Grand View Research, Inc. - Market Research And Consulting.According to a new report by Grand View Research, Inc., The global engineered stone market size was valued at USD 20.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027. Rising demand for aesthetically pleasing and durable alternatives to natural stones coupled with growing utilization of green buildings materials is projected to drive the market growth.
As per the report by Grand View Research Inc., the global Engineered Stone Market estimated to value at USD 30.6 billion by 2027. It is expected to develop by a 5.0% CAGR from 2020 to 2027. Engineered stone is a combination of the materials prepared of crushed stone, bound collectively using an adhesive. Usually this adhesive is polymer resin plus some of the recent types are used as the mixture of cement. The quartz and marble are the two frequently used basic stones in the manufacturing of engineered stone. The function of this product depends on which basic stone is utilized to manufacture this product. The engineered marbles are commonly used for the walls and the indoor flooring whereas the product, manufactured using quartz, is mainly utilized for the countertops of the kitchen. The associated other materials are the cast stone and geo polymers. This product is manufactured in the factory; it is made in the forms of slabs or the blocks. These are polished, cut and construct at the work site, by the site workers.
Increasing acceptance of the engineered stone like the ecologically sustainable option for the blocks of the natural stone is projected to boost the development of the market for the product, during the period of the forecast.
The Covid-19 pandemic has affected globally and has distorted the situations of all the markets. It has hindered the development in the various sectors of the global market. It has adversely influenced the building construction business, which has directly impacted the market for the engineered stone.
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The growth in demand for the ecologically sustainable and the green material for the building construction is estimated to produce an optimistic influence on the demand for the engineered stone. The product has an application in the range of commercial and residential constructions for example in bathroom, kitchen countertops, flooring and others. These factors are expected to boost the global market for the engineered stone.
Further findings from the report suggest:
- The manufacturing companies are busy in constantly increasing their range of products, together with the instruction courses for the fitting staff plus providing the services of the fitting, and the post sale support to the customers.
- As a result of increasing demand for the environmentally sustainable and aesthetic products, for the beautification of the building, the market for the engineered stone is expected to arrive at USD 1013.7 million, in Saudi Arabia.
- Due to the growing acceptance of the engineered stone, for the applications of bathroom and the kitchen countertop, the slabs & blocks sector is estimated to develop by a considerable CAGR, during the period of forecast, in China.
- The funds are rising in the reconstruction and the redevelopment of the aged heritage and the residential buildings, in the Europe. Therefore the tiles sector is likely to develop by 3.1% CAGR, during the period of the forecast.
- In the North America, the revenue share for the flooring application was at USD 603.7 million, due to the significant usage of the engineered stone in the erection of the different housing plus institutional buildings such as auditoriums, offices and libraries, in 2019.
Growing demand for long lasting, custom made tiles for the floor, countertops and altering inclinations of the customers, considering the internal designing and the beautification is very much important for the development of the market. Additionally, the extension of the workspaces and offices, altering standard of living of the customers plus the speedy urban development are the factors projected to increase the development of the market for the engineered stone.
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The engineered stone is costlier than the other types of stones. It depends on its form and the process of the manufacturing. This can hamper the development of the global market for the engineered stone. Furthermore, these stones are susceptible for the stains, caused by the cleaning chemical products such as oil and the acid. But, the stone recognized as stone mark, offers stain free surface, even though it comes in contact with chemical based substances, cleaning products or oil. This stone is incorporated with water based solution to offer the stain confrontation property; this material can be a substitute for the engineered stones.
The global market is highly competitive. Major companies have undertaken various marketing strategies to strengthen their market positions, such as providing installation and customization services and product portfolio expansion. For instance, Breton S.p.A. has established a chain of authorized workshops across various countries, such as Italy, France, China, India, and Brazil. Brand recognition and customization services also play an important role in increasing the market share of a company. A large number of manufacturers are present at the global level.
Some of the prominent players in the engineered stone market include:
- LG Hausys
- Johnson Marble & Quartz
- Stone Italiana S.p.A.
- Cosentino S.A.
- Technistone a.s.
The rise in demand for environmentally sustainable and green building materials is expected to have a positive impact on product demand. Product applications in a variety of residential and commercial settings, such as kitchen countertops, vanity tops, flooring, and bathroom furnishings, are driving the global market.
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Increasing demand for durable and highly customized floor tiles and countertops and changing consumer trends with regards to interior decoration and design have been critical to the market growth over the last few years. Furthermore, the expansion of offices and workspaces, changing consumer lifestyles, and rapid urbanization are expected to augment the market growth.
Manufacturers are actively working on ramping up their production capacities to satisfy the ever-increasing demand for the engineered stone slabs. Moreover, the manufacturers are focused on providing a wide range of customization options, in terms of color, texture, design pattern, size, and shape, to gain a higher market share.
Grand View Research has segmented the global engineered stone market on the basis of system type, application:
Engineered Stone System Type Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2016 - 2027)
- Blocks & Slabs
Engineered Stone Application Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2016 - 2027)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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