Synthetic marble is a blend of fillers such as calcium carbonate and silica; and synthetic resins such as polyester and acrylate, pigments, and gel coat. Marble powder, calcium carbonate, and fine grained sand are the primary raw materials for the manufacture of synthetic marble. Synthetic marble has high tensile strength compared to natural marble and is more durable. It is also known as cultured marble or engineered marble. It is resistant to stains, water, and cleaning chemicals. Other key features of synthetic marble are low shrinkage, resistant to aging, high abrasion resistance, and minimum water absorption. Synthetic marble is employed in residential as well as non-residential sectors owing to their ease of transformation into desired shape and size. Furthermore, the cost of this marble is low. It also provides elegant and luxurious appearance. Synthetic marble is largely used in flooring, roofing, and wall products. The marble is gaining wide acceptance in the building & construction industry.
The global synthetic marble market can be segregated based on product and application. In terms of product, the market can be categorized into acrylic type, polyester type, sintered type, and composite type. The polyester type segment is expected to dominate the synthetic marble market, followed by the acrylic type segment, during the forecast period. Sintered and composite types are also gaining momentum due to their beneficial properties such as durability and resistance to chemicals. Based on application, the synthetic marble market can be divided into vanity tops, shower bases, window sills, wall panels, and tub & shower stalls. Vanity tops and showers are the leading application segments of the market. Demand for synthetic marble in tubs and shower stall is anticipated to rise significantly during the forecast period due to the increase in demand for leak-proof materials. Growth in interest in interior decoration coupled with rising demand for quality products is boosting the demand for synthetic marble
Expansion in the construction industry and rise in the number of residential complexes are prominent factors driving the synthetic marble market. Rising demand to maintain luxurious look in various commercial buildings such as hotels, memorial buildings, and churches is also propelling the synthetic marble market. Synthetic marble is lighter in weight and easy to process. Therefore, it is cheaper as compared to natural marbles. These features are fuelling the market for synthetic marble. Synthetic marble is prone to stress cracking and vulnerable to stain if manufactured without gel coats. Therefore, production of synthetic marble with inadequate gel coats or poor quality of raw material may hamper market growth. However, rise in investment in research & development activities to improve the quality of the product with substitute raw materials may open up new opportunities for synthetic marble manufacturers.
In terms of region, the global synthetic marble market can be segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. In terms of production, Asia Pacific is the dominant region, followed by Europe. China and Italy are the leading producers of synthetic marble. Demand for synthetic marble is expected to increase significantly in India, China, and ASEAN countries due to the growth in residential construction, rising urbanization, and increasing disposable income. Demand for synthetic marble in the U.S. is also projected to rise moderately due to the expansion in the real estate sector in the country. Spain, France, the U.K., and Italy are the major consumers of synthetic marble in Europe. Changing preferences of consumers in terms of design, material, and color and rise in interest in home decor are propelling the demand for synthetic marble in the region. The synthetic marble market in Middle East & Africa and Latin America is also anticipated to expand due to the increase in investment in public infrastructure, commercial, and residential sectors.
Key players operating in the synthetic marble market include DuPont, Staron, LG Hausys, and Kuraray.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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