Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "Global Engineered Stone Countertops Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Despite a contraction in demand in 2023, the engineered stone countertops market exhibits a steadfast trajectory for growth. Projections indicate an uptrend with a 5.4% annual increase, expecting to reach a landmark figure of 97 million square meters valued at $9.1 billion by the year 2028. This positive outlook is largely driven by escalating adoption in the Asia/Pacific and Africa/Mideast regions and a robust increase in consumer spending on home remodeling, particularly in developed economies.
Market Dynamics and Competitive Landscape
The engineered stone market is facing competition from porcelain slab countertops, yet holds promising growth potential due to a variety of factors. A key contributor to the expansion includes the introduction of diverse color offerings that align with prevailing design trends. In addition to color variety, the plentiful supply of cost-effective quartz slabs from regions like Africa/Mideast and India is instrumental in driving the market forward. Despite the challenges posed by a comprehensive ban in Australia on engineered stone products attributed to silicosis concerns, industry leaders have been adapting by investing in product innovation to decrease silica content.
Indian Market Poised for Rapid Expansion
India is identified as a hotspot for market growth, with projections indicating nearly a 20% rise annually through 2028. The substantial upsurge in Indian manufacturing capabilities, alongside increasing disposable incomes and a flourishing construction sector, positions the country as a cornerstone for future market progression in engineered stone.
Insights into Regional Demand and Production
Despite setbacks in the US market, North America maintained a significant share of global demand in 2023, accounting for 32%. On the production front, the Asia/Pacific region dominated, with key contributions from China, South Korea, India, and Vietnam. The production landscape in Western Europe, led by Spain, also holds considerable clout within the engineered stone sector.
Future Pricing and Construction Trends Impacts
The marketplace forecasts a rise in the average price of engineered stone countertops through 2028. Although premium, high-quality options like Breton-engineered stone continue to influence the higher end of the spectrum, increased production from regions with lower costs is expected to create a balanced dynamic in pricing patterns.
This market resilience is further bolstered by a favorable global building construction outlook. Inflation-adjusted global building construction expenditures anticipate augmentation, with notable contributions from the African/Mideast and Asian nations, promising a fertile environment for engineered stone countertop application across various residential and commercial constructs. Consumer inclinations towards durability, aesthetics, and cost-effectiveness continue to pivot pivotal roles in market development, evidenced by the growing preference for engineered quartz in settings requiring substantial countertop space.
Comprehensive Market Perspective
The engineered stone countertops market continues to adapt and refine in response to changing regulatory environments, technological advancements, and evolving consumer tastes, heralding a robust market presence and strategic growth opportunities in the global landscape.
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