Global engineered stone market was worth USD 20.7 billion in 2019. It is projected to grow at a 5.0% compound annual growth rate (CAGR), between 2020 and 2027. The market is expected to grow due to rising demand for durable and aesthetically pleasing alternatives to natural stone. Also, increasing use of sustainable buildings materials will drive growth. The product is widely used for kitchen countertops, as well as other commercial and residential applications. The forecast period will see a rise in demand for fancy countertops that enhance the interior design. In 2019, blocks & slabs was the most popular product category in the U.S. The market will be driven by increasing investments in large commercial buildings and increased product adoption in residential applications such as kitchens, vanity, and basin countertops.
Quartz, also known as aggregates, are made of quartz crystals or marble and other rocks, which are then set in resin binder such as epoxy. Breton SpA, an Italian pioneer in the field manmade stones products, has a similar process that is used to create nearly all the engineered stone produced around the world. Engineered stone products are much more affordable than natural stone products and have a longer life expectancy.
It is expected that the demand for residential and commercial replacement products will increase due to the need for renovations and up-grading of existing buildings. In 2019, the commercial construction sector, which includes offices, hotels, or lodging spaces, saw steady growth, which has resulted in increased product demand.
Slabs and blocks dominated the market, accounting for 98% of global revenue in 2019. Blocks & slabs are in high demand because they are easy to maintain and install. The product is much less susceptible to staining than natural stones. It is therefore suitable for use in the kitchen.
Slabs and engineered blocks are used extensively in kitchen countertops and other commercial and residential applications. The demand for fancy countertops that enhance the interior design of the structure will increase over the forecast period.
Engineered stones tiles can be made with various aggregates that have been bonded together using epoxy or other materials. They are available in many colors, shapes, sizes, and materials. These tiles can also be customized to meet specific application requirements. Engineered tiles can be used for wall, floor, and backsplash applications.
Tiles accounted for a large market share in 2019, and are expected to grow at a rate of 4% during the forecast period. Its high durability and ease of installation are reasons for its popularity. The availability of cheaper alternatives such as ceramic tiles is expected to limit the growth of the segment over the forecast period.
The market leader in countertops was more than 78% and contributed to the majority of global revenue share for 2019. The high demand for countertops was due to its stain-resistant qualities. Engineered stone slabs are also less expensive than natural alternatives and provide many options in terms of design and color.
Engineered stone countertops can be harder than natural stones, but they are also highly non-porous and more flexible than other types. These countertops are free from hidden cracks and flaws due to their uniform internal structure. The product is also consistent in color and pattern.
The flooring segment is expected to grow at a 3.6% CAGR over the forecast period. Because of their non-porous and water-resistant structure, engineered stone floorings are increasingly being used in kitchens, bathrooms, and basements. The product's superior wear resistance makes it ideal for high footfall areas.
Other categories include wall coverings, exterior coverings and furnishing accessories such as tableops and chairs. The product is highly suitable for use in the furnishing accessories category due to its superior aesthetics, durability and water & stains resistance.
Asia Pacific was the dominant market, accounting for more than 34% of global revenue in 2019. This is due to the high utilization of products in the construction sector as well as in decoration of commercial and residential buildings in rapidly growing economies such India, China and Indonesia. Over the forecast period, the European market will grow at a rate of 4%.
Market growth is expected to be supported by growing restrictions on mining in the area and high investments in redevelopment of older buildings. The market will be supported by the existence of a solid product manufacturing base. North America is the second largest regional market. This is due to high product demand.
The Middle East & Africa region will see the fastest CAGR of 5.4% during the forecast period. Dubai, a major financial and business center, will be the region's main revenue generator. The region's growth will be aided by the rapid expansion of the Saudi Arabian and Qatari commercial construction sectors.
Global markets are highly competitive. To strengthen their market position, major companies have implemented a variety of marketing strategies. These include offering installation and customization services as well as expanding their product portfolio. Breton S.p.A., for example, has set up a network of authorized workshops in various countries such as Brazil, China, India and China. A company's market share can be increased by branding and customizing services. Globally, there are many manufacturers. Among the most prominent players in the engineered stones market are:
LG Hausys
Johnson Marble & Quartz
Quartzforms
Stone Italiana S.p.A.
Cosentino S.A.
Vicostone
Technistone a.s.
Up Market Research published a new report titled “Engineered Stone Market research report which is segmented by Product (Blocks & Slabs, Tiles), by Application (Flooring, Countertops), By Players/Companies Johnson Marble & Quartz, LG Hausys, Vicostone, Quartzforms, Cosentino SA, Technistone as, Stone Italiana SpA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Engineered Stone Market Research Report |
By Product | Blocks & Slabs, Tiles |
By Application | Flooring, Countertops |
By Companies | Johnson Marble & Quartz, LG Hausys, Vicostone, Quartzforms, Cosentino SA, Technistone as, Stone Italiana SpA |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 227 |
Number of Tables & Figures | 159 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Product (Blocks & Slabs, Tiles), by Application (Flooring, Countertops).
Engineered Stone Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Engineered Stone Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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