PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515595
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1515595
Engineered Stone Market size was valued at USD 24,063.09 Million in 2023, expanding at a CAGR of 6.10% from 2024 to 2032.
Engineered stone, also referred to as quartz or composite stone, is a synthetic material crafted from crushed stone particles, typically quartz, blended with resins, pigments, and additives. This amalgamation undergoes compression under high pressure and curing, resulting in robust slabs available in various colors, patterns, and textures. Renowned for its non-porous surface, engineered stone excels in applications like countertops, flooring, and wall cladding, offering resistance against stains, scratches, and heat. Its uniform appearance surpasses natural stone, demanding minimal upkeep, thus garnering favor in residential and commercial spaces for its aesthetic appeal and functional attributes.
Engineered Stone Market- Market Dynamics
Growing residential and commercial construction sectors worldwide to propel market demand
Globally, the surge in construction activities across residential, commercial, and infrastructure projects, coupled with the rising preference for quartz-based engineered stone, is anticipated to fuel market expansion. Furthermore, the escalating demand for visually appealing and resilient alternatives to natural stone, alongside the uptake of eco-friendly construction materials, is poised to drive market growth. Offering notable longevity at a relatively lower cost compared to traditional stone options, engineered stone emerges as a compelling choice. The growing residential and commercial construction sectors worldwide are amplifying the demand for engineered stone, particularly in applications requiring non-porousness and durability, such as hospital food facilities, canteens, and commercial buildings.
Engineered Stone Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.10% over the forecast period (2024-2032)
Based on Product Type segmentation, Blocks & Slabs was predicted to show maximum market share in the year 2023
Based on Application segmentation, Countertops was the leading type in 2023
On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global Engineered Stone Market is segmented on the basis of Product Type, Application, and Region.
The market is divided into two categories based on Product Type: Tiles and Blocks & Slabs. In 2023, blocks and slabs emerged as the primary product segment, driven by increased investments in large-scale commercial and residential construction projects, as well as a rising demand for sophisticated countertops to enhance interior aesthetics. This segment is expected to experience further growth over the forecast period. The product, also known as quartz, is crafted from aggregates of marble or quartz crystal, along with other rocks, bound together by a resin binder like epoxy.
The market is divided into three categories based on Application: Countertops, Flooring and Others. Countertops held the majority of revenue share in 2023, largely due to their stain-resistant properties. Engineered stone slabs, being more cost-effective than natural alternatives, offer a wider range of choices in terms of shape, design, color, and texture. However, they contain polymeric resins that are not UV stable, leading to potential discoloration and degradation of the resin binder over time.
Engineered Stone Market- Geographical Insights
This market has a wide global presence, spanning Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Within these regions, individual countries contribute for distinct market segments. The Asia Pacific region emerges as the dominant segment in the global market in 2023and is projected to experience the fastest growth rate throughout the forecast period. This can be attributed to the increasing utilization of the product in both residential and non-residential interior construction and decoration, particularly in rapidly growing economies like China, India, Malaysia, and Singapore.
Companies in the engineered stone market implement various strategies to uphold competitiveness. Continuous innovation in product design and technology enhances durability, aesthetics, and sustainability, setting them apart. Streamlined supply chain management ensures efficiency and cost-effectiveness. Strategic alliances with designers, architects, and distributors broaden market influence. Robust branding and marketing efforts spotlight unique features and target specific segments effectively. Investment in customer service fosters loyalty and satisfaction. Ongoing research into environmental impact and regulatory compliance demonstrates commitment to sustainability, aligning with evolving consumer preferences and standards.
In March 2022, Engineered Stone Group (ES Group) acquired MTI Baths and Aquatica, bolstering its presence in the U.S. market with premium engineered stone products and solid surface offerings.
GLOBAL ENGINEERED STONE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
LX Hausys
Johnson Marble & Quartz
Technistone A.S.
Caesarstone Ltd.
Belenco
Quarella Group Ltd.
Quartzforms
Stone Italiana S.p.A.
Cosentino S.A.
Others