New York, USA, March 13, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global engineered stone market is predicted to rise at a tremendous CAGR of 5.0%, thereby garnering a revenue of $39,410.8 million in the 2021-2030 timeframe. This integrated report presents a brief outlook of the current framework of the engineered stone market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2030. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Wide range of application of engineered stone in residential places, flooring and cladding, kitchen countertops, fireplaces, etc. is expected to become the primary growth driver of the engineered stone market in the forecast period. Moreover, the versatile characteristics of engineered stones such as timeless appeal and immense beauty is expected to help the market grow substantially in the forecast period.
Opportunities: Massive surge in construction activities across the globe is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, recent advancements in engineered stone quarrying, extraction, and fabrication process are estimated to push the market forward.
Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to lack of heat resistant capacity of engineered stones which might prove to be a restraint for the engineered stone market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The engineered stone market, too, faced a negative impact of the pandemic. The lockdowns and travel restrictions virtually halted all the mining, quarrying, and extraction activities. Also, the demand for engineered stones reduced drastically due to stoppage of construction activities all across the world. These two factors plummeted the growth rate of the market.
Segments of the Market
The report has divided the engineered stone market into certain segments based on type, application, end-use industry, and region.
Type: Engineered Quartz Sub-segment to be Highly Dominant
By type, the engineered quartz sub-segment accounted for the highest market share in 2021 and is expected to continue on this growth trajectory in the forecast period. Quartz is used extensively in both, residential and commercial spaces due to its advantages like outstanding hardness, abrasion resistance, and elegance, etc. This increasing utilization is predicted to boost the growth of this sub-segment in the forecast period.
Application: Flooring Sub-segment to Generate Significant Revenue
By application, the flooring sub-segment was one of the most profitable in 2021 and is predicted to continue its dominance during the analysis timeframe. Increased usage of engineered stone for flooring purpose is predicted to push the sub-segment forward in the forecast period.
End-Use Industry: Commercial Sub-segment to be the Most Lucrative
By end-use industry, the commercial sub-segment is expected to be the most lucrative sub-segment by 2030. The less expensive nature of engineered stones has led to an increase in demand from the commercial construction sector. This surge in demand is predicted to be the main factor behind the growth of this sub-segment in the forecast period.
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Market in the Asia-Pacific Region to be Most Profitable
By regional analysis, the engineered stone market in Asia-Pacific region is expected to grow with a fascinating CAGR by 2030, thereby becoming the most profitable sub-segment. Growing construction activities owing to rapid urbanization & industrialization is expected to be the main growth driver of the market in the forecast period.
Prominent Market Players
Some of the prominent players of the engineered stone market are
- LG Hausys
- Belenco
- Stone Italiana S.p.A
- Johnson Marble & Quartz
- Quarella Group Ltd
- Vicostone
- Technistone A.S.
- Quartzforms, Diresco
- Caesarstone Ltd
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in October 2022, The Engineered Stone Group, a global leader in engineered stone products, announced the acquisition of Resiblock, a leading engineered stone products manufacturer based in Spain. This acquisition is expected to push the market share of the acquiring company substantially in the coming few years- Inquire here to grab full report
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Engineered Stone Market:
- What Makes Engineered Stones a Good Option for Countertops Surfaces?
- Global Engineered Stone Market to Observe Extensive Growth with Growing Adoption of Engineered Stones in Construction Projects
