Artificial Marble MarketScope:
Artificial marble market 2020expects to reach a size of USD 11,183.8 Million by the year 2025, presumesMarket Research Future (MRFR). The market can expand steadily at a rate of9.48% between 2018 and 2025 (evaluation period). We will provide COVID-19impact analysis with the report, along with the developments post thecoronavirus disease outbreak.
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Top Boosters and MainBarriers
In recent months, theconstruction industry in general and the artificial marble market have beenrecovering slowly despite the COVID-19 impact. Construction sites are openingup and new orders are being placed, as the lockdown is being lifted up inseveral countries. Numerous contractors and architects are returning to work tofinish the delayed construction projects are also taking up new projects. Theeffect of SARS-CoV-2 seems to be reducing as companies are receiving immensesupport by the government, in terms of financial aid and relaxation inpolicies. Although the pandemic has induced major revenue loss in theconstruction industry, experts believe that the sales will quickly recover inthe coming time.
Speaking of recovery, theartificial marble market is on track to advance at a higher rate due to therising momentum of spending, housing growth and jobs.The demand for artificialmarble has soared exponentially especially since the onset of the novelcoronavirus, thanks to its cost-effectiveness, lowerwater absorption rate,environmental benefits and low maintenance. Although the COVID-19 outbreakslowed down the infrastructure development to some extent, the market stillfinds growth opportunities in emerging countries, in light of the expandingreal estate sector.
In the wake of widespreaddemand for artificial marbles for decoration in temples, hotels, and variousmemorial infrastructures, the global market can receive further push in termsof growth. Moreover, the fact that artificial marble costs significantly lesserthat original marble, can also work in its favor in the years ahead. Besidesthis, collaborations, mergers and partnerships seem to be the top favoredgrowth strategies being employed by leading firms to outplay their rivals inthe world market.
To cite a point, in July 2020,LG Hausyspartnered with iloom, a known name in the furniture industry, to boosttheir positions in the home interior market. The partnership will see thecoming together of iloom's dining furniture and LG Hausys' artificial marble,thereby offering consumers a one-stop shopping experience.
Segmental Analysis
Type and application are thesegment based on which the artificialmarble market share has been covered in the MRFR report.
The types of artificial marbleare cement artificial marble, polyester artificial marble, sintered artificialmarble and composite artificial marble. The lead has been taken by thepolyester artificial marble market, as this type is available in variouscolors, textures and designsand could be transformed into jade slates andgranite.
Shower stalls, flooring,bathtubs, vanity tops, wall panels, countertops are some of the mainapplication areas of artificial marble.
Regional Outlook
North America, AsiaPacific(APAC), Europe, and (RoW) or the rest of the world are identified as the keymarkets for artificial marble in the MRFR study.
In the following years, thereis a high chance of APAC emerging as the market leader, with Europe and NorthAmerica right behind. The APAC market is performing incredibly in terms ofgrowth, thanks to the extensive growth of the construction sector in light ofthe improving financial status of the countries here. The rapid constructionand infrastructure development and the increasing spending as well as focus onR&D/research and development activities to come up with better qualityproducts could open up new avenues for the leading artificial marblemanufacturers.The surge in construction of hotels and churches to achieve aluxurious look can also boost the demand for artificial marble in thesubsequent years.
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Leading IndustryFirms
Some of the leading industryfirms outlined in the report include Wanfeng Compound Stone Technology Co.,Ltd. (China), Marmil S.A. (Greece), NananGuang Tai Xiang Stone Co., Ltd(China), Bitto Industry (Dongguan) Co., Ltd. (China), Samsung Stone IndustryCo., Ltd. (China), DuPont de Nemours, Inc (US), Pengxiang (China), LotteAdvanced Materials Co., Ltd (South Korea), Guangdong Chuanqi Compound StoneCo.,Ltd (China), LG Hausys (South Korea), Shanghai Meyate Group(China),YunfuLiji Stone Co., Ltd (China),Jordan Marble and Granite (US), andmore.
About Market Research Future:
Market Research Future (MRFR)is a global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
Our rapidly expanding marketresearch company is assisted by a competent team of research analysts whoprovide useful analytics and data on technological and economic developments.Our deemed analysts make industrial visits and collect valuable informationfrom influential market players. Our main goal is to keep our clients informedof new opportunities and challenges in various markets. We offer step-by-stepassistance to our valued clients through strategic and consulting services toreach managerial and actionable decisions.
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