea is home to Lotte Chemical's corporate headquarters. In January 2019, Lotte Advanced Materials (South Korea), a division of Lotte Chemical, purchased Belenco (Turkey), the market leader in engineered stone, for 72.5% of its shares.
LG Hausys Ltd manufactures construction materials. The business divisions of the corporation are automotive, industrial film, and building and interior. Only a few of its products include flooring, wallcoverings, deco foil, curtain walls, windows, automobile skin, vinyl, and vacuum insulation panels. The company specializes in windows, interior supplies, automobile components, and materials. LG Hausys will start attending the Kitchen and Bath Industry conference (KBIS), the North American trade conference for the synthetic marble industry, in January 2020. Therefore, LG Hausys is aiming to grow its market share in this industry.
· Lotte Advanced Materials Co. Ltd
· DuPont de Nemours Inc
· LG Hausys
· Marmil S.A.
· Guangdong Chuanqi Compound Stone Co. Ltd.
· Nanan Guang Tai Xiang Stone Co. Ltd.
· Wanfeng Compound Stone Technology Co. Ltd.
· Pengxiang
· Shanghai Meyate Group
· Yunfu Liji Stone Co. Ltd.
· Samsung Stone Industry Co. Ltd.
· Bitto Industry Co. Ltd.
· Jordan Marble and Granite
January 2020: The coronavirus disease (COVID-19) epidemic was deemed a public health emergency of global significance by the World Health Organization's (WHO) International Health Regulations Emergency Committee. The virus started in China and has now reached at least 213 nations and territories.
· Polyester Artificial Marble
· Cement Artificial Marble
· Composite Artificial Marble
· Sintered Artificial Marble
· Flooring
· Countertops
· Vanity Tops
· Bathtubs
· Wall Panels
· Shower Stalls
· Others
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 11.6 Billion |
|
Market Size 2023 |
USD 12.3 Billion |
|
Market Size 2032 |
USD 29.8 Billion |
|
Compound Annual Growth Rate (CAGR) |
11.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Application, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Saint-Gobain Group, Aliaxis Group SA/NV, Mexichem S.A.B. de CV, Tyman plc., Tenaris, CEMEX SAB de CV, Future Pipe Industries, JM EAGLE INC., China Lesso, AMERICAN, and National Pipe & Plastics |
|
Key Market Opportunities |
Increasing demand for art and architecture |
|
Key Market Dynamics |
Rising demand & uses of artificial marble and ever increasing population and rapid industrialization and urbanization worldwide |
The global Artificial Marble market size was valued at USD 11.6 Billion in 2022.
The global market is projected to grow at a CAGR of 11.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Lotte Advanced Materials Co. Ltd, DuPont de Nemours Inc, LG Hausys, Marmil S.A., Guangdong Chuanqi Compound Stone Co. Ltd., Nanan Guang Tai Xiang, Stone Co. Ltd., Wanfeng Compound Stone Technology Co. Ltd., Pengxiang, Shanghai Meyate Group, Yunfu Liji Stone Co. Ltd., Samsung Stone Industry Co. Ltd., Bitto Industry Co. Ltd., and Jordan Marble and Granite
The Polyester Artificial Marble Type dominated the market in 2022.
The Flooring Application had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65271
Published on :
Sep 2023
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