Market Overview
Artificial Marble Industry is projected to be worth USD 27.2 Billion by 2030, registering a CAGR of 11.20% during the forecast period (2022 - 2030), The market was valued at USD 14.5 billion in 2021. The market growth will be driven by rising uses of artificial marble. Based on the research report, urbanization worldwide will accelerate growth in the market till 2025. Although the high product cost will have a negative impact on the global artificial marble market’s growth during this period. The increasing supply and demand gap will likely become a threat. The artificial marble market report published by expert analysts includes primary and secondary data and suggests that type, application, and regions segments are anticipated to witness tremendous growth till 2025. Factors such as untapped opportunities for the consumption will be major growth factors during the forecast period and the expanding construction industry is also said to be supporting the market globally, however, the growth projected for the forecast period could be affected by concerns regarding high cost which could negatively affect activities taking place across the market. The rise in disposable income of demographics is another challenge the market could face till 2025.
Competitive Landscape
Construction engineering based organizations are profiled in the market research report. The artificial marble market along with businesses and segments have been studied. The analysis of construction engineering based business is also done to identify key challenges and strengths of these companies. With a market value of USD 1,717.0 million, the segment is expected to account for 47.27 percent of the total market share. With its availability in a variety of shapes, colours, and textures, as well as the potential to be turned into granite as well as jade slates, the polyester artificial marble segment is expected to expand at a 10.70 percent CAGR over the forecast era. The global artificial marble market research report covers SWOT analysis, Porter’s Five Force analysis of major construction engineering related organizations. The strategy and other key details of these companies for the forecast period 2019 to 2025 are covered in the report. The increasing demand from various industry verticals is anticipated to support the market growth as the market is set to grow at a CAGR of 9.48% and reach a value of US$11,183.8 million by 2025.
Key Players
- Lotte Advanced Materials Co. Ltd (South Korea)
- DuPont de Nemours Inc (US)
- LG Hausys (South Korea)
- Marmil S.A. (Greece)
- uangdong 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)
- Bitto Industry (Dongguan) Co. Ltd. (China)
- Jordan Marble and Granite (US)
Market Segmentation
The cultured marble market is segregated into different market segments based on type, application, and regions. For a comprehensive analysis of the market, the type, application, and regions segments are further split into smaller segments. The type segment is categorized into cement artificial marble, composite artificial marble, sintered artificial marble, and polyester artificial marble. Furthermore, based on applications, the global market is also segmented into bathtubs, countertops, flooring, shower stalls, vanity tops, wall panels, and others. Based on the market segmentation analysis, the report covers market forecasts.
Ever-increasing population and rapid industrialization will support the market growth from 2019 to 2025. As per the market research report, the global market for artificial marble is anticipated to grow at a healthy rate across all the type, application, and regions segments. However, the presence of active threats such as huge infrastructural projects could hamper the market growth. Business activities across construction engineering have also been examined and studied by construction engineering industry’s experienced analysts. The artificial marble market research report covers findings with predictions and forecasts till 2025.
Regional Overview
The artificial marble market, with its segments, is present in different parts of the world. Construction engineering based regional markets are also covered in the market research report. The regional markets are Asia-Pacific, Europe, North America, the Middle East and Africa and the rest of the world. Consumers aiming for more convenience are anticipated to be a major growth actor across the construction engineering space during the forecast period. The regional market in North America is classified as the United States, Mexico, Canada, and others. The construction engineering sector based regional markets in Europe are split into Italy, Germany, France, and the United Kingdom. In the Asia Pacific region, the market is segmented into China, India, Japan, and others. Construction engineering based businesses in these regional markets are anticipated to grow due to high strength and durability during the forecast period 2019 to 2025. Although the market’s growth could be affected by the rising numbers of artificial marble manufacturing plants. The analysts have also segmented markets of the Middle East, Africa, and the rest of the world.
Industry News
Lotte Advanced Material, an unit of Lotte Chemical, has completed an M&A transaction worth 123.4 billion won (US$110.1 million) to become one of the world's top five engineered stone (artificial marble) firms. On July 17, Lotte Chemical revealed that Lotte Advanced Materials will purchase a 72.5 percent stake in Belenco, Turkey's leading company in engineered stone. Belenko has two manufacturing lines that can manufacture 230,000 sheets of artificial marble each year and is situated in the Manis Integrated Industrial Zone (OIZ), near Izmir, one of Turkey's three major cities.
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