The Engineered Stones Market is projected to reach USD 36.5 billion by 2030,
growing at a CAGR of 5.5% from USD 23.4 billion in 2023. Engineered stones,
known for their impermeable nature and long-lasting properties, are increasingly
being used in various applications, including hospital kitchens, cafeterias, and
commercial buildings.
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Key Trends Driving Market Growth
1. Applications in Commercial Spaces: The suitability of engineered stones
for use in high-traffic areas such as hospitals and commercial buildings is a
key trend anticipated to fuel market growth. Their impermeable nature and
long-lasting properties make them ideal for such applications.
2. Demand for Low-Maintenance Materials: As urbanization progresses and
construction activity increases, there is a growing demand for building
materials that are long-lasting, visually attractive, and low-maintenance.
Engineered stones meet these criteria, contributing to their increasing
popularity.
3. Emphasis on Sustainability: The market is being supported by a wide array
of colors, designs, and textures available, alongside the growing emphasis on
sustainable and environmentally friendly building materials. Engineered
stones are increasingly being accepted as environmentally friendly
alternatives to natural stones like marble and granite.
4. Dominance of Blocks & Slabs: In 2023, the blocks and slabs category
dominated the industry due to its ease of installation and maintenance. This
trend is expected to continue, driving market growth.
5. Countertops Segment: The countertops segment is anticipated to dominate
the global market due to its stain-resistant properties and the wide range of
design, color, and texture options available. This makes engineered stone
countertops a preferred choice over natural stone.
6. Regional Market Insights: The Asia Pacific region is anticipated to account
for the largest share of the global engineered stone market, driven by
increasing demand for energy-efficient construction solutions and the
presence of key industry players. North America is also witnessing growth due
to the growing trend of home renovation and remodeling activities.
Key Growth Determinants
1. Rapid Infrastructure Developments: The engineered stone market is
anticipated to witness growth propelled by increasing infrastructure
development initiatives. For instance, in September 2021, the Indian
government unveiled road projects valued at INR 1 lakh crore (USD 13.48
billion) to enhance road infrastructure in Jammu and Kashmir. Similarly, the
Chinese government earmarked USD 30 billion for infrastructure development
in Tibet in December 2021.
2. Urbanization and Residential Growth: Rapid urbanization, particularly in
emerging economies, coupled with the expansion of residential sectors, is
driving significant demand for engineered stones. According to the World
Bank, urban dwellers currently make up 56% of the global population, totaling
4.4 billion people. This trend is expected to persist, with urban populations
more than doubling by 2050.
3. Rising Consumer Preference: Engineered stone possesses superior
characteristics such as exceptional strength, durability, and resistance to
scratches, stains, and chemicals, making it a low-maintenance choice for both
residential and commercial settings. Its extensive array of colors, designs, and
textures, along with its customizability, further enhances its allure.
Major Restraints
1. Rising Material Costs: Construction costs are projected to increase due to a
surge in material expenses. For instance, in Canada, prices for lumber and
sawmill products soared by 14.6% in January 2022, following a substantial
surge of 31.8% in December 2021. Similarly, the average cement price across
India surged by over 10% as of March 22, 2022.
2. Environmental and Health Concerns: The incorporation of resins and
additives during the production phase can lead to the emission of volatile
organic compounds (VOCs), posing significant environmental and health
risks. Prolonged exposure to UV radiation can exacerbate these concerns,
potentially resulting in the gradual discoloration and weakening of engineered
stones over time.
Key Trends and Opportunities
1. Booming Construction Sector: The ongoing expansion of the global
building and construction industry offers abundant growth opportunities. In the
United States, construction spending across various sectors is projected to
increase by a minimum of 5% in 2023. Similarly, China's construction market
surpassed CNY 29 trillion (USD 4.21 trillion) in output in 2021, fueled by rapid
urbanization.
2. Demand for Durable and Visually Appealing Materials: Engineered stone
presents an attractive solution for architects, builders, and homeowners
seeking a blend of durability and visual appeal. The growing focus on
longevity and resilience in construction endeavors has spurred the increased
adoption of engineered stones.
3. Versatile Range of Attributes: The versatile attributes of engineered stones,
including their enduring charm and captivating beauty, are projected to draw
substantial growth prospects. Recent advancements in the quarrying,
extraction, and fabrication processes have enhanced their usability and
durability.
Regional Outlook
The Asia Pacific region maintained its dominance during the historical period,
attributed to the abundance of engineered stone manufacturers in countries such as
China and India. Rapid economic growth in China has significantly reshaped the
market landscape, with China now boasting the highest number of producers and the
largest overall production volume. Conversely, the North America region is projected
to experience the most rapid growth rate in the coming years, driven by increasing
demand for energy-efficient construction solutions and growing renovation activities.
Competitive Landscape
The global engineered stone market is a consolidated market with fewer major
players present across the globe. Market players are actively investing in research
and development (R&D) endeavors aimed at introducing innovative products with
enhanced performance attributes. Emphasis is placed on customization options,
including a wide array of colors and patterns, to align with the changing design
preferences of consumers. Sustainability has emerged as a pivotal focal point,
prompting companies to integrate eco-friendly practices into their manufacturing
processes.
Key Players
1. Cambria
2. Caesarstone
3. Cosentino Group
4. DuPont
5. Hanwha L&C Corporation
6. Diresco
7. Compac
8. LG Hausys
9. Pokarna Limited
10. Teltos Quartz Stone
Market Segmentation
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
By Product Type:
o
Tiles
o
Blocks & Slabs
By Application:
o
Countertops
o
Flooring
o
Miscellaneous
By Geographic Coverage:
o
North America (U.S., Canada)
o
Europe (Germany, U.K., France, Italy, Turkey, Russia, Rest of Europe)
o
Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of
Asia Pacific)
o
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
o
Middle East & Africa (GCC, South Africa, Egypt, Nigeria, Rest of the
Middle East & Africa)