Dublin, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The "Engineered Onyx Stone Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Engineered Onyx Stone Market was valued at USD 3.59 Billion in 2023, and is expected to reach USD 4.79 Billion by 2029, rising at a CAGR of 4.75%
The global engineered onyx stone market is being driven by a growing demand for aesthetically pleasing interior design. Engineered onyx stone is a versatile and visually stunning material that has gained immense popularity in the construction and interior design industry. Its unique translucent properties, intricate veining patterns, and a wide range of colors make it a preferred choice for architects, interior designers, and homeowners looking to create visually striking spaces.
One of the key drivers behind this demand is the increasing emphasis on creating spaces that are not only functional but also visually appealing. In today's world, interior design is not limited to just functionality; it has become a form of self-expression. People want their homes, offices, and public spaces to reflect their style and personality. Engineered onyx stone, with its luxurious and captivating appearance, fulfills this need effectively.
The use of engineered onyx stone in interior design allows for creative and innovative applications. Backlit onyx panels, for instance, create a mesmerizing ambiance by harnessing the stone's translucent qualities. This feature has become a hallmark in modern interior design, from high-end residences to commercial spaces like hotels, restaurants, and luxury retail stores. It is also increasingly used in spa and wellness centers to create a soothing and luxurious atmosphere.
Another factor contributing to the demand for engineered onyx stone is the growth of the luxury real estate market. High-net-worth individuals and property developers are constantly seeking unique and premium materials to enhance the value of their properties. Engineered onyx stone fits the bill perfectly, offering exclusivity and a touch of opulence to interior spaces. This demand is particularly prominent in regions with a booming luxury real estate sector, such as the Middle East and Asia.
The increasing demand for aesthetically pleasing interior design is a significant driver of the global engineered onyx stone market. This trend is likely to continue as consumers and professionals in the design and construction industry recognize the unique visual appeal and creative possibilities offered by this remarkable stone.
Segmental Insights
Application Insights
The Building & Construction segment dominated the market in 2023. The building and construction segment is a significant contributor to the engineered onyx stone market. Engineered onyx is highly sought after in the construction industry due to its unique aesthetics, durability, and versatility.
Engineered onyx stone is used for creating visually striking interiors in both residential and commercial properties. Applications include kitchen countertops, bathroom vanities, backsplashes, and flooring. The stone's unique appearance and translucency make it an attractive choice for luxury interiors. Engineered onyx stone is used for architectural features such as feature walls, facades, and columns. Its luxurious appearance adds an element of opulence to building projects, making it a favored choice for high-end real estate developments. The translucency of engineered onyx stone, when combined with backlighting, creates captivating visual effects. This makes it a popular choice for creating elegant and distinctive spaces, including bars, restaurants, and spa areas.
The Middle East is known for its luxury real estate market, and engineered onyx stone is a preferred choice for both interior and exterior applications in high-end projects, such as hotels, resorts, and residential developments. In North America, engineered onyx stone is widely used in high-end residential and commercial properties. It is sought after for upscale kitchen and bathroom applications, as well as for creating elegant interior spaces.
The building and construction segment is a vital and growing component of the global engineered onyx stone market. Its unique qualities, such as translucency, durability, and luxurious appearance, position it as a favored material for creating visually stunning interiors and architectural features. As the demand for high-end and sophisticated construction and interior solutions continues to rise, the building and construction segment is expected to remain a major driver of market growth.
Regional Insights
Asia Pacific emerged as the dominating region in 2023, holding the largest market share. The Asia-Pacific region represents a substantial market for engineered onyx stone, driven by its large population, economic growth, and increasing urbanization. As urban areas expand, there is a growing demand for high-end construction and interior design materials, including engineered onyx stone.
The market for engineered onyx stone in the Asia-Pacific region has been experiencing significant growth. This growth is attributed to the rising disposable income levels, changing lifestyle preferences, and an increasing focus on creating visually stunning and luxurious living and commercial spaces.
The expanding middle class in Asia-Pacific countries has led to a surge in demand for premium and luxurious interior design materials. Engineered onyx stone, with its opulent appearance, is increasingly being chosen for high-end residences, hotels, and commercial spaces. The construction industry in Asia-Pacific is booming, with numerous architectural projects and luxury real estate developments.
Engineered onyx stone is a favored choice for creating distinctive and visually appealing interiors and exteriors in these projects. Asia-Pacific is a major destination for tourism and hospitality. High-end hotels, resorts, and restaurants often incorporate engineered onyx stone in their designs to create a sense of luxury and sophistication, presenting significant growth opportunities for the market.
The region has witnessed advancements in manufacturing and technology, enabling local production of engineered onyx stone. This has led to increased availability and reduced costs, making it more accessible to a broader range of customers.
The Asia-Pacific market for engineered onyx stone is experiencing robust growth, driven by factors such as rapid urbanization, a growing middle class, and a thriving construction and hospitality industry. As the region continues to develop and modernize, the demand for engineered onyx stone is likely to remain on an upward trajectory, making it a vital segment within the global market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 180 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $3.59 Billion |
| Forecasted Market Value (USD) by 2029 | $4.79 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Engineered Onyx Stone Market.
- Cosentino Global, S.L.U.
- Caesarstone Ltd.
- Cambria Company LLC
- Hanwha Group
- LX Hausys, Ltd.
- Xiamen Optimum Stone Co., Ltd.
- Technistone, s. r. o.
- Diresco NV
- Custom Marble Inc
Report Scope:
Engineered Onyx Stone Market, By Colour:
- Black
- White
- Red
- Others
Engineered Onyx Stone Market, By Structure:
- Calcite
- Quartz
- Aragonite
- Others
Engineered Onyx Stone Market, By Application:
- Building & Construction
- Interior Designing
- Artificial Jewellery
- Others
Engineered Onyx Stone Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Netherlands
- Belgium
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Malaysia
- South America
- Brazil
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/plhxga
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