According to the newest report published by Market Research Future (MRFR), the global artificial marble market is slated to acquire a substantial revenue generation of up to USD 11.2 billion at a moderate CAGR of 9.48% over the review period (2019-2025).
Drivers and Restraints
There are several notable driving factors contributing to the growth of the global artificial marble market. The growing infrastructural development across the globe, especially developing countries. Artificial marble is cost-effective, low maintenance, environmental benefits, and low water absorption rate. Technological advancements in information and communication aspects of transportation management systems such as Wi-Fi, NFC RFID, and others are responsible for driving the growth of the transportation management system market. However, security concerns and insufficient investment in transportation infrastructure and lack of appropriate technical expertise are significant factors that may cause -an obstacle in the growth of the global transportation management system market. Also, other complexities associated with data management issues may hamper the market growth.
The segmentation of the global artificial marble market is carried out on the basis of type and application.
The types of artificial marble produced in the market are composite artificial marble, artificial cement marble, polyester artificial marble, and sintered artificial marble.
The application segment of the global artificial marble market comprises of flooring, vanity tops, bathtubs, shower stalls, countertops, wall panels, and others. The flooring segment is projected to witness the fastest growth at a CAGR of about 13% over the review period, driven by the rapid growth of the construction industry.
The geographic analysis of the global market has been conducted in four major regions, namely North America, the Asia Pacific, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
The North American artificial marble market is one of the major regional markets and is predicted to record a considerable market share over the assessment period. The increasing awareness about the benefits of the artificial marble market among consumers is driving its demand over the review period.
The artificial marble market is expected to witness the highest growth in the Asia Pacific over the review period, with a revenue generation of 6.9 Billion by 2025, at a 10.02% CAGR. Emerging economies such as Vietnam, India, China, and Australia are the major country-wise markets in the region, with China accounted for up to 60% of the market share over the review period. Factors contributing to the seamless growth of the artificial marble market in the Asia pacific are the rapid urbanization and industrialization in developing economies. The improving economic dynamics in these countries are contributing to the booming construction industry in the region, and increasing investments in the real estate sector. Moreover, the growing consumer preference for artificial marble for their aesthetic value is also expected to fuel market growth in the region.
The top market players identified by MRFR in the global artificial marble market are Lotte Advanced Materials Co., Ltd (South Korea), DuPont de Nemours, Inc (US), LG Hausys (South Korea), Marmil S.A. (Greece), Guangdong Chuanqi Compound Stone Co., Ltd (China), Nanan Guang Tai Xiang Stone Co., Ltd (China), Wanfeng Compound Stone Technology Co., Ltd. (China), Pengxiang (China), Shanghai Meyate Group (China), Yunfu Liji Stone Co., Ltd (China), Samsung Stone Industry Co., Ltd. (China), (Dongguan) Co., Ltd. (China), Bitto Industry and Jordan Marble and Granite (US).
The competitive scenario of the global artificial market is expected to witness substantial traffic, and the market players are projected to focus on strategic business solutions such as mergers, acquisitions, partnerships, and joint ventures.
Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.