New York, United States, Dec. 25, 2023 (GLOBE NEWSWIRE) -- Global Engineered Stone Market Size is to Grow from USD 23.7 Billion in 2022 to USD 40.38 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.
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Engineered stone, also known as engineered quartz or composite stone, is a revolutionary advancement in construction and interior design. This synthetic material is crafted to replicate the natural beauty of stones like marble and granite while offering enhanced durability and versatility. It comprises crushed natural stone, typically quartz, bound together with resin and chemicals. Its applications span from kitchen countertops and bathroom vanities to flooring and wall cladding, gaining popularity due to its aesthetic charm, resistance to stains and scratches, and durability. The engineered stone market is transforming interior design and construction by providing an elegant, eco-friendly, and robust choice for both residential and commercial purposes, some even incorporating recycled materials to align with environmental concerns.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Engineered Stone Market Size, By Product (Tiles, Blocks & Slabs), By Application (Countertops, Flooring, Others), By Geographic Scope and Forecast 2022 – 2032"
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Engineered Stone Market Price Analysis
Price analysis in the engineered stone market is a dynamic process influenced by numerous factors. The cost of engineered stone is subject to variations based on factors such as the quality of raw materials, manufacturing techniques, and market competition. Due to the use of resins and advanced manufacturing, engineered stone can often be pricier than natural stone, but pricing also hinges on brand, design, and the materials employed. Sustainability and the surging demand for eco-friendly solutions play a role, as some consumers are willing to pay more for environmentally responsible engineered stone products. Striking the right balance in this industry's price analysis is essential, ensuring customers access quality while manufacturers maintain profitability in a competitive market.
Engineered Stone Market Distribution Analysis
Distribution analysis in the engineered stone market encompasses the intricate process of sourcing, manufacturing, and delivering these innovative materials to a diverse array of end-users. The primary actors facilitating the efficient flow of engineered stone products from manufacturing plants to construction sites and design projects include manufacturers, distributors, vendors, and construction professionals. Engineered stone is supplied to customers in both residential and commercial sectors through global distribution networks. As the market progresses, sustainable and environmentally responsible distribution strategies are gaining prominence, reflecting the industry's commitment to delivering high-quality products while minimizing environmental impact. Distribution analysis plays a vital role in maintaining supply chain integrity, crucial for meeting the increasing demand for engineered stone in construction and design applications.
Insights by Product
The blocks and slabs segment accounted for the largest market share over the forecast period 2023 to 2032. Engineered stone's popularity is attributed to its extensive use in high-end residential and commercial applications, delivering a seamless and elegant look. Blocks and slabs, commonly used for large surfaces like kitchen countertops and bathroom vanities, offer a smooth appearance without grout lines. Their adaptability to specific design requirements, combined with the increasing desire for stylish, low-maintenance countertops, is projected to boost demand.
Insights by Application
The countertops segment accounted for the largest market share over the forecast period 2023 to 2032. Engineered stone's popularity in household and commercial kitchens and bathrooms is due to its stain-resistant properties. It is a preferred material for countertops, valued for being nonporous and hygienic, suitable for food preparation and sanitation. With a variety of colors and finishes available, it complements design preferences and enhances the overall aesthetic and functionality of spaces.
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Regional Forecasts
North America is anticipated to dominate the Engineered Stone market from 2023 to 2032. The North American region, encompassing the United States and Canada, witnesses substantial demand for engineered stone products, primarily in the construction sector. Engineered stone, consisting of natural quartz, resins, and pigments, finds application in residential and commercial projects, including countertops, vanity tops, and flooring. The region's emphasis on aesthetically pleasing, durable surfaces in homes and the adaptability, low maintenance, and resistance to damage drive its popularity in both residential and commercial settings. Sustainability and eco-friendly practices are also gaining importance, leading to the introduction of engineered stone products with recycled components.
Asia Pacific is witnessing the fastest market growth between 2023 to 2032, due to its rapid economic growth and burgeoning construction sector, has been experiencing strong market expansion and is likely to continue growing. The Asia Pacific region, including China, India, Japan, and Southeast Asian nations, is a dynamic and competitive market for engineered stone products. Factors such as urbanization, infrastructure development, affordability, and a strong manufacturing base contribute to its growth. With a demand for modern and premium aesthetics in high-end residential and commercial applications, engineered stone is gaining popularity. Additionally, the increasing number of nuclear families and homes in the region further drive market expansion.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Companies Covered: LX Hausys, Johnson Marble & Quartz, Technistone A.S., Caesarstone Ltd., Belenco, Quarella Group Ltd., Quartzforms, Stone Italiana S.p.A., Cosentino S.A., VICOSTONE, Topzstone, SantaMargherita, Viatera USA, and Others.
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Recent Market Developments
- On March 2022, MTI Baths and Aquatica have been acquired by Engineered Stone Group (ES Group). In the United States, MTI Baths manufactures premium engineered stone, acrylic, hydrotherapy bathtubs, and solid surface, whereas Aquatica is a well-known company that specializes in high-end solid surface spas and bathtubs, primarily catering to the internet direct-to-consumer market in North America. The strategic move is likely to strengthen ES group's position in the US market.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Engineered Stone Market, Product Analysis
- Tiles
- Blocks & Slabs
Engineered Stone Market, Application Analysis
- Countertops
- Flooring
- Others
Engineered Stone Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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