Global Corian Acrylic Solid Surface Market Highlights 2022 – 2030
The global Corian acrylic solid surface market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The growth of the market can be primarily attributed to the rise in investments by companies to develop premium quality acrylic solid surface for countertop and benchtops. Along with these, properties of Corian such as excellent stain resistance, non-porousness and thermoformability are expected to augment the sales of the product significantly in the forthcoming years. Furthermore, increasing construction and infrastructural activities across the globe, and growing number of smart city projects in developing countries are projected to offer ample growth opportunities to the market in the near future. For instance, the global construction costs in the year 2018 increased by more than 4 percent on an average. In addition, single family residential construction in the same year was calculated at about USD 280 billion, up by 4 percent from 2017.
The market is segmented by end user into households, hotels, hospitals, and others, out of which, the households segment is anticipated to hold the largest share in the global Corian acrylic solid surface market. This can be accounted to the increase in usage of the product as a countertop in home kitchens and bathrooms as a result of its high durability, cost-effectiveness and ease of maintenance. Apart from these, rising number of high-rise residential buildings and smart city initiatives is also predicted to boost the growth of the market segment in the future. Additionally, on the basis of type, the casting molding solid surface is assessed to grab the largest share during the forecast period owing to the superior labor efficiency and capital intensiveness of this type of acrylic solid surface as trimming and machining operations are minimized in casting molding.
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Corian Acrylic Solid Surface Market Regional Synopsis
On the basis of geographical analysis, the global Corian acrylic solid surface market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to gather the largest share over the forecast period on the back of the increasing number of construction projects, especially in China and India. According to the India Brand Equity Foundation, in Union Budget 2021, the Indian government allocated USD 1.89 billion for supporting initiatives such as ‘smart cities mission’ and ‘housing for all’ in the country. In addition, high manufacturing throughput is also expected to boost the market growth in the region in the coming years. Moreover, the market in North America is projected to acquire a notable share during the forecast period owing to the rising research and development activities associated with the development of Corian solid surface, and presence of prominent market players in the region.
The global Corian acrylic solid surface market is further classified on the basis of region as follows:
Our in-depth analysis of the global Corian acrylic solid surface market includes the following segments:
By End User
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are rising investments by companies to develop premium quality acrylic solid surface, and increasing construction and infrastructural activities globally.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
The major players in the market are DuPont de Nemours, Inc., SYSTEMPOOL S.A., Lion Chemtech Co., Ltd., LX Hausys, Ltd., LOTTE Chemical Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end user, and by region.
The households segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Low utilization of the product in underdeveloped regions is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the increasing number of construction projects, especially in China and India.
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