The global market for artificial marble market saw significant growth in 2020 and is expected to maintain a steady revenue CAGR throughout the forecast period. The increasing demand from consumers for its luxurious appearance at a reasonable cost, along with its high durability, abrasion resistance, and low water absorption capacity, are the major factors driving the market's growth. The raw materials used in the manufacturing of artificial marble are calcium carbonate, fine grained sand, and marble powder. The global market growth is driven by the increasing number of construction companies and residential projects, and the growing demand for artificial marble in the architectural sector. However, the market's growth is hampered by the susceptibility of some artificial marbles to stains and stress cracking when made without gel coatings. The report provides information on the leading product type, application, and end-use segments of the market, as well as the major companies operating in the market, including their strategies and objectives. The report also includes historical data and forecasts, industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contributions by each regional and country market. North America currently holds the largest revenue share in the market, while the Asia Pacific region is expected to register the fastest revenue CAGR over the forecast period.
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Artificial Marble Market: Drive factors
The artificial marble market is expected to experience steady revenue growth over the forecast period, driven by various factors. One key driver is the increasing demand from consumers for these marbles, as they provide a luxury look at a reasonable cost. Artificial marbles of the composite and sintered types are also gaining popularity due to their advantageous qualities, such as high durability.
Artificial marble is made up of a combination of fillers, including silica and calcium carbonate, synthetic resins such as acrylate and polyester, gel coat, and colors. The main raw materials used in the manufacturing of artificial marbles are calcium carbonate, fine-grained sand, and marble powder. Artificial marble is abrasion-resistant, has a low water absorption capacity, and is stain and cleaning chemical-resistant.
The use of artificial marble in both non-residential and residential sectors is expected to increase due to its versatility in form and size and its ability to be modified to meet specific needs. The industry is being boosted by an increasing number of construction companies and residential projects, and its luxurious look is also driving demand.
Other factors driving the market include the ability of artificial marble to resist the wear and tear of daily use, its long-lasting feature, and its relatively low cost compared to natural marbles. The increasing demand for artificial marbles in commercial structures such as churches and hotels to retain a rich appearance is also driving growth.
However, the market growth is also hampered by unfavorable factors, such as artificial marbles made without gel coatings being susceptible to stains and stress cracking.
Overall, the architectural sector is expected to benefit greatly from an increase in demand for artificial marbles, with flooring, kitchen countertops, and baths all being made of artificial marbles. Increased focus and investment in R&D initiatives to improve product quality through the use of replacement raw materials might open up new potential for artificial marble makers.
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