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

Residential Construction and Improvement

CM22078585

Pages: 235

Jul 2022

Reports Overview

Global Engineered Stone Market Analysis

The global engineered stone market is predicted to be valued at $39,410.8 million by 2030, surging from $23,579.4 million in 2021, at a noteworthy CAGR of 5.0%.

Market Synopsis

Engineered stone market is gaining huge popularity as engineered stones such as engineered quartz find wide range of applications in many different areas including residential places, kitchen countertops, flooring & wall cladding, fireplaces, and others. Engineered stones have limitless design potential, creativity, and exhibit high strength & durability.

However, lack of heat resistance capacity in engineered stone is likely to restrain engineered stone market size growth in the predicted timeframe.

The versatile characteristics of engineered stones such as timeless appeal and immense beauty are estimated to attract huge growth opportunities. Engineered stone adds elegance and aesthetic to any space whether it is an architectural design or ornamental design structures such as statues. In addition, recent advancements in engineered stone quarrying, extraction, and fabrication process such as sandblasting, 3D modeling, and detailed surface work have made engineered stones easier to use and durable which is anticipated to boost the engineered stone market share during the analysis timeframe.

According to regional analysis, the engineered stone market for Asia-Pacific region generated considerable market share in the forecast time period from 2021-2030. The regional growth is attributed to growing construction activities and remodeling activities in both commercial and residential sectors which has boosted engineered stone market demand.

Engineered Stone Overview

Engineered stone is created using aggregates of granite, quartzite, or other natural stones along with a blend of resins and colors. Engineered slabs are made up of 90% pulverized natural quartz and a very little amount of polyresin (around 10%). The brand and manufacturer affect the percentages. In addition to being nonporous and resistant to bacteria and viruses, engineered stone has many other excellent qualities. Additionally, engineered stone is considered as one of the fastest-growing surfacing materials.

COVID-19 Impact on Engineered Stone Market

The global crisis caused by COVID-19 pandemic has negatively affected the engineered stone market and brought real challenges for its functioning. For instance, the quarry activities, processing facilities, logistics, and administrative offices in engineered stone industry had to suspend their operations to contain the pandemic. The lockdown imposed across various countries forced the engineered stone manufacturers to go into complete lockdown mode that led to economic crisis and laying off employees. The companies were unable to meet the demand from ongoing essential construction projects such as building of hospitals due to transport restrictions and reluctance of workers to work due to the fear of COVID-19 virus. The import-export of engineered stone was negatively impacted that has led to drastic decline in the demand from domestic and foreign market. All these factors have negatively impacted the engineered stone market size during the pandemic.

Wide Range of Applications of Engineered Stone to Drive the Market Growth

Engineered stone finds variety of applications in the interior spaces of home such as kitchen, bathroom, living room, and others. Also, engineered stone’s nonporous nature, combined with its antifungal and antibacterial properties, make it a fantastic choice for commercial applications like restaurants and doctor's offices. Apart from this, engineered stones have tremendous strength and hardness which makes it even a popular stone for commercial purposes such as offices and commercial malls. Engineered stones generally have hardness of 7 out of 10 and can withstand scratches from tempered steel, iron, and glass. Examples of such stones include Quartz and FriTech from Lucciare. Apart from strength and porosity, engineered stones are difficult to stain with any color material which marks it a perfect choice for kitchen countertops. All these properties and applications of engineered stones are predicted to drive engineered stone market revenue growth in the coming time period.

To know more about global engineered stone market drivers, get in touch with our analysts here.

Lack of Heat Resistance Capacity of Engineered Stone to Restrain Market Growth

Engineered stone has the disadvantage of not being as heat resistant as natural stone like quartzite or granite. Given that it is made of a combination of stone and resin, exposure to intense heat (such as a hot pan straight from the stove or oven) may weaken or damage the material's surface, making it more prone to splitting. This factor is likely to hinder engineered stone market size growth in the anticipated time span.

Sharp Rise in Construction Activities Across the World to Generate Enormous Opportunities

The building & construction sector has experienced remarkable growth as a result of the recent acceleration of urbanization, the development of smart cities, and the development of large-scale projects. Engineered stones like Engineered Quartz and Caesarstone are often used in the residential and commercial sectors for infrastructure upgrades, as well as for construction and remodeling projects. Due to its attractiveness and ease of maintenance, it is frequently used for table tops, wall claddings, floors, vanity tops, wainscot, and other surfaces. The advent of more environmentally friendly choices for construction or decoration is further likely to speed up the expansion of the engineered stone market in the future.

To know more about global engineered stone market opportunities, get in touch with our analysts here.

Global Engineered Stone Market, by Type

Based on type, the market has been divided into engineered quartz, polymer concrete, and engineered marble stone. Among these, the engineered quartz sub-segment accounted for the highest revenue share in 2021 and engineered marble stone is estimated to show the fastest growth during the forecast period.