Published on: May 2022
Has fake ever been so good? Surely, you didn’t think so.
The fake marble industry appears to have a bright future, thanks to the constantly expanding construction industries around the world. Artificial marble has increasingly overtaken natural materials such as marble and granite in the home due to its appealing design characteristics and colors. Furthermore, the market is growing due to the increasing usage of artificial marble in commercial structures and the rapid development in people's income.
How does your consumer see artificial stones?
Artificial marble and stones for decorative reasons are being developed by major industrial players with significant investments. As a result, market share is expected to grow even more during the projection period. According to Market Research Future (MRFR), the global artificial marble market is expected to reach USD 45,306 million by 2027, with a compound annual growth rate (CAGR) of 11.20 percent throughout the forecast period (2020 to 2027).
Uncovering the mantra behind the market expansion
The market's expanding landscape is defined by rising consumption in furniture, wall, and floor applications. Artificial marble has a number of advantages over natural marble, including cost-efficiency, the flexibility to redesign and shape to the user's desire, high durability, ease of maintenance, and cost-savings. Furthermore, the growing use of imitation marble for aesthetic appeal, as well as the global construction industry, drive market expansion.
Impact of covid-19 on the artificial marble market
The COVID-19 pandemic had a significant impact on the artificial marble industry, as it had on many other construction-related markets. Lockdowns imposed by governments around the world affected the global supply chain and prevented raw material shipments, affecting manufacturing and sales.
Market Overview of artificial marble
Rapid industrialization and urbanization, which is increasing construction activities, are factors influencing market growth. Artificial marbles are a high-strength, long-lasting material that is increasingly used in residential and commercial construction. The continuously expanding hotel business generates a large market demand for artificial marble to improve the aesthetic value of the property. Furthermore, the market size is boosted by the rapidly developing construction sector in developed countries, as well as rising commercial and residential development activity. The surge in disposable income and significant government spending on large infrastructure projects are driving the construction boom. In addition, the expansion of the market landscape is defined by the increasing number of artificial marble producing factories in emerging countries.
Industry Trends of artificial marble
Favorable government policies and initiatives for infrastructure development projects are among the major trends boosting market growth. Furthermore, the market is driven by manufacturers' large R&D investments in product development. Furthermore, with government regulations and updated policies, growing nations around the world present undiscovered prospects for artificial marble applications.
Despite the market's promising growth prospects, important roadblocks remain, such as the large initial investment necessary for production. Furthermore, market expansion is hampered by price instability and a demand-supply mismatch in the raw materials necessary for production. Furthermore, the implementation of strict environmental regulations in many countries may stifle market expansion.
Segmentation of artificial marble
The fake marble market is divided into three categories: type, application, and geography. Polyester artificial marble, composite artificial marble, cement artificial marble, and sintered artificial marble are sub-segments of the type segment. The polyester fake marble sub-segment has the biggest market share of these.
With a market value of USD 1,717.0 million in 2018, the segment accounted for 47.27 percent of the entire market share. Because of the variety of styles, colors, and textures available, the polyester fake marble market is expected to rise at a 10.70 percent CAGR throughout the assessment period.
This is just the tip of the iceberg to this very extensive market, you can dig your nails deeper into the crux of the analysis in the expert report from Industry Data Analytics https://www.industrydataanalytics.com/reports/global-artificial-marble-market