Artificial marble market 2020 expects to reach a size of USD 11,183.8 Million by the year 2025, presumes Market Research Future (MRFR). The market can expand steadily at a rate of 9.48% between 2018 and 2025 (evaluation period). We will provide COVID-19 impact analysis with the report, along with the developments post the coronavirus disease outbreak.
Top Boosters and Main Barriers
In recent months, the construction industry in general and the artificial marble market have been recovering slowly despite the COVID-19 impact. Construction sites are opening up and new orders are being placed, as the lockdown is being lifted up in several countries. Numerous contractors and architects are returning to work to finish the delayed construction projects are also taking up new projects. The effect of SARS-CoV-2 seems to be reducing as companies are receiving immense support by the government, in terms of financial aid and relaxation in policies. Although the pandemic has induced major revenue loss in the construction industry, experts believe that the sales will quickly recover in the coming time.
Speaking of recovery, the artificial marble market is on track to advance at a higher rate due to the rising momentum of spending, housing growth and jobs. The demand for artificial marble has soared exponentially especially since the onset of the novel coronavirus, thanks to its cost-effectiveness, lower water absorption rate, environmental benefits and low maintenance. Although the COVID-19 outbreak slowed down the infrastructure development to some extent, the market still finds growth opportunities in emerging countries, in light of the expanding real estate sector.
In the wake of widespread demand for artificial marbles for decoration in temples, hotels, and various memorial infrastructures, the global market can receive further push in terms of growth. Moreover, the fact that artificial marble costs significantly lesser that original marble, can also work in its favor in the years ahead. Besides this, collaborations, mergers and partnerships seem to be the top favored growth strategies being employed by leading firms to outplay their rivals in the world market.
To cite a point, in July 2020, LG Hausys partnered with iloom, a known name in the furniture industry, to boost their positions in the home interior market. The partnership will see the coming together of iloom's dining furniture and LG Hausys' artificial marble, thereby offering consumers a one-stop shopping experience.
Type and application are the segment based on which the artificial marble industry has been covered in the MRFR report.
The types of artificial marble are cement artificial marble, polyester artificial marble, sintered artificial marble and composite artificial marble. The lead has been taken by the polyester artificial marble market, as this type is available in various colors, textures and designs and could be transformed into jade slates and granite.
Shower stalls, flooring, bathtubs, vanity tops, wall panels, countertops are some of the main application areas of artificial marble.
North America, Asia Pacific (APAC), Europe, and (RoW) or the rest of the world are identified as the key markets for artificial marble in the MRFR study.
In the following years, there is a high chance of APAC emerging as the market leader, with Europe and North America right behind. The APAC market is performing incredibly in terms of growth, thanks to the extensive growth of the construction sector in light of the improving financial status of the countries here. The rapid construction and infrastructure development and the increasing spending as well as focus on R&D/research and development activities to come up with better quality products could open up new avenues for the leading artificial marble manufacturers. The surge in construction of hotels and churches to achieve a luxurious look can also boost the demand for artificial marble in the subsequent years.
Leading Industry Firms
Some of the leading industry firms outlined in the report include Wanfeng Compound Stone Technology Co., Ltd. (China), Marmil S.A. (Greece), Nanan Guang Tai Xiang Stone Co., Ltd (China), Bitto Industry (Dongguan) Co., Ltd. (China), Samsung Stone Industry Co., Ltd. (China), DuPont de Nemours, Inc (US), Pengxiang (China), Lotte Advanced Materials Co., Ltd (South Korea), Guangdong Chuanqi Compound Stone Co.,Ltd (China), LG Hausys (South Korea), Shanghai Meyate Group (China), Yunfu Liji Stone Co., Ltd (China), Jordan Marble and Granite (US), and more.