Global Engineered Stone Market to Observe Extensive Growth with Growing Adoption of Engineered Stones in Construction Projects
The pace at which the construction sector is progressively leaping has no bounds. Engineering, construction, and building materials have a vital role to play in every construction project and engineered stone is amongst the most opted materials in the industry today. Engineered stone or quartz is a man-made product produced usually from natural ingredients, by merging quartz or granite combinations with pigments and resins. Engineered quartz slabs are manufactured by mixing approximately 90% crushed natural quartz with 10% polyresin. Even though, these proportions might vary to some extent depending on the particular quartz brand. Engineered stone is not only magnificent, modern, and classic but also offers a number of benefits such as attractive, hygienic, and stress-free maintenance. Also, engineered stones are greatly opted nowadays as an ideal eco-friendly option for countertop surfaces in residential projects.
The global engineered stone market is obtaining enormous acceptance as engineered stones for instance, engineered quartz is being used in a broad wide range of application areas in numerous different spaces such as in residential homes for kitchen countertops, fireplaces, flooring & wall cladding, and many others. Engineered stones also have unlimited design prospective, creative appearance, and also possess great strength and durability. Hence, their demand is escalating rapidly in the construction sector.
Newest Insights in the Engineered Stone Market
As per a report by Research Dive, the global engineered stone market is expected to grow with 5.0% CAGR, surpassing $39,410.8 million in the 2022–2030 timeframe. The Asia-Pacific engineered stone market is expected to perceive foremost and rapid growth in the years to come. This is because, the region has a gigantic demand for engineered stone for applications in wall cladding, flooring, civil works, memorial arts, and other areas owing to the growing construction activities due to rapid urbanization & industrialization. The existence of foremost engineered stone manufacturers in India and China in this region is also expected to boost the market growth further in the years to come.
How are Market Players Responding to the Rising Demand for Engineered Stone?
Market players are greatly investing in innovative product launches to cater the rising demand for engineered stone. Some of the leading players of the engineered stone market are Quarella Group Ltd, Stone Italiana S.p.A, Diresco, Vicostone, Johnson Marble & Quartz, Belenco, Quartzforms, LG Hausys, Technistone A.S., Caesarstone Ltd., and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a foremost position in the global market.
- In June 2021, an Omani-Indian joint venture, a collaboration among Oman Investment Authority and the State Bank of India, commercially launched innovative engineered quartz stone products production factory at Sohar Free Zone – an investment that will further fortify the Sultanate’s credentials as a foremost producer and exporter of natural as well as engineered stones for the worldwide construction sector.
- In September 2021, the Engineered Stone Group, a foremost US-based ultra-premium branded manufacturer of engineered stone, proclaimed that it has acquired Fiora as well as Nuovvo, two of Europe's prominent producers of bathroom products.
- In March 2022, Hafele, an international firm offering hardware and fitting systems and electronic access control systems, launched robust, multipurpose, and artistically workable Terra Quartz surfaces for an extensive range of home applications.
COVID-19 Impact on the Global Engineered Stone Market
The abrupt rise of the coronavirus pandemic in 2020 has negatively impacted the global engineered stone market. During the pandemic period, the processing services, quarry activities, logistics and supply chains, and managerial offices in the engineered stone sector were forced to suspend their processes to avert the spread of the virus. The lockdown restrictions implemented across several countries also impacted many construction projects worldwide. The construction companies were unable to cater the demands for construction materials during the pandemic. The import-export activities of engineered stones were undesirably impacted, which resulted in a drastic downfall in the global market growth in the pandemic period. Moreover, with the relaxation of the pandemic since the end of 2021, many construction industries using engineered stone in their projects have resumed their normal functioning, which is projected to shove the growth of the engineered stone market in the upcoming years.
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