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CHEMICALS AND ADVANCED MATERIALS

Corian Acrylic Solid Surface Market Segmentation by Type (Casting, and Extrusion Molding Solid Surface); and by End User (Households, Hotels, Hospitals, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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IN THE NEWS

  • October 2020- DuPont Performance Building Solutions and Corian Design announced the business’s sustainability goals for 2030, which also includes reduction of greenhouse gas emissions from operations by 75 percent from 2019 levels.

  • March 2020- LX Hausys introduced new colors to its HI-MACS Aurora and Terrazzo collections of solid surfaces. The new colors provide versatile design operations for education, corporate and hospitality environments.

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.

Corian Acrylic Solid Surface Market

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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.

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The global Corian acrylic solid surface market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global Corian acrylic solid surface market includes the following segments:

By Type

  • Casting Molding Solid Surface
  • Extrusion Molding Solid Surface

By End User

  • Households
  • Hotels
  • Hospitals
  • Others

Growth Drivers

  • Rising Investments by Companies to Develop Premium Quality Acrylic Solid Surface
  • Increasing Construction and Infrastructural Activities Globally

Challenges

  • Low Utilization of the Product in Underdeveloped Regions  

Top Featured Companies Dominating the Market

  • DuPont de Nemours, Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • SYSTEMPOOL S.A.
  • Lion Chemtech Co., Ltd.
  • LX Hausys, Ltd.
  • LOTTE Chemical Corporation
  • Hanwha Group
  • Relang International, LLC
  • ARISTECH SURFACES LLC
  • American Bath Group
  • Monerte Surfaces Materials

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