New York, USA, July 25, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global engineered stone market is predicted to garner $39,410.8 million and grow at a 5.0% CAGR over the forecast period from 2021-2030. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2030. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Engineered Stone Market
Drivers: The wide range of applications of engineered stones and their versatile characteristics like high durability, high strength, creativity, and limitless design potential are some factors projected to drive the growth of the global engineered stone market during the forecast period. Additionally, recent advancements in engineered stone extraction, quarrying, and fabrication process is also estimated to boost the market growth by 2030.
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Opportunities: Surging construction activities worldwide due to rapid urbanization and development of smart cities along with the significant use of engineered stone in commercial and industrial infrastructure projects are some factors anticipated to offer abundant growth opportunities for the global engineered stone market by 2030.
Restraints: The lack of heat resistance capacity of engineered stone is expected to hamper the market growth.
Covid-19 Impact on the Engineered Stone Market
The Covid-19 pandemic has had a negative impact on the global engineered stone market due to delayed infrastructural projects and suspended logistics activities and other operations like processing facilities, quarrying activities, and administrative work. In addition, governments across the world imposed strict lockdowns and travel restrictions to contain the corona virus spread. This led to reduced labor force and the shutdown of multiple engineered stone manufacturing units. Moreover, companies were unable to meet the growing constructional demands due to import-export restrictions, thus decreasing the need for engineered stones and hindering the market revenue.
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Segments of the Engineered Stone Market
The report has divided the engineered stone market into multiple segments based on type, application, end-use industry, and regional analysis.
Type: Engineered Marble Stone Sub-segment to Have the Highest Growth Rate
The engineered marble stone sub-segment is predicted to have the highest growth rate during the forecast period. This growth rate is mainly attributed to its eco-friendly property since it uses less petroleum. In addition, the multiple applications of engineered marble stone like in flooring, backsplash tiles, and kitchen worktops is also projected to bolster the sub-segment’s growth by 2030.
Application: Flooring Sub-segment to be Highly Dominant
The flooring sub-segment of the global engineered stone market is estimated to hold a dominant market share during the 2021-2030 analysis years due to enhanced beauty, longevity, and better property value of engineered stones. Mostly, engineered marble stone and Caesarstone are the most common engineered stones used for flooring in both residential and commercial sectors. These factors are anticipated to propel the sub-segment’s growth during the forecast period.
End-use Industry: Commercial Sub-segment to be Highly Progressive
The commercial sub-segment of the global engineered stone market is expected to have the largest market share during the analysis timeframe due to growing construction activities in the commercial building sectors. Moreover, the sector is also witnessing increasing demand for engineered stones since they’re less expensive, offer variety in texture, color, and size. These factors are predicted to augment the sub-segment’s growth by 2030.
Region: Market in the Asia-Pacific Region to Have a Significant Growth Rate
The engineered stone market in the Asia-Pacific region is projected to hold a prominent market share and exhibit the highest growth rate by 2030 due to rapid urbanization and industrialization that has led to surging construction activities. Moreover, presence of the leading engineered stones manufacturing countries like India and China along with the wide range of applications of engineered stones like memorial arts, wall cladding, flooring, etc. are some other factors estimated to uplift the market growth in the Asia-Pacific region.
Key Engineered Stone Market Players
Some key engineered stone market players include
- Stone Diresco
- Italiana S.p.A
- Belenco
- Johnson Marble & Quartz
- Vicostone
- Caesarstone Ltd.
- Quartzforms
- Technistone A.S.
- Quarella Group Ltd
- LG Hausys, among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth. – Buy the Full report here starting at $2999 (Read-Only)
For example, in January 2021, Caesarstone US, a global manufacturer of high-quality engineered quartz surfaces, announced its strategic acquisition of Omicron Granite & Tile, a renowned provider of onyx, marble, and granite slabs, to expand its footprint in the North America region and increase its distribution network. Through this acquisition, Caesarstone would also get seventeen new locations to operate and present its leading engineered quartz surfaces.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Engineered Stone Market:
- Global Engineered Stone Market to Observe Extensive Growth with Growing Adoption of Engineered Stones in Construction Projects
- What Makes Engineered Stones a Good Option for Countertops Surfaces?
