The global engineered stone market expected to grow by 2030 due to rise in construction activities. Engineered quartz sub-segment is expected to be highly profitable. Market in the Asia-Pacific region is expected to be the fastest growing.
NEW YORK, Aug. 5, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Engineered Stone Market by Type (Engineered Quartz, Polymer Concrete, and Engineered Marble Stone), Application (Flooring, Wall Cladding, Cut-to-size Items, and Others), End-use Industry (Residential and Commercial), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2030".
According to the report, the global engineered stone market is expected to gather a revenue of $39,410.8 million by 2030, growing at a CAGR of 5.0% during the 2021-2030 timeframe.
Dynamics of the Engineered Stone Market
Drivers: Engineered stone has a wide range of applicability such as kitchen tops in residential places, flooring and wall cladding, etc. As a result of this wide applicability, engineered stone is in great demand, which is predicted to be the primary growth driver of the engineered stone market. Additionally, meteoric rise in the number of construction activities across the globe is predicted to boost the market further.
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Opportunities: The versatile characteristics of engineered stones and their limitless design potential is predicted to create numerous growth opportunities to the market in the forecast period. Along with this, the wide range of applications of these stones is expected to help the market to accelerate in the forecast period.
Restraints: Lack of heat resistance capacity, may hamper the growth trajectory of the engineered stone market.
Covid-19 Impact on the Engineered Stone Market
The Covid-19 pandemic has had a negative impact on several business and industries, including the engineered stone market. The main reason behind this is the lockdowns which were imposed in various countries. These lockdowns disrupted the global supply chains, thereby hampering the supply of raw materials as well as delivery of manufactured products. The quarrying activities were halted which disrupted the supply of raw materials, while the stoppage of construction activities killed the demand for engineered stones. This supply and demand side shock plummeted the growth rate of the market during the pandemic period.
Specific Requirements on Impact of COVID-19 on Engineered Stone Market? Connect with an Expert Analyst
Segments of the Engineered Stone Market
The report has divided the engineered stone market into a few segments based on type, application, end-use industry, and regional analysis.
- By type, the engineered quartz sub-segment of the engineered stone market is estimated to have the most dominating share by 2030. The various properties of engineered quartz such as abrasion resistance, elegance, etc. has made it immensely popular, and is hence used in various applications like flooring of commercial and residential structures. This growth in popularity is predicted to push the sub-segment forward.
- By application, the flooring sub-segment is expected to hold the largest market share by 2030. Engineered stones due to their longevity and enhanced property value are used extensively for flooring purposes, which is why this sub-segment is anticipated to grow handsomely in the forecast period.
- By end-use industry, the commercial sub-segment is anticipated to have a stunning growth rate by 2030, owing to the rise in construction of commercial spaces, which have engineered stones used in them. This growth in construction activities is predicted to push the market forward.
- By regional analysis, the engineered stone market in the Asia-Pacific region is predicted to be the fastest growing as well as the most dominant sub-segment by 2030. The presence of leading engineered stone producers like India and China along with growing number of construction activities due to rapid urbanization is anticipated to push the market in this region forward.
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Significant Engineered Stone Market Players
Some prominent market players of the engineered stone market are
1. LG Hausys
2.Johnson Marble & Quartz
3. Technistone A.S.
4. Caesarstone Ltd.
5. Belenco
6. Quarella Group Ltd
7. Quartzforms
8. Stone Italiana S.p.A
9. Vicostone
10. Diresco, among others.
These players are developing various business strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to gain a commanding position in the market. - Buy the full report here
For example, in September 2021, The Engineered Stone Group, a leading producer of engineered stone products, announced the acquisition of two of the Europe's leading manufacturers of bathroom products. These acquisitions are expected to help the acquiring company, i.e., The Engineered Stone Group to increase its footprint in the market substantially
The report also sums up various crucial facets including SWOT analysis, product portfolio, financial performance of the key market players, and the latest strategic developments.
More about Engineered Stone Market:
- Global Engineered Stone Market to Observe Extensive Growth with Growing Adoption of Engineered Stones in Construction Projects
- What Makes Engineered Stones a Good Option for Countertops Surfaces?
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