Artificial Marble Market Expected to Reach $4.58 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Artificial Marble Market," The artificial marble market size was valued at $2.88 billion in 2021, and is estimated to reach $4.58 billion by 2031, growing at a CAGR of 4.7% from 2022 to 2031.

Artificial marble is human made marble stone with a combination of marble debris, cement, sand, acrylic glue mixed in a proper portion. Artificial marble is available in variety of colors and texture, which offers more diverse range of selection for homeowners. Moreover, artificial marbles are easy to shape and modify and cost less maintenance.

One of the primary factors driving the growth of the artificial marble market is the global expansion of the residential and non-residential construction. The rise in demand for artificial marble in the construction industry for the purpose of flooring, walls, countertops, furniture and others are driving the market growth. Governments of various countries are investing in the residential sector due to rise in population and for better living standards. For instance, in December 2019, new residential construction targets were introduced by the German government. Several incentive schemes for efficient residential buildings and refurbishment were updated and relaunched at the beginning of 2020 to help meet these goals. Hence, due to rise in population, these investments in construction sector will increase the utilization of artificial marble and hence will drive the artificial marble market forecast period.

Asia-Pacific has registered the highest artificial marble market share in 2021, and is expected to grow with a high CAGR during the forecast period. This is attributed due to growth in the residential sector owing to rise in population and income level. Moreover, rise in renovation activities in the developing countries, as well as an increase in the construction of buildings, will provide a wide range of opportunities for artificial marbles to be used for flooring, kitchen countertops, and walls and many such interior spaces, which boost the Asia-Pacific artificial marble market growth.

However, during the COVID-19 pandemic, various manufacturers in the artificial marble market had to stop their business in countries such as China, the U.S., and India. This break directly impacted the sales of artificial marble companies. In addition, lack of manpower and raw materials also constricted supply of equipment of artificial marble system, which negatively influenced the growth of the market. However, the reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of artificial marble companies.

Key Findings of the Study

• The report provides an extensive analysis of the current and emerging global artificial marble market trends and dynamics. 
• Depending on product type, the polyester artificial marble segment has dominated the artificial marble market, in terms of revenue in 2021 and composite artificial marble is projected to grow at a significant CAGR during the forecast period.
• By application, the flooring segment has registered highest revenue in 2021.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the global artificial marble market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the artificial marble industry.
• The report provides an extensive analysis of the current trends and emerging artificial marble market opportunities.
• In-depth global artificial marble market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.