Enjoy complimentary customisation on priority with our Enterprise License!
The engineered stone market size is forecast to increase by USD 11.3 billion at a CAGR of 6.78% between 2023 and 2028. The market is experiencing significant growth, driven by the rising demand for durable alternatives to natural stone. This trend is fueled by the increasing preference for low-maintenance and cost-effective options and construction materials for home decor. Additionally, the growing awareness and demand for eco-friendly products are boosting the market, as engineered stone is often made from recycled materials. However, the high cost of engineered stone compared to natural stone remains a challenge for the market, limiting its accessibility to some consumers. Despite this, the market is expected to continue growing, with advancements in technology leading to more affordable and innovative engineered stone products.
To learn more about this report, View Report Sample
The market encompasses the production and distribution of engineered stones for use in various projects, including residential, commercial projects, and Infrastructure projects. Engineered stones offer Aesthetically pleasing substitutes for natural stones while ensuring Durability. These stones are commonly used in the form of Blocks and Slabs for Investments in Construction. Fancy countertops, a significant application of engineered stones, are popular in Interior Structure designs due to their resistance to Bacterial growth and Fungal growth. Agglomerated stone, a type of engineered stone, is made from Silicon oxide and other minerals, making it an ideal choice for Hospital kitchens, Cafeterias, and other high-traffic areas. Engineered stones are also eco-friendly, with some manufacturers using Recyclable material in their production.
Porcelain sinks, another application of engineered stones, are known for their strength and resistance to Liquor bottles and Wine bottles impacts. Adhesives and Solid surface materials are often used in the installation and finishing of engineered stone projects. Colours and Designs are essential considerations when selecting engineered stones for Home remodelling or Reconstruction activities. Crushed stone, another type of engineered, is used as an aggregate in construction materials. Overall, the market continues to grow due to its versatility, durability, and aesthetic appeal. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing residential construction activities are a key factor driving the growth of the market. Engineered stone, a composite material, has gained significant popularity in various applications due to its durability and strength. This material is manufactured using crushed stone and binders, resulting in slabs and tiles that are harder and heavier than natural stone. The versatility of engineered stone allows for an extensive range of colors and designs, including the incorporation of sparkly glass particles. It is less porous than natural stone, reducing the need for adhesives and requiring minimal maintenance.
Further, home remodeling and reconstruction activities are frequently utilized for countertops, vanity tops, and living spaces. Commercial applications include washrooms, basements, and non-residential sectors. Solid surface engineered stone is also used for blocks and Travertine substitutes. It offers an aesthetic appeal, making it a suitable choice for various applications, including countertops, tiles, and Technoston surfaces. Bacterial and fungal growth are minimized due to its non-porous nature. With modular kitchens penetrating households deeper, modular kitchen is expected to become a more mainstream option for kitchen spaces during the forecast period.
The growing demand for fancy countertops is the primary trend in the market growth. The market is projected to expand significantly over the forecast period, with a focus on slabs, tiles, and countertops. Engineered stone, made from crushed stone and binders, is gaining popularity due to its solid surface, colors, and designs. In the US market, blocks and slabs have emerged as the preferred product segment. The growth is attributed to increased investments in home remodeling and reconstruction activities, particularly in the construction of large commercial buildings and non-residential sectors.
Moreover, fancy countertops, created using microlens technology, offer an aesthetic appeal and are installed in various settings, including kitchens, vanity tops, washrooms, basements, and living spaces. Technological advancements have led to the prevention of bacterial and fungal growth, making engineered stone a preferred choice over natural stones like travertine. Such factors are expected to drive the market during the forecast period.
The high cost of engineered stone is a major challenge to the growth of the market. The market, encompassing slabs and tiles for countertops and various applications, has experienced price fluctuations due to increased demand for Solid surface materials in markets like China and South-East Asia. The primary cause is a supply shortage of Crushed stone, a key component in producing Engineered Stone, with the US, a significant exporter of lumber for polymer concrete and engineered marble stone, falling short of meeting the demand. Additionally, trade disputes between the US and Canada over lumber imports have escalated lumber prices, leading to increased transport and labor costs.
However, this situation has affected the production and pricing of Engineered Stone, including Colours and Designs for Home remodelling and Reconstruction activities. Engineered Stone, known for its aesthetic appeal, is used extensively in Commercial applications such as washrooms, as well as Residential sectors for Vanity tops, Travertine, Living spaces, and Basements. Newer versions of Engineered Stone use cement mix instead of polymer resin adhesives, while Technoston offers bacterial and fungal growth resistance. Therefore, such factors are expected to challenge the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
A.St.A. WORLD WIDE - The market caters to engineered stone products, including honed and polished slabs.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the block and slabs segment will be significant during the forecast period. The demand for blocks and slabs is expected to increase during the forecast period due to increased investment in the construction of large commercial and residential buildings and increased demand for luxury countertops to enhance the aesthetics of interior structures.
Get a glance at the market contribution of various segments View the PDF Sample
The block and slabs segment was valued at USD 22.50 billion in 2018 and continue to grow by 2028. The blocks and slabs segment dominated the market in 2022. Demand for blocks and slabs is expected to increase during the forecast period due to increased investment in the construction of large commercial and residential buildings and demand for luxury countertops to enhance interior design aesthetics. Also called quartz, this product is made from aggregates of marble or crystal embedded in a resin binder such as epoxy or other rocks. The growing construction industry will propel the growth of the segment and fuel the growth of the global artificial stone market during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in APAC holds the largest market share globally, driven by growth in residential and commercial construction in countries like China, India, and Japan. The market is characterized by Colors and Customization options, using Crushed waste stone from Quarries. The Tiles segment showcases eco-friendly, UV stable, and water-resistant properties, making it suitable for Flooring use.
Additionally, the Countertops segment boasts stain-resistant properties, making it a Superior alternative to Natural stones like Ceramic tiles. Engineered Stone's non-porous structure and resistance to discoloration and resin binder breakdown make it ideal for Outdoor use, Kitchens, Below-grade basements, and Wall & exterior coverings. Furnishing items like Tabletops, Hospital kitchens, Cafeterias, and various industries use Engineered Stone due to its Stain resistance and Agglomerated stone structure. Silicon oxide-based Polymeric resins ensure durability while the market continues to explore new applications, such as in Porcelain sinks, Liquor bottles, Wine bottles, and Beer bottles, showcasing its versatility as a Recyclable material. Such factors are expected to drive the regional market growth during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The market is a significant segment in the construction industry, with Commerical and Residential projects being the primary consumers. These projects require durable and aesthetically pleasing materials, making Engineered Stone a popular choice. The product's unique characteristics, such as its resistance to stains, scratches, and heat, make it a preferred option for kitchen countertops, bathroom vanities, and flooring. Durable Substitutes like Quartz and Marble are also popular in the market. Quartz, a non-porous material, offers easy maintenance and a wide range of colors. Marble, a natural stone, provides a classic and elegant look but requires regular maintenance. The market is expected to grow due to its increasing popularity in the Infrastructure sector. Hospitals, Offices, and Schools are some of the sectors that are adopting Engineered Stone for their projects. The product's ability to mimic the look of natural stones like Granite and Travertine makes it a versatile choice for various applications.
Moreover, the market for Engineered Stone is competitive, with Canteen, Cosentino, and LG Hausys being some of the major players. The companies are focusing on innovation and sustainability to stay competitive in the market. The use of advanced technology and eco-friendly practices is becoming a trend in the industry. In conclusion, the market is a growing segment in the Construction industry, with Commerical and Residential projects being the primary consumers. The product's durability, aesthetics, and versatility make it a preferred choice for various applications. The market is competitive, with companies focusing on innovation and sustainability to stay ahead.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
167 |
|
Base year |
2023 |
|
Historic period |
2018 - 2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
|
Market growth 2024-2028 |
USD 11.3 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
5.15 |
|
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
|
Performing market contribution |
APAC at 39% |
|
Key countries |
China, US, Italy, Denmark, and Viet Nam |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
A.St.A. WORLD WIDE, Akrilika Co., Aristech Surfaces LLC, Belenco, Breton S.p.A., Caesarstone Ltd, Cosentino SA, Diresco NV, DuPont de Nemours Inc., Lotte Chemical Corp., LX Hausys Ltd, MAAS GmbH, Pokarna Ltd., Prism Johnson Ltd., Q.R.B.G. S.r.l., Quartzforms Spa, Santa Margherita Spa, SMARTSTONE Australia PTY Ltd., Stone Italiana Spa, VICOSTONE, and Wilsonart LLC |
|
Market dynamics |
Parent market analysis, market trends, market growth analysis , Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.