Corian Acrylic Solid Surface Market Trends

Growth Drivers

• Growing Construction Projects Across the World – As the world is seeing rapid urbanization and industrialization, the need for infrastructure and buildings has grown considerably for sustenance and economic growth. As a result, the governments of different nations are investing huge money in initiating construction projects all over the world. As a result of growing construction projects, the utilization rate of Corian acrylic solid face is estimated to increase subsequently. Hence, this factor is expected to create favorable opportunities for market growth during the forecast period. For instance, as of May 2022, India has the most infrastructure construction projects totaling more than USD 25 million in planning or operation. Moreover, it has been estimated that construction processes on the global level are projected to increase by 12% by 2035.

• Rapid Growth in the Real Estate Industry – Nowadays, in urban areas, there has been a constant demand for commercial buildings, complexes, residential properties, and other infrastructure development work. Construction firms prefer to use high-quality Corian acrylic solid surfaces for the development of aesthetically pleasing as well as robust buildings. Thus, with the quick development of the real estate industry, it is anticipated to create favorable options for an increased utilization rate of Corian acrylic solid surfaces. Hence, this factor is anticipated to help in expanding in market size during the forecast period. According to recent statistics, it was revealed that the revenue generation of real estate companies presents across the world was around USD 9 billion in 2021. This figure is estimated to increase and reach almost USD 15 billion by 2030 with a CAGR value of 5%.

• Increasing Disposable Income of the Global Population - As the economies are growing, so is the disposable income of the people. As a result, individuals have more spending capacity to spend on the appearance and looks of the rooms by adopting modern products such as Corian acrylic solid surfaces. Hence, the high adoption rate of Corian acrylic solid surface among the high-income population is projected to expand the market size in the assessment period. The disposable personal income in the US rose by about 1 percent in August 2022 compared to the same month the previous year.

• High Rate of Urbanization and Industrialization – Presently, a huge number of people are residing in urban areas, and more people have been shifting towards urban cities because of better opportunities and enhanced services. Thus, the ratio of urbanization has been increasing rapidly, which is to leading the growth of construction activities across the globe. Such a factor is fueling up the utilization rate of Corian acrylic solid surfaces in buildings and infrastructures, which is subsequently projected to positively contribute to the growth of the market over the forecast period. For instance, in 2018, 55% of the world's inhabitants lived in cities, and by 2050, that number is projected to rise to 68%.

• Rising Trend of Remodeling and Renovation of Houses – People nowadays are propelled towards renovating their houses to enhance their appearance and make them last longer. Therefore, people are spending a huge amount of money for improving their houses with high-quality construction equipment such as Corian acrylic solid surface. Therefore, this trend is expected to fuel the global market in the next few years. It was observed that in 2021, a hefty amount of USD 550 billion was spent by Americans for home improvement purposes 2021. Also, it has been calculated that the United States remodeling industry earned approximately USD 1 billion in revenue in 2021 and is expected to continue to grow with a CAGR of 4% till 2027.

Challenges

• High Cost of the Product – Corian acrylic solid surfaces are being utilized in limited business settings and residential rooms owing to their exorbitant cost. Also, the high cost of Corian acrylic solid surface is an added expense in the construction process which increases the overall cost of the infrastructure. As a result, people with low incomes are not able to afford it. Therefore, the high cost of Corian acrylic solid surface is considered to be a major obstacle to their expansion in residential buildings and ultimately hamper the growth of the global market during the assessment period.
• Increase Costs of Raw Materials
• Stringent Rules by the Government