New York, USA, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global natural & engineered stone market is anticipated to generate a revenue of $109,888.2 million and grow at a CAGR of 5.7% throughout the forecast timeframe from 2022 to 2031.
As per our analysts, there has been rapid growth in the population in recent years. This leads to an increase in the need for homes and residential constructions all across the world. This growing demand for various construction activities is expected to fortify the growth of the natural & engineered stone market during the analysis period. Moreover, rapid urbanization and the increasing use of natural and engineered stones in commercial constructions such as hospitals and restaurants are further expected to propel the growth of the market sub-segment over the forecast period. Additionally, the growing development of smart cities and construction mega projects are predicted to create massive growth opportunities for the market throughout the analysis timeframe. However, the porous nature of natural stones and their various chemical compositions may hinder the growth of the market during the estimated period.
Segments of the Natural & Engineered Stone Market
The report has divided the market into segments based on type, application, end-use industry, and region.
Type: Engineered Stone Sub-Segment to be More Profitable
The engineered stone sub-segment accounted for generating the highest revenue in 2021. The increasing use of engineered stones in wet environments such as washrooms, bathtubs, and pools because they are immune to viruses and bacteria and nonporous is expected to augment the growth of the market sub-segment in the coming period.
Application: Flooring Sub-Segment to be Most Productive
The flooring sub-segment generated the dominant revenue in 2021. The rising use of natural stone flooring in residential, as well as commercial constructions for both indoor and outdoor flooring and providing beautiful and strong finish to homes, is predicted to foster the growth of the market sub-segment throughout the analysis timeframe.
End-Use Industry: Residential Sub-Segment to be Most Beneficial
The residential sub-segment has held the maximum market share in 2021. This segment is expected to witness progressive growth in the ahead years due to the rising construction activities in the residential building sector. In addition, engineered stones offer a wide variety of colors, sizes, and textures and are cost-effective, which is expected to fuel the growth of the market sub-segment over the forecast period.
Region: Asia-Pacific Region to Have Ample Growth Opportunities
The Asia-Pacific region of the natural & engineered stone market is predicted to hold the highest market share during the estimated timeframe. This is mainly due to the increasing need for engineered stones in civil works, wall cladding, and other uses across the region. Furthermore, the strong presence of leading engineered stone-producing countries is expected to drive the regional growth of the market over the forecast period.
Covid-19 Impact on the Natural & Engineered Stone Market
The rise of the novel coronavirus caused severe impacts on various industries. The natural & engineered stone market has also experienced a negative impact and faced many challenges to function during this period. To control the spread of the deadly virus, the natural & engineered stone industry's activities, administrative offices, and logistics were shut down. Moreover, the engineered stone manufacturers stopped their operations due to the imposed lockdown across several countries. In addition, the leading companies were unable to meet the demand from ongoing construction projects due to the shortage of workers. All these factors have declined the growth of the market during the period of crisis.
Key Players of the Natural & Engineered Stone Market
The major players of the natural & engineered stone market include
- Margraf Spa
- Johnson Marble & Quartz
- LG Hausys
- Levantina Asociados de Minerales S.A.
- Caesarstone Ltd.
- Dermitzakis Bros S. A.
- Cosentino S.A
- Dimpomar
- VICOSTONE
- ARO Granite Industries Ltd.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, collaborations and partnerships, and product development to acquire a leading position in the global industry.
For instance, in October 2022, The Engineered Stone Group, a global leader in engineered stone products announced its acquisition of Resiblock S.L., Baniana Bath S.L., and Bold The Solid Company S.L., a renowned Spanish manufacturer of engineered stone. With this acquisition, the ES Group aimed to expand its position in the engineered stone bathroom products space.
Further, the report also presents other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Natural & Engineered Stone Market:
- How do Natural & Engineered Stones Rule the Design Space in the Growing Era of Elegant Home Decor?
- Acquisitions like That of Unique Stone Concepts by Triton Stone Group to Boost the Growth of Global Natural Stone Market
