Global Natural & Engineered Stone Market to Observe Widespread Growth by 2031 Due to the Rapid Urbanization Across the Globe

Interior design is a true representation of one's personality, and getting it right is difficult. The choice of stone is an important part of interior design because stone slabs are massive and fixed; once installed, they are unlikely to be changed anytime soon. Currently, there are various types of natural & engineered stone available in the market.

An engineered stone is also called agglomerated stone since it is made of quartz, resin binder, colours, quartzite, and additives. It is commonly used in fireplaces due to its extreme durability, heat and abrasion resistance, and heat resistance. Natural stone is a mineral found in mountains that includes slate, quartzite, sandstone, limestone, granite, marble, and others. It is mostly used in wall cladding and flooring for residential and commercial spaces due to its toughness, endurance, and attractive appearance. It is being widely used for monuments, statuary, and furniture. The global natural & engineered stone market is expanding at a rapid pace due to the rapid growth in construction projects that use stones in their structures.

Newest Insights in the Natural & Engineered Stone Market

The use of natural and engineered stones in construction and other activities has significantly increased in the past few years owing to their various benefits. As per a report by Research Dive, the global natural & engineered stone market is expected to surpass a revenue of $109,888.2 million in the 2022–2031 timeframe. The Asia-Pacific natural & engineered stone market is expected to perceive remarkable growth in the years to come. This is because the region has a massive demand for engineered stones in construction projects. Also, owing to rising urbanization and industrialization in this region the need for natural and engineered stones for flooring, civil works, wall cladding, and other uses is also increasing.

How are Market Players Responding to the Rising Demand for Natural & Engineered Stone?

Market players are heavily investing in novel research and inventions to cater for the rising demand for natural and engineered stones. Some of the foremost players in the natural & engineered stone market are Dimpomar, ARO Granite Industries Ltd., Dermitzakis Bros S. A., S.A., Levantina Asociados de Minerales, LG Hausys, Margraf Spa, Johnson Marble & Quartz, Cosentino S.A., Caesarstone Ltd., VICOSTONE, and others. These players are focused on planning and devising tactics such as mergers and acquisitions, collaborations, novel advances, and partnerships to reach a notable position in the global market. For instance:

• In January 2019, CFL Flooring, the biggest producer of rigid core, launched a new waterproof manufactured stone called Tenacity. With this launch, CFL Flooring is likely to grab a prominent position in the natural & engineered stone market.
   
• In June 2021, Omani-Indian Joint, a growth capital private equity firm with an emphasis on mid-market investments, announced the official launch of its new engineered quartz stone products production plant in the Sohar Free Zone.
   
• In May 2022, StoneLoads, a website where natural stone can be purchased and sold, announced the nationwide launch of their online natural stone marketplace, StoneLoads.com. Using the website, natural stone quarries and fabricators from all over the country can post whole truckload of products for sale by landscaping supply yards worldwide.

COVID-19 Impact on the Global Natural & Engineered Stone Market

The abrupt rise of the coronavirus pandemic in 2020 adversely impacted the global natural & engineered stone market. During the pandemic period, the logistics activities and administrative offices in the natural and engineered stone industries were forced to halt to curb the spread of the coronavirus. The lockdown that was enforced across numerous countries forced the manufacturers of engineered stone to stop operating, which resulted in economic calamity and job losses. Due to the transportation restrictions and employees' unwillingness to work, the natural and engineered stone providers were unable to meet the demand from ongoing important building projects such as the construction of hospitals. However, the natural & engineered stone market is expected to recover after the post-pandemic period due to rising development in construction industry across the globe.