The Engineered Stone Market Projected to Grow at a CAGR of 5.0% and Generate a Revenue of $39,410.8 Million by 2030Download Sample Reports Overview
The global engineered stone market is predicted to be valued at $39,410.8 million by 2030, surging from $23,579.4 million in 2021, at a noteworthy CAGR of 5.0%.
COVID-19 Impact on Engineered Stone Market
The COVID-19 pandemic has severely affected the workplace. Construction industry has seen a considerable impact from it. Construction businesses and employees are particularly exposed to the pandemic's dramatic fall in economic activity since the industry is sensitive to economic cycles. Deficits in decent employment in the sector have been made worse by increased health concerns related to COVID-19. Decreased construction activity in pandemic time due to non-availability of workforce and stringent regulations laid by the government to avoid public gathering have adversely affected the engineered stone market size growth. This is due to the widespread use of engineered stones in construction processes for various re-modelling and reconstruction projects. Also, companies, manufacturing engineered stone, were closed due to worldwide lockdown which has further decreased the supply of engineered stone in the market. All these factors ae likely to decrease market engineered stone market share growth in the pandemic time period.
Global Engineered Stone Market Analysis
Growing popularity of engineered stone for interior spaces in residential spaces due to rapidly increasing remodeling and reconstruction activities is expected to drive engineered stone market demand. These reconstruction & remodeling projects involve the use of various engineered stones such as engineered quartz. Engineered stones offer various advantages like its uniform color and pattern throughout the slab. Unlike its natural stone rivals, engineered stone is nonporous, which is another advantage. Because the surface of quartz lacks pores or tiny openings that would allow liquid to seep in and stain the stone, it is stain resistant. Unlike granite or marble, it also does not require sealing, making it a lower maintenance option for busy homeowners. All these factors are anticipated to generate huge engineered stone market revenue.
However, it is not advised to utilize engineered stone outdoors because doing so will usually void the warranty of the quartz producer. Sunlight will cause the color-making pigment to fade, and UV radiation will cause the glue used to attach the material to turn yellow. Such factor is likely to hinder engineered stone market size growth in the next few years.
Growing popularity of engineered stones for kitchen countertops is anticipated to generate huge growth opportunities. Engineered stones are becoming a popular stone choice for residential places due to its high strength and non-porosity. Also, adoption of many different strategies like product launch and joint venture by the key market players to expand their existing business is expected to drive engineered stone market opportunity growth, even further. For instance, according to a news published in Cision PR Newswire, on September 13, 2021, The Engineered Stone Group (the "ES Group"), announced its acquisition of two of European market leaders, Fiora and Nuovvo, dealing in manufacturing of bathroom products. The main objective behind this acquisition was to extend company’s engineered stone business in European countries. All these factors are responsible for the positive growth of market in the next few years.
Global Engineered Stone Market, Segmentation
The global engineered stone market is segmented based on type, application, end-use industry, and region.
The type segment is further classified into engineered quartz, polymer concrete, and engineered marble stone. Among these, the engineered marble stone sub-segment is anticipated to be the fastest growing market in the forecast time period. Engineered marble is natural stone that has been recycled and has been heated, compressed, heated again, and then bonded with a very little amount of resin. Engineered marble is less porous to moisture, which can lead to mildew, than real stone, which is porous. It doesn't need special cleaning or polishing and is also more resistant to scratches and stains than quarried or cultured marble. All these properties are likely to expand popularity of engineered marble stone, thereby promoting market growth even further.
The application segment is further classified into flooring, wall cladding, cut-to-size items, and others. Among these, the flooring sub-segment is anticipated to have a dominant market share in 2030. Because of their adaptability, sustainability, and aesthetic appeal, engineered stone flooring is becoming extremely popular and may be used both indoors and outdoors. Additionally, engineered marble is a well-liked option for flooring because of its timeless luxury appearance, high gloss polish, and smooth texture. Engineered tiles come in a variety of sizes and forms, including hexagonal, square, rectangle, and triangular ones that can be customized to meet your needs. All these factors are responsible for the market growth in future.
The end-use industry segment is further classified into residential and commercial. Among these, the commercial sub-segment is anticipated to have a dominant market share in 2030. In the last few years, the demand for engineered stones in the commercial sector has grown significantly. Large office buildings are increasingly using engineered stone floors, most commonly engineered marble stone and tiles. The demand for engineered stones has therefore increased as commercial building development activities have increased. Additionally, engineered stones provide retail centres and other commercial spaces a regal and beautiful appearance, which further increases demand for them. In the coming years, the industry is expected to increase significantly as a result of these factors.
The engineered stone market in the Asia-Pacific region is projected to acquire dominant market share during the forecast period. Asia-Pacific countries such as India and China are the largest engineered stone producers and exporters globally. Also, growing construction activity in the region and various new residential building projects initiated by the government are further anticipated to regenerate huge engineered stone market share revenue.
Key Players in the Global Engineered Stone Market
Some of the leading engineered stone market players are
- LG Hausys
- Johnson Marble & Quartz
- Technistone A.S.
- Caesarstone Ltd.
- Quarella Group Ltd
- Stone Italiana S.p.A
For instance, according to news published by global engineered stone company, Nuovvo, they have planned to launch a new shower tray product portfolio by the end of 2022. The company intends to manufacture light weight tray from engineered stone with the help of latest technology.