Natural & Engineered Stone Market Share to Generate a Revenue of $109,888.2 Mn by 2031Download Sample Reports Overview
The Global Natural & Engineered Stone Market Size is predicted to be valued at $109,888.2 million by 2031, surging from $60,207.1 million in 2021, at a CAGR of 5.7%.
COVID-19 Impact on Natural & Engineered Stone Market
The COVID-19 pandemic has severely impacted the construction industry. The expansion of the natural & engineered stone market share has been negatively impacted due to a lack of labor and strict government restrictions imposed to halt construction activities during the pandemic. During lockdowns, construction sites were empty for months, funding was affected, and material delivery networks were hampered. Due to the COVID-19 pandemic, several construction projects were postponed or canceled, due to a drop in demand for new construction, a slowdown in public and private procurements, and supply chain delays owing to lockdowns enforced by various governments. These were the key causes that led to the market slowdown during the pandemic.
Global Natural & Engineered Stone Market Analysis
The growing popularity of natural stone engineered stone for interior spaces in residential and commercial constructions due to rapidly increasing remodeling and reconstruction activities is expected to drive natural & engineered stone demand. Rapid urbanization and modernization are important factors responsible for the expansion of natural & engineered stone market share. This is largely due to the preference for engineered stone among all building materials, as its components are distinctive examples that may be blended with other materials as well as one another. As the stones are compressed together during production, the final stone slab is incredibly strong, long-lasting, and durable. Also, the rise in reconstruction & remodeling projects involves the use of various natural & engineered stones such as engineered quartz. All these factors are anticipated to drive the natural & engineered stone market size during the forecast period.
Engineered stone is not recommended to use outdoors as the color-producing pigment fades in sunlight and UV rays will cause the glue that was used to adhere to the material to turn yellow. Also, engineered stones are prone to stains from chemical and cleaning chemicals such as acids and oil. Such factors are likely to hinder the natural & engineered stone market share during the forecast years.
The building and construction industry has seen tremendous expansion due to the recent increase in urbanization and the development of smart cities. Natural stones such as granite, marble, and others are frequently used in the residential and commercial sectors for infrastructure projects, as well as for rebuilding and renovation projects. For instance, marble is a popular material for floors, worktops, wall cladding, and flooring due to its natural elegance and attractiveness. Marble is mostly mined in China, India, Italy, and Spain. All these factors are anticipated to fuel the demand for the natural & engineered stone market growth.
Global Natural & Engineered Stone Market, Segmentation
The engineered stone market is segmented on the basis of type, application, end-use industry, and region.
The type segment is further classified into natural stone and engineered stone. Among these, the engineered stone sub-segment is anticipated to be the dominating and fastest-growing during the forecast period. The engineered stone type is further segmented into engineered quartz, polymer concrete, and engineered marble stone. The term engineered stone refers to a stone that has been compressed, heated, and then joined together with a very little amount of resin. Compared to natural stone, which is porous, engineered stone is less porous to moisture, which might cause mildew. Unlike quarried or cultured marble, it does not require special cleaning or polishing and is more resistant to stains and scratches. All these properties are likely to expand the popularity of engineered stone, thereby promoting the market growth.
The application segment is further classified into flooring, wall cladding, and cut-to-size items. Among these, the flooring sub-segment accounted for a dominant market share in 2021. Natural & engineered stone flooring is growing in popularity both indoors and outdoors due to its sustainability, adaptability, and aesthetic appeal. In addition, the classic luxury look, high gloss polish, and smooth feel of natural & engineered marble make it a popular alternative for flooring. These tiles are available in a range of shapes and sizes, such as rectangles, squares, and triangular. These factors collectively are projected to drive the market expansion in the upcoming years.
The end-use industry segment is further classified into residential and commercial. Among these, the residential sub-segment accounted for a dominant market share in 2021. In the residential sector, demand for natural & engineered stones has greatly increased. Natural & engineered stone flooring is becoming more widespread in large residential building projects due to its durability and long-lasting capability. As more residential buildings are being developed, there is a rising demand for natural & engineered stones.
The natural & engineered stone market in Asia-Pacific is projected to have a dominant market share during the forecast period. Asia-Pacific countries such as India and China are the world's top manufacturers and exporters of engineered stone. Also, the demand for natural and engineered stone in the region is expected to be driven by an increase in building construction activities, due to the expansion and modernization of the infrastructure project in developing countries, and growth in the number of housing units and non-residential structures.
Key Players in the Global Natural & Engineered Stone Market
Some of the leading natural & engineered stone market players are
- ARO Granite Industries Ltd.
- Dermitzakis Bros S. A.
- Levantina Asociados de Minerales S.A.
- Margraf Spa
- LG Hausys
- Johnson Marble & Quartz
- Caesarstone Ltd.
- Cosentino S.A.
For instance, in January 2018, Asian Granito India Ltd (AGIL), a national-level tile maker, launched a joint venture with Paramshree Granito Pvt Ltd and announced plans to invest $5.3 billion in a green-field plant in Gujarat for the development and manufacturing of engineered quartz stone.