Engineered Stone Market Research, 2031
The global engineered stone market was valued at $21.1 billion in 2021, and is projected to reach $35.1 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
An engineered stone is also known by the term of agglomerated stone that are made of resin binder, quartz, quartzite, colors and additive. On Earth's surface, an engineered stone is typically available in the form of quartz, a silicate crystal that contains silicon oxide. Engineered stones are highly resistant to heat and abrasion as well as are extremely robust, and are therefore extensively used in fireplaces. Engineered stones are resistant to growth of bacteria and contribute to the maintenance of a hygienic environment.
Rapid expansion in the construction and building industries is boosting the global demand for manufactured stone. Engineered stones are appropriate for use in hospital kitchen, cafeterias, and commercial buildings, due to their impermeable and long-lasting characteristics. Engineered stones can be manufactured in huge sizes, and their impermeable nature enables them to be utilized in wet areas such as bathrooms, swimming pools, showers, and bathtubs and others. Engineered stones may be used in a large variety of applications, hence boosting the growth and demand on the global market. However, the engineered stones are vulnerable to discoloration by chemical products, cleaning chemicals, acids, oil, and others. In contrast, a stone known as Stonemark maintains its stainless surface even after being exposed to chemical products, oil, or cleaning solutions, etc. This stone is infused with a water-based stain-resistance solution to serve as a substitute for it. This acts as a restraining factor for engineered stone market. Some engineered stone items, such as porcelain sinks, liquor bottles, wine bottles, beer bottles, and perfume bottles, include up to 70 % recyclable material, allowing for recycling and reuse. In addition, attractiveness and durability of engineered stone boost its usage in works of art, which is projected to create lucrative growth opportunities in the global engineered stone market.
The engineered stone market is segmented on the basis of product, application and region. Depending on product, the market is categorized blocks, slabs, and tiles. On the basis of application, the market is categorized into countertops, flooring and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The blocks and slabs segment accounted for the largest share i.e., 95.47% and is projected as the fastest growing segment, by around 5.3% CAGR during the forecast period, due to increased demand for blocks and slabs from construction industry.
The countertops segment accounted for the largest share i.e., 80.80%. Countertops segment is the fastest growing segment, growing around 5.2% CAGR during the forecast period. This is due to increased demand for countertops products in kitchen.
Asia-Pacific contributed 40.48% market share in 2021 and is projected to grow at CAGR of 6.2% during the forecast period. Owing to the increased demand from construction industry.
Major players operating in the global engineered stone market include A.St.A. WORLD-WIDE, Belenco, Caesarstone Ltd., Cosentino S.A., Granite & Marble Specialties, H & R Johnson, LX Hausys, Q.R.B.G.s.r.l., Quartzforms, SantaMargherita, Silestone, Stone Italiana S.P.A., Technistone s.r.o, Topzstone, and VICOSTONE. Other players operating in the engineered stone market are RMS, Diresco, Viatera USA.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the engineered stone market analysis from 2021 to 2031 to identify the prevailing engineered stone market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the engineered stone market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global engineered stone market trends, key players, market segments, application areas, and market growth strategies.
IMPACT OF COVID-19 ON THE GLOBAL ENGINEERED STONE MARKET
- The rapid spread of COVID-19 has negatively affected the engineered stone market expansion.
- The COVID-19 pandemic has caused damage on global supply networks, delaying construction projects in major economies globally.
- The majority of construction and renovation activities stopped between mid-2020 and 2021 as a result of COVID-19's negative effects on the engineered stone market.
- The situation is expected to improve owing to relaxation of pandemic restrictions and global trade limitations, hence restoring the industry's future growth.
Engineered Stone Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Application |
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 By Region |
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 Key Market Players | Granite & Marble Specialties, Stone Italiana S.P.A, LX Hausys, Q.R.B.G.s.r.l., Silestone, quartzforms spa, Caesarstone Ltd., Cosentino S.A., A.St.A. WORLD-WIDE, Belenco, Topzstone, Santa Margherita Spa, Technistone s.r.o, vicostone, H & R Johnson |
Analyst Review
According to the perspective of the CXOs of leading companies, the development of appealing and aesthetically pleasing infrastructure is a major factor in the global increase in use of engineered stone. In addition, due to its attractive appearance, engineered stone has become a popular option for residential applications such as vanities, kitchen counters, walls, and flooring. The fact that engineered stones are resistant to bacterial development and aid in keeping a clean environment is a major driver for the global engineered stone market. Increased awareness regarding pollution reduction is generating opportunities for the manufacture of recyclable engineered stone, which is anticipated to fuel the global engineered stone market. Depending on its production method, engineered stone is more expensive than conventional stones, and the form of engineered stone can act as a restraint for the global engineered stone market.
Increasing building and construction industry coupled with increasing disposable income is driving the demand for engineered stone market.
Countertops is the leading application of engineered stone.
Increased demand for trendy and good looking buildings and kitchens are primarily driving the demand for engineered stone.
The global engineered stone market was valued at $21.1 billion in 2021, and is projected to reach $35.1 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.
Asia-Pacific is the largest regional market for engineered stone.
Belenco, Caesarstone Ltd., Cosentino S.A., Granite & Marble Specialties are some of the top companies to hold the market share in engineered stone.
COVID-19 has negatively impacted engineered stone market owing to decrease in construction activities during COVID-19.
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