Natural & Engineered Stone Market by Type (Natural Stone (Granite, Marble, Limestone, Travertine, and Others) and Engineered Stone (Engineered Quartz, Polymer Concrete, Engineered Marble Stone)), Application (Flooring, Wall Cladding, Cut-to-size Items, and Others), End-use Industry (Commercial and Residential), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031

Residential Construction and Improvement

CM23028608

Pages: 280

Feb 2023

Reports Overview

Global Natural & Engineered Stone Market Analysis

The Global Natural & Engineered Stone Market Size is predicted to be valued at $109,888.2 million by 2031, surging from $60,207.1 million in 2021, at a CAGR of 5.7%.

Market Synopsis

Natural stones are made up of complicated natural formations that use a variety of earth-quarried materials, including granite, limestone, quartzite, marble, slate, sandstone, onyx, and travertine. Since no two natural stones are exactly the same, natural stones are renowned for their distinctiveness, aesthetic appeal, texture, color, and composition. Natural stones are used in a wide variety of large-scale projects, including the construction of churches, governmental buildings, and monuments. Brick and wood were historically considered to be the only viable options for home construction projects. However, natural stone is now frequently used in residential construction due to its exceptional structural and aesthetic qualities. Natural stone is frequently used in residential constructions for fireplaces, countertops, baths, and entryways. Engineered stones, such as engineered quartz, find a wide range of uses in different areas, including residential buildings, flooring & wall cladding, and others. Engineered stones are highly strong and durable and have endless design potential. Due to all these factors, the natural & engineered stone market share is experiencing tremendous growth.

In natural stone, staining is the most common problem which occurs over time. Hence, it is important to regularly polish natural stone's surface. Also, bacteria can enter their holes and cracks as these stones are porous, making it challenging to clean the surface. These factors are expected to hinder the growth of the natural & engineered stone market growth during the forecast period.

Natural & engineered stones’ diverse properties, such as sturdy construction and beauty, are expected to increase the demand for these stones. Whether it is an architectural design structure like sculptures, natural & engineered stone enhances the elegance and attractiveness of the sculpture. Also, the methods employed by natural and engineered stone industry companies, such as acquisition, are revolutionizing the natural and engineered stone market. For instance, in April 2022, Evans Limestone, a renowned supplier of Indiana limestone, was acquired by Polycor Inc., a significant natural stone quarrier firm based in Canada. In addition, an increase in the import-export of natural & engineered stones is expected to create excellent growth opportunities for the key players operating in the market.

According to regional analysis, the natural stone & engineered stone market in Asia-Pacific is expected to generate considerable market share during the forecast period. The regional growth is attributed to growing construction activities and remodeling activities in both commercial and residential sectors which have boosted natural & engineered stone demand.

Natural & Engineered Stone Overview

Engineered stone is a material that is made out of crushed stone that has been bonded together using adhesive and other materials. These stones are available in a variety of colors, textures, and sizes. Also, these engineered stones can be customized according to the choice of the customer and requirements. Natural stones are well known for their beauty and the impression of peaceful tranquility they produce. Natural stones have aesthetic appeal in addition to being more durable than other building materials like wood, as they can be long-lasting without any maintenance.

COVID-19 Impact on Natural & Engineered Stone Market

The global crisis caused by the COVID-19 pandemic has negatively affected the natural & engineered stone market and brought real challenges to its functioning. For instance, to control the spread of coronavirus, the natural & engineered stone industry's activities, logistics, and administrative offices had to stop operating. The engineered stone manufacturers had to completely shut down their operations due to the lockdown that was imposed across several countries, which resulted in an economic crisis and job losses. The enterprises were unable to meet the demand from ongoing critical construction projects such as the construction of hospitals due to the lockdown and social distancing restrictions imposed by governments around the globe resulting in transportation limitations and employees' unwillingness to work. All these factors have negatively impacted the natural & engineered stone market size during the pandemic.

Increase in Construction Activities, Worldwide, to Drive the Market Growth

Rapid urbanization around the world is likely to drive the natural and engineered stone market growth. The need for homes and residential constructions has increased as a result of the population's rapid growth. Natural and engineered stones are used in a range of applications such as the interior of the home, including the kitchen, bathroom, living room, and others. Also, engineered stone is a great option for commercial applications like restaurants and hospitals because of its nonporous nature, and antibacterial and antifungal qualities. In addition, natural stones are incredibly strong and robust, making them a preferred stone for commercial projects like the construction of sculptures and renovations of old monuments and structures. For instance, according to a report published on March 22, 2022, by Digital Builder, an online magazine publishing information on buildings and construction work, approximately 1.55 million new house constructions are planned in the U.S., annually. All these properties and an increase in applications of natural stone & engineered stones are predicted to drive the natural & engineered stone market revenue growth in the upcoming years.

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

Porous Nature of Natural Stone & Various Chemical Compositions to Restrain Market Growth

Natural stone is extracted straight from mines in its natural state, resulting in a stone with varying chemical compositions and natural grain patterns. Natural stones tend to be porous and easily absorb stains. These natural materials need to be thoroughly sealed, and all of the pores in the stone need to be sealed with resins. The fragility and brittleness of some stones make them more prone to breaking and chipping. Some stones that break easily include onyx, travertine, and Italian marble. These factors are likely to hinder the natural & engineered stone market size growth during the forecast period.

Increase in the Use of Natural and Engineered Stones in Various Activities Such as Construction to Generate Enormous Opportunities

The building & construction sector has experienced remarkable growth because of the recent acceleration of urbanization, the development of smart cities, and the development of large-scale projects. In recent years, the building and construction industry has experienced substantial growth as a result of urbanization, smart city development, and construction megaprojects. In the residential and commercial sectors, natural stones like marble, granite, and others are frequently utilized for infrastructure projects, and rebuilding and renovation projects. One of the most widely utilized natural stones, marble is used to create a variety of items, including fireplaces, worktops, fountains, and kitchen countertops. The finest aesthetic option for kitchen countertops is marble, which is heat resistant to extreme levels, minimal maintenance, and is attractive. marble's most remarkable quality is that it allows for the utilization of strong colors without detracting from the room's overall design. All these factors are anticipated to create several growth opportunities for the major players operating in the market during the forecast period.

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

Global Natural & Engineered Stone Market, by Type

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