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The engineered stone market is estimated to grow at a CAGR of 6.1% between 2022 and 2027. The size of the market is forecast to increase by USD 9.68 billion. The growth of the market depends on several factors, including the rising demand for durable alternatives to natural stone, the growing residential construction activities, and the growing demand for eco-friendly home decor items.
This report extensively covers market segmentation by type (block and slabs and tiles), application (countertops, flooring, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing residential construction activities are notably driving the market growth, although factors such as the rising popularity of substitutes may impede the market growth. 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.
Key Engineered Stone Market Driver
The growing residential construction activities are a key factor driving the growth of the global engineered stone market. According to the United Nations, the global population will reach 8.5 billion in 2030, and more than 60% of the population will be concentrated in urban areas. An increase in urbanization will lead to the rapid construction of new houses. The construction industry has been witnessing exponential growth over the past couple of years. This trend is strongly observed in developing economies. But with rates of urban properties growing and household size decreasing in many parts of the world, the residential units have started to get more compact in size. This, along with other factors like innovation in interior design concepts, has also supported the trend for open kitchens at homes, and this is also supporting the growth of the modular kitchen market.
Modular kitchens enable better utilization of space and make an open kitchen more organized, bring in aesthetic appeal, and make it well-equipped with many features. Also, homeowners residing in their properties are increasingly getting involved in renovation and reconstruction projects. With modular kitchens penetrating households deeper, modular kitchen is expected to become a more mainstream option for kitchen spaces during the forecast period.
Significant Engineered Stone Market Trend
The increasing interest in interior designing is the primary trend in the global engineered stone market growth. Consumers across the world have started investing in the interior decoration of their homes with the best products and concepts they can afford. This includes spending on designer home furnishings such as home furniture, floor coverings such as engineered stone, and counterparts. The rising income levels of consumers, evolving lifestyles, increased media penetration, and the adoption of different cultures have raised interest in interior design.
Moreover, the growing population of working women and their participation in the decision-making process for home decoration are pushing the sales of home furnishings, which positively impacts the market. These factors have led consumers to spend more on different designer and luxury home furnishings, which will drive the growth of the market during the forecast period.
Major Engineered Stone Market Challenge
The rising popularity of substitutes is a major challenge to the growth of the global engineered stone market. Granite, marble, and ceramic tiles are easily available substitutes in the market. Increased costs associated with engineered stone encourage customers to choose less expensive and low-maintenance products such as ceramic tiles, resilient products such as LVT, and wood plastic composite (WPC) for floor and wall applications. In modern architecture, granite slabs and tiles are used to make countertops, fireplaces, and stairs. It is also used as a building block for bridges, monuments, and buildings.
Ceramic tiles and LVT offerings also offer improved regulation of surface temperatures when compared with the cold surfaces of stone floorings. Additionally, the replacement of engineered stone is expensive. The relative ease in replaceability of ceramic and resilient products encourages customers to prefer ceramic and resilient products for flooring and applications for decorative purposes. Therefore, the rising popularity of alternatives to engineered stone is expected to challenge the market during the forecast period.
Key Engineered Stone Market Customer Landscape
The 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 growth strategies.
Global Engineered Stone Market Customer Landscape
Vendors 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.
astaworldwide.com - The company offers engineered stones such as honed slab and polished slabs. Also, this segment focuses on manufacturing industrial products from a mixture of marble, quartz, granite, and other natural stones.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors 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.
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The block and slabs segment was valued at USD 22.27 billion in 2017 and continue to grow by 2021. The blocks and slabs segment dominated the global engineered stone 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. increase. 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.
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APAC is estimated to contribute 40% 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 is driven by non-resilient flooring products such as wood, stone, and ceramic. These engineered stone products' durability and compatibility with climate conditions increase their preference. Resilient products and carpets are considered high-end in many APAC countries, making them a niche segment. However, with the advent of technology and innovation, the awareness of alternate engineered stone options to wood, natural Stone, and ceramic, such as laminates and luxury vinyl tile (LVT), has been increasing. This will further aid the growth of the market in the region during the forecast period. The rapid growth of performance-engineered Stone for flooring in key industries such as education and healthcare will also contribute to the market growth in the region. APAC's market is expected to exhibit rapid growth during the forecast period. The rapid growth in construction activity and increased awareness of innovative flooring and modular kitchens will be the key drivers for the growth of the market in APAC during the forecast period.
In 2020, the outbreak of COVID-19 hampered the growth of the market in APAC. However, vaccination programs were initiated across the region, which led to the lifting of lockdown restrictions. This has resulted in the resumption of various construction activities from Q4 2020, which has increased the demand for engineered stone in the region. Thus, the increasing residential construction will drive the growth of the regional market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global engineered stone market as a part of the global diversified metals and mining market within the global materials market. The global diversified metals and mining market covers companies engaged in the production or extraction of metals and minerals such as non-ferrous metals (except bauxite), salt and borate, phosphate rock, and diversified metal mining operations. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Engineered Stone Market Scope |
|
Report Coverage |
Details |
Page number |
156 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.1% |
Market growth 2023-2027 |
USD 9.68 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.66 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 40% |
Key countries |
US, China, Vietnam, Italy, and Denmark |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, 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., Global Surfaces Limited, 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 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 report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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