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Publishing News and Press Releases

Artificial Marble Market Size Forecast to Reach $11 Billion by 2026

(, November 23, 2021 ) Artificial Marble Market size is forecast to reach $11 billion by 2026, after growing at a CAGR of 8.9% during 2021-2026 owing to the rising demand for decorative purposes in residential and non-residential buildings. The surface of the artificial stone is not easy to crack and has the texture of natural stone. Artificial marbles materials such silica, calcium carbonate, acrylic, dolomite, and others are used as countertop materials as it offers various properties such as wear-resistant, low water abrasion rate, temperature resistant, and cost-effective. Artificial marbles also called synthetic resins marbles posses excellent properties such as low shrinkage, high strength values, resistance to corrosion, minimum water absorption, easy maintenance, and high abrasion resistance. Due to such properties, polyesters are widely used in residential and commercial applications which are estimated to grow the artificial marble market during the projected era.

Impact of COVID-19

During the COVID-19 pandemic, major sectors saw a steady decline in growth owing to the decrease in transportation during the lockdown. The construction activities were also closed from the first quarter of 2020. According to U.S. Census Bureau, construction spending in the US decreased 0.8% in January 2021. Thus, these factors are limiting the demand for artificial marble.

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Artificial Marble Market Segment Analysis – By Material

Silica held the largest share in the global artificial marble market in 2020 due to its excellent properties such as mechanical strength, thermal conductivity, and chemical durability. Silica is widely used as raw material for the manufacturing of marbles as it is available easily at a low cost and eco-friendly material. Silica contains crystalline phase which provides better mechanical and thermal properties to the artificial marble and enhances the stability of marbles. Thus, usage of silica as high stable raw material is estimated to growing the consumption of artificial marble.

Artificial Marble Market Segment Analysis – By Product Type

Polyester marble type dominated the global artificial marble market in 2020 as it provides excellent bonding to the surface thus it is used as a filler. Polyester marble offers excellent decorative effect, high strength (up to 80-100 MPa) and folding strength (up to 25-40 MPa), thermal resistance property (< 200 °C), thus, it is widely used as interior and exterior decorative material. Hence, due to such factors, polyester is widely used as artificial marble.

Artificial Marble Market Segment Analysis – By Application

Flooring held the largest share in the global artificial marble market in 2020 and growing at a CAGR of 8.2% during 2021-2026, as they provide a glossy look on the surface and owning to their scratch-resistant properties. Polyester marble provides durability to the floor thus, due to the low-cost calcium carbonate used in the production of artificial marble. The Government of Canada announced a housing plan, under this plan the housing units have expanded by 14,000 units and 65,900 units being repaired during FY16-FY21. Additionally, according to the Federal Office for Building and Regional Planning, Germany will require about 350,000 new housing units per year by 2021. Hence, the goring building demand is estimated to grow the demand for the attractive floor which, in turn, increasing demand for artificial marbles.

Artificial Marble Market Segment Analysis – By End-Use Industry

Residential buildings dominated to global artificial marble market in 2020 as artificial marbles are widely used in floors, wall panels, kitchen tops, and others for decorative purposes. Artificial marble is easy to install and maintain thus these are highly required from the residential sector. According to the Statics of South Africa, GDP from construction in South Africa increased to ZAR 82,047.74 million (US$5,018.95 million) in the fourth quarter of 2020 from ZAR 79,899.25 million (US$4,887.51 million) in the third quarter of 2020. According to the National Bureau of Statistics (NBS), real estate investment in China rose 7.0% in 2020. Apart from this, according to the National Economic and Social Development Council (NESDC), the total construction spending rose by 1.5% (to THB1.321 trillion) including public sector spending rose by 5.0% in 202 as compared to 3.1% in 2019. Hence, the growing real estate market is estimated to grow the market size of artificial marble.

Artificial Marble Market Segment Analysis – By Geography

Asia Pacific dominated the global artificial marble market in 2020 with a share of 32% due to rapid development in industrialization and urbanization in China and India. Artificial marble is used in the non-residential and infrastructure sector due to the low cost of artificial marble materials such as calcium carbonate, and excellent durability. Thus the demand for artificial marbles in Asian countries is expected to boost the market growth of artificial marble. According to the India Brand Equity Foundation (IBEF), the real state sector in India is expected to reach a market size of US$ 1 trillion by 2030 and will grow to (US$ 9.30 billion) by 2040. Additionally, according to the National Bureau of Statistics, China's real estate market investment jumped from 15.7% in 2019 to 38.3% in January-February 2021. Furthermore, according to the Central Bureau of Statistics, the total sales of built houses in Indonesia has increased by 12,033 units in 2018, as compared with 7,884 units in 2017. Hence, polyester marble products offer excellent bonding to the surface which is estimated to grow the demand for the artificial marble market.

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Artificial Marble Market Drivers

Growing Consumption of Artificial Marbles

Artificial marbles can easily cut to give any type of shape and are prepared with calcium carbonate as this filler is available at a low cost. Due to creating with fewer ingredients artificial marbles comparatively less expensive than other marbles. Artificial marbles are lightweight, thus; they can easily to maintain, install, and transport at less cost. Artificial marble can be remodeled and shaped as per the consumer’s preference with excellent durability. Although polyester is designed for exterior and interior applications due to its excellent boing strength. Hence, the increasing adoption of artificial marble due to various properties is expected to grow the artificial marble market size across the globe.

Growth in Building and Construction Industry is estimated to Grow the Demand for Artificial Marble

Artificial marble is used for décor applications in residential and non-residential as it is available at a low cost. Artificial marble has water abrasion resistance capability and is therefore used as a form of powder and requires less maintenance. Hence the growth of the building industry is estimated to grow the artificial marble demand. According to the U.S. Census Bureau, new housing unit construction was 11,471 thousand units in 2019 in the United States, which reached 3,642 units in 2020. Additionally, according to Central Sanctioning and Monitoring Committee (CSMC), 1,68,606 new homes were approved to construct in urban areas under Pradhan Mantri Awash Yojana in 2021 in India. Furthermore, in April 2021, The U.S. Census Bureau and the U.S. Department of Housing and Urban Development announced the construction of 1.6 million houses, out of which 1.4 houses have been built. Hence, the growing building and construction across the globe are also estimated to grow the demand for artificial marble.

Artificial Marble Market Challenges

Increasing Adoption of Natural Marbles

Natural marble comes with many colors and extreme glossiness which gives an attractive look in decor applications. Natural marble has an excellent heat resistance and scratch-resistant property as compared to artificial marbles. Natural marble is softer than artificial or other marble, so it’s possible to incorporate attractive design elements such as fancy edges. Artificial marble dust causes toxic effects on the respiratory system. Thus, the increasing adoption of natural marbles may hamper the market growth of artificial marble.

Artificial Marble Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Artificial Marble Market. Major players in the Artificial Marble Market are DuPont de Nemours Inc, Lotte Advanced Materials Co. Ltd, LG Hausys, Guangdong Chuanqi Compound Stone Co. Ltd, Marmil S.A., Nanan Guang Tai Xiang Stone Co. Ltd, Pengxiang, Wanfeng Compound Stone Technology Co.Ltd., Shanghai Meyate Group, Samsung Stone Industry Co.Ltd., Yunfu Liji Stone Co. Ltd, Bitto Industry Co.Ltd., Jordan Marble and Granite (US), and among others.

Acquisitions/Technology Launches

In January 2019, Lotte Advanced Materials (parent of Lotte Chemical) announced the completion of its acquisition of a 72.5 percent stake in Belenco (Turkey), the market leader in engineered stone. The deal worth USD 110.1 million has made Lotte one of the world's top five artificial marble companies.

Key Takeaways

Asia-Pacific dominates the artificial marble market owing to increasing demand from residential and commercial industries in developing and emerging countries such as India, China, Japan, Malaysia, and Others.

Increasing demand for interior materials such as silica, calcium carbonate, acrylic, and others due to cost-effectiveness is estimated to grow demand for artificial marbles in near future.

Additionally, polyester marble widely used in as filler material in interior and exterior decorative application due to easy processability and lighter than natural marble.

Hence, increasing adoption of natural marble may limit the artificial marble market as natural marble has excellent heat-resistant properties than artificial marble.

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Venkat Reddy

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