Acrylic Solid Surface (Stone) Market Trends, Industry | 2031

Report Description

Acrylic Solid Surface (Stone) Market Outlook

The global acrylic solid surface (Stone) market size was valued at USD 1,575.0 million in 2022 and is projected to reach USD 2,576.1 million by 2031, expanding at a CAGR of 5.8% during the forecast period.

Acrylic solid surface is a man-made material that consists of a mixture of alumina trihydrate (ATH), acrylic resins, and pigments. The manufacturing process of these surfaces involves mixing resin, color paste, filler, accelerator, initiator, and additive in the correct proportions.

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Short or broken glass fiber is added to the mixture and stirred evenly in the mixing tank. A solidifying agent is added and stirred again under vacuum. The mixture is molded and left to cure. After the late curing molding stage, the surface is sanded and finished to achieve the desired texture and appearance.

The primary concern while designing scientific and healthcare environments is preventing infection. Surfaces are made with seamless and homogenous joints to achieve this, making cleaning and disinfection easy. Acrylic solid surfaces are particularly useful in this regard, as they don't have cracks or crevices where germs can hide. Additionally, they are durable and withstand frequent disinfection & washing without deteriorating.

Acrylic solid surfaces are suitable for making laboratory worktops, countertops, scrub-in areas, sinks, shower basins, baseboards, and nurses' stations. They are stain & slip-resistant and suitable for high-traffic and heavy-wear areas such as operating theatres. Healthcare facilities such as clinics, dentists, hospital wards, waiting rooms, operating theatres, and laboratories benefit from using acrylic solid surfaces.

Macro-economic Factors:

Urbanization and Industrialization

A large number of consumers are currently residing in urban areas and more people have been migrating toward urban cities, owing to the availability of enhanced services and significant opportunities. Thus, urbanization has been increasing rapidly, which is influencing construction activities across the globe. This factor is boosting the utilization rate of acrylic solid surfaces in buildings and infrastructures, thereby contributing to market growth.

Increasing urbanization and industrialization in developing countries are expected to create substantial revenues for market players. The rising investment in the development of advanced materials, including acrylic solid surfaces, for use in residential and commercial applications, is expected to drive the market. Manufacturers are innovating renewable and low-maintenance solid-surface kitchen tops to capitalize on revenue opportunities.

Fluctuations in Raw Material Prices

Fluctuations in raw material prices have a significant impact on the global acrylic solid surface market. The prices of raw materials, such as alumina trihydrate and acrylic resin, fluctuate due to various factors, such as supply and demand, geopolitical tensions, and natural disasters. This, in turn, impacts the production costs of acrylic solid surfaces, which significantly impact the prices of the final products.

Thus, manufacturers are required to adjust their pricing strategies to remain competitive in the market. Additionally, fluctuations in raw material prices affect the profit margins of manufacturers, which impact their investment decisions and future growth prospects.

Acrylic Solid Surface (Stone) Market Dynamics

Driver: Rising Demand from the Construction Industry

Acrylic solid surfaces are widely used in the construction industry for applications, such as sinks, countertops, wall cladding, and furniture. Rising construction activities, particularly in commercial and residential sectors, drive the demand for these surfaces. Acrylic solid surfaces offer easy maintenance, durability, and aesthetics, making them a preferred choice for designers and architects.

In 2020, the total turnover of the construction sector in Poland was EUR 144.4 billion, which is 58.3% higher than the turnover in 2010 (EUR 96.7 billion). Real estate activities registered the uppermost growth rate of 91.1%, followed by manufacturing (+85.7%), architectural and engineering activities (+59.1%), and narrow construction (+42.8%) between 2010 and 2020.

Driver: Rising Disposable Income of Global Population

The disposable income of the population is increasing with the growing economy. High disposable income means that individuals have more spending capacity, which they use to enhance the appearance of their homes by using modern products, including acrylic solid surfaces.

The increased disposable income has resulted in a high demand for premium or luxurious acrylic solid surface options. Consequently, the high adoption rate of acrylic solid surfaces among the high-income population has expanded the market size.

The median disposable income in the EU has increased by 20% in 2022 as compared to 2010. The median disposable income in the EU in 2022 was 18,706 PPS per inhabitant, of this amount, one-third was received as social transfers from governments, such as pensions and social benefits.

Restraint: Availability of Substitutes

The acrylic solid surface market faces competition from substitute materials, such as quartz, that offer similar functionalities and aesthetics at a low cost. Quartz countertops offer comparable design and durability options at an affordable price, potentially diverting customers from acrylic solid surfaces, which hampers the market.

Acrylic solid surfaces are considered suitably heat resistant for most settings from medical facilities to industrial kitchens; however, they get damaged or begin to melt if exposed to high heat. On the other hand, quartz is heat resistant up to temperatures of 400⁰ F and is preferred for high-heat applications, such as those used in commercial kitchens.

Opportunity: Advancements in Technology and Product Innovation

The acrylic solid surfaces market is registering continuous advancements in technology, product innovation, and manufacturing processes. Manufacturers are developing new formulations, surface treatments, and finishes to enhance the performance, aesthetics, and durability of acrylic solid surfaces. Such innovations are widening the range of applications and enhancing the overall quality of the surfaces, attracting new customers and providing opportunities in the market.

For instance, the government of Poland has approved changes in construction laws to curb practices that have resulted in several new developments consisting of small apartments crammed closely together, often with little green space, natural light, and privacy. Developers try to maximize the number of apartments on a given plot through these practices. The new rules, which include raising the distance between blocks on neighboring plots and setting requirements for green spaces and playgrounds, are expected to come into force in April 2024.

Scope of Acrylic Solid Surface (Stone) Market Report:

The report on the global acrylic solid surface market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Acrylic Solid Surface (Stone) Market Segmental Outlook

The Global Acrylic Solid Surface Market is segmented based on Application and Distribution Channel.

In terms of application, the global acrylic solid surface market is segmented into residential, commercial, and industrial. The commercial segment is further segregated into commercial spaces, hotels & restaurants, hospitality sectors, educational institutions, and others. The residential segment held a major market share in 2022.

The use of acrylic solid surfaces in residential applications is driven by their ease of maintenance. They are non-porous, which makes them resistant to stains and bacteria. Acrylic solid surfaces are easily cleaned with soap and water, making them an ideal choice for kitchen and bathroom countertops.

The residential segment held XX% share of the market in 2022 and is expected to hold XX% share of the market in 2031. Residential applications of acrylic solid surfaces include kitchen countertops, shower and tub surrounds, and bathroom vanity tops.

Fabricators of countertops generally join solid surface sheets into required shapes using a two-part adhesive, after which the cured joint is machined flat. The same method is used to build up edge thickness, which is profiled using tools and techniques similar to those used to work hardwoods.

The commercial segment is anticipated to expand at a considerable CAGR during the forecast period. The acrylic solid surface for commercial and industrial settings is gaining traction, as its non-porous characteristics, combined with renewability, formability, and durability, make it a preferable choice among many architects and designers.

The availability of a wide range of textures and colors along with the ability to customize colors is encouraging customers to use acrylic solid surface. Hospitals widely use acrylic solid surfaces for showers, sinks, wall cladding, and nursing stations, as seamless properties of these surfaces eliminate crevices and gaps that harbor harmful bacteria.

Acrylic solid surfaces are an ideal choice for commercial spaces, due to their durability, versatility, and low-maintenance properties. They are commonly used for creating seamless countertops, reception desks, and other surfaces that require a high degree of customization.

Acrylic solid surfaces are fabricated into a variety of shapes, including shower pans, bathtubs, and sinks, making them ideal for use in bathrooms and other wet areas. They are suitable for high-traffic areas, such as hotel lobbies, dining spaces, and bars, where they are customized to enhance the guest experience.

Acrylic solid surfaces are a popular choice for educational institutes, where these surfaces are commonly used for creating seamless countertops, reception desks, and other surfaces that require a high degree of customization. They are further suitable for high-traffic areas, such as classrooms, laboratories, and libraries, where they withstand heavy use and chemical spills. Acrylic solid surfaces are customized to embody the identity of the institute and enhance the student experience.

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Based on the distribution channel, the market is bifurcated into manufacturers and wholesalers/distributors. The wholesalers/distributors segment is dominating the market, as distributors and wholesalers often have better access to a wider range of products than manufacturers. They offer a variety of brands and products, which gives end-users more options to choose from. Furthermore, distributors and wholesalers offer competitive pricing.

The manufacturers segment holds XX.X % market share in 2022 and expected to expand at XX.X% CAGR in the forecasted period. Manufacturers are responsible for designing, producing, and assembling products using raw materials and components.

Sometimes, the manufacturer sells the product directly to the end-user without any intermediaries. This method is often used by companies that have a strong brand image and a loyal customer base. Direct sales allow manufacturers to have control over the distribution process and to establish a direct relationship with their customers.

The wholesalers/distributors segment is anticipated to expand at XX.X% CAGR in the forecasted period. Distributors are resellers of products. Sales through wholesalers/distributors involve the use of intermediaries between the manufacturer and the end-user.

Distributors buy products from manufacturers and sell them to retailers or directly to the end-users. This method is often used by manufacturers who want to reach a wide customer base and do not have the resources to establish a direct sales channel. Distributors provide manufacturers with access to new markets and customers, as well as help them reduce their distribution costs.

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Regional Outlook

Based on region, the global acrylic solid surface market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

In North America, the construction industry in the US has been growing steadily, owing to a strong economy and positive fundamentals for commercial real estate. This growth has been accompanied by an increase in federal and state funding for public works and institutional buildings. Thus, there has been a rise in the requirement for acrylic solid surfaces for various countertop applications.

The acrylic solid surface is a cost-effective solution compared to other stones used for countertops. Acrylic solid surfaces are easy to install and maintain. Light refurbishing acrylic solid surfaces costs less as compared to stone surfaces.

Europe is expected to hold a significant market share during the forecast period, due to large investments made by the government in construction development, along with the rising need for renovation of several buildings in the region. Furthermore, the burgeoning population in the region, along with the penetration of industrialization and urbanization, is projected to create a positive outlook for the expansion of the market in the region.

The number of enterprises in the construction sector in Poland has increased by 51.4%, from 341,953 in 2010 to 517,818 in 2020. This growth was mainly driven by the sub-sectors, including manufacturing (+35.0%), narrow construction (+43.0%), architectural and engineering activities (+64.7%), and real estate activities (+99.8%) over the 2010-2020 period.

Asia Pacific is estimated to hold a significant market share during the forecast period. The regional market growth is attributed to the growing middle-class population, rapid urbanization and industrialization, and rising government initiatives to promote sustainable development across various end-use industries.

Latin America held XX% share of the market in 2022 and is expected to hold XX% share of the market in 2031. In Latin America, the acrylic solid surface market is primarily dominated by Mexico and Brazil in terms of construction output value, due to the large number of construction activities. These countries are anticipated to capture a major share of the market.

Middle East & Africa is projected to expand at a CAGR of XX% during the forecast period. Rising government investments in infrastructure development and major infrastructure projects in Saudi Arabia, Kuwait, Oman, the United Arab Emirates, and Egypt, are anticipated to boost the market.

One of the major factors driving the growth of the market is the growing construction industry, especially in developing countries, which creates numerous growth opportunities in infrastructure, residential, and non-residential sectors.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Acrylic Solid Surface Market

• Historical, Current, and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Acrylic Solid Surface Market Performance