Artificial Marble Market by Type, Application and Region – Global Market Size Estimation, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2030
Overview
Artificial Marble Market was valued at USD 9.43 Bn in 2023 and is expected to reach at USD 18.03 Bn by 2030 at a CAGR of 9.7 % over forecast period 2024-2030.
The report covers an in depth analysis of COVID 19 pandemic impact on Global Artificial Marble Market by region and on the key players revenue affected till April 2021 and expected short term and long term impact on the market.
Artificial Marble Market Dynamics
Artificial marble, commonly known as cultured marble, provides the look and feel of real marble without the extra cost and hassle. It's made of crushed marble and resin, so it can stand up to the wear and tear of everyday use and most cleaning products. Artificial Marble is widely used at home, offices, industries and institutions to makes the place more classy and marvellous. An increasing infrastructure development especially in developing countries is mainly driving the global artificial marble market. Moreover, various benefits of artificial marble such as cost-effectiveness, low maintenance, low water absorption rate, and environmental benefits are driving the market growth over forecast period. Such benefits are expected to boost the growth artificial marble market over forecast period. Manufacturers are focusing on in R&D activities to enhance the product quality by utilizing substitute raw materials which is expected to create lucrative opportunities over forecast period.
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However, factors such as artificial marble is vulnerable to stains and high cost involve in the maintenance and usage of the artificial marble are restraining the market growth over forecast period.
Global Artificial Marble Market is segmented by type, by application and by Region. By type, sintered type held 39.67% of market share in 2023 and is expected to keep its dominance over forecast period. Sintered type of artificial marble is utilized in both non-residential and residential sectors as these marbles are available in various shapes & sizes and can be customized according to different requirements. The elegant and luxurious appearance of these marbles at low cost attracts consumers towards them and thus these marbles are widely utilized in roofing, flooring, and wall products.
By application, flooring held 41.65% of market share in 2023 and is expected to keep its dominance over forecast period. Flooring application segment is the major consumer of marble; the artificial marble in flooring is used for various flooring as laying pavements, stairs, kitchen platforms, flooring, sculpture, and external walls. Artificial Marble not only serves the decorative purpose, but is also functionally used as filler for concrete aggregate, stairs, pavements, floor coverings, and external walls in the construction industry. Marble is often associated with luxury and extravagance; hence, it is employed for decoration purposes in various lavish buildings and monuments such as hotels, theatres, temples, churches, memorial buildings, and tombs.
By geography, Asia Pacific held 42.45% of market share in 2023 and is expected to keep its dominance over forecast period. Growth in construction industry and increase in number of residential complexes are major factors driving the growth of the artificial marble market in this region. Moreover, increasing disposable income and rise in urbanization in developed economies such as India and china are expected to create lucrative opportunities for market over forecast period. The Indian Artificial Marble industry is all set for a big jump with projected value and volume CAGR of 7.5% and 11.5% respectively from FY19 to FY20. The share of organized players is expected to increase due to the use of superior technology, innovation and higher marketing spend resulting in higher margins, profitability. APAC is followed by North America and Europe. North America is expected to hold xx% of market share over forecast period due to expansion of real-estate sector in U.S. and Canada. The region is expected to emerge as leader in infrastructure and construction industries, and the improvement in the financial conditions in this region has led to the growth of the artificial marbles market.
Report covers in depth analysis of key development, marketing strategies, value chain, supply chain and company profiles of market leaders, potential players and new entrants. Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, collaborations, strategic alliances, expansion, joint ventures, new product launches, patent and diversification to increase regional presence and business opeartions.
The objective of the report is to present a comprehensive analysis of the Global Artificial Marble Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Artificial Marble Market dynamics, structure by analyzing the market segments and project Global Artificial Marble Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Artificial Marble Market make the report investor’s guide.
Artificial Marble Market Scope: Inquire before buying
| Artificial Marble Market | ||||
|---|---|---|---|---|
| Base Year | 2023 | Forecast Period | 2024-2030 | |
| Historical Data | CAGR | Market Size in 2023 | Market Size in 2030 | |
| 2018 to 2023 | 9.7% | US$ 9.43 Bn | US$ 18.03 Bn | |
| Segments Covered | ||||
| by Type Polyester artificial marble cement artificial marble composite artificial marble sintered artificial marble |
by Application Flooring Countertops Vanity tops Bathtubs Wall panels Shower stalls Others |
|||
| Regions Covered | ||||
| North America United States Canada Mexico |
Europe UK France Germany Italy Spain Sweden Austria Rest of Europe |
Asia Pacific China S Korea Japan India Australia Indonesia Malaysia Vietnam Taiwan Bangladesh Pakistan Rest of APAC |
Middle East and Africa South Africa GCC Egypt Nigeria Rest of ME&A |
South America Brazil Argentina Rest of South America |
Artificial Marble Market Key Players
1. 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
Frequently Asked Questions:
1. Which region has the largest share in Global Artificial Marble Market?
Ans: Asia Pacific region held the highest share in 2023.
2. What is the growth rate of Global Artificial Marble Market?
Ans: The Global Artificial Marble Market is growing at a CAGR of 9.7% during forecasting period 2024-2030.
3. What is scope of the Global Artificial Marble Market report?
Ans: Global Artificial Marble Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Artificial Marble Market?
Ans: The important key players in the Global Artificial Marble Market are – Aristech Surfaces LLC, Hyundai L & C Europe GMBH, Kuraray Co., Ltd, LG Hausys Ltd., Marmil SA, Lotte Chemical, Guangdong Chuanqi Compound Stone Co., Ltd, GuangTaiXiang Stone Co. Ltd, Fujian Pengxiang Industrial Co., LTD., Wanfeng Compound Stone Technology Co., Ltd., Yunfu Liji Stone Co., Ltd, Bitto Industry (Dongguan) Co., Ltd., Jordan Marble and Granite, Brown stone korea, Cxun Holding Group Co., Ltd., and XiShi Group
5. What is the study period of this Market?
Ans: The Global Artificial Marble Market is studied from 2023 to 2030.