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Engineered Stone Market Expected to Reach $35.1 Billion by 2031—Allied Market Research

 
2022
Engineered Stone Market

Report Code : A17116

quote The market for engineered stone is expanding due to increased demand for eco-friendly products, a more aesthetic and durable alternative to natural stones, and rise in demand for upscale countertops. The growing construction industry especially in developing countries like China and India will further boost the demand for engineered stone. however, high manufacturing cost for engineered is hindering the demand for engineered stone. quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Engineered Stone Market," was valued at $21.1 billion in 2021, and is estimated to reach $35.1 billion by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

Engineered stone is a composite material made of crushed stones bound together by an adhesive to create a solid surface. Engineered stones include engineered quartz, polymer concrete, and engineered marble stone. Engineered stones look like natural stones but the one difference is that the texture is much more uniform in color and pattern. The method that natural stones are manufactured in the soil gives them a variety of color and patterns. The appearance of each slab is more consistent due to the manufacturing process used to create quartz. . One of the benefits of this is that the items used in the kitchen can fit together perfectly. Manufacturing color options can be broader when using pigment. Another advantage of engineered stone is that it is non-porous, unlike its natural stone counterparts. Quartz is stained resistant because there are no pores or small holes on its surface that allow liquid to seep into it and stain the stone. Unlike granite or marble, which require a sealant to keep them looking their best, porcelain is a low-maintenance option for busy homeowners. It is non-porous, meaning it resists fungal and bacterial growth, making it a great option for commercial applications such as resins.

Applications of engineered stone include:

  • Tiles for flooring with the advantage of particularly thin tiles (up to 6 mm in size for a 300 x 300 mm tile).
  • Interior coverings: sizes and thickness as required, within the maximum size limits of the slabs; the surface finish may be polished, honed, sand blasted and others.
  • Countertops for bathrooms: the dimensions of the slabs, special washbasins can be produced without joints, up to a length of 3 meters, for use in the public facilities.
  • Floating floors: Engineered Stone is suitable for the realization of raised access floors with all the systems available on the market, either through the production of panels by means of lamination with slabs of reduced thickness, or by using slabs of higher thickness.
  • Other building components: Engineered Stones are also suitable for the production of skirting, risers, back splashes, door frames, window-sills, steps and other building components.

Owing to these properties, engineered stone finds application in a wide range of industries, including construction, life-style, health sector and commercial sector.

Engineered stones are environmentally friendly because 94% of its composition consists of crushed leftover stone from quarries or natural stone beds. The global engineered stone market is being driven by increase in demand for environment-friendly and sustainable building products for a variety of applications including kitchen worktops, flooring, raised flooring, internal cladding, vanity tops, and bathroom furnishings for residential and commercial construction projects. Engineered stone contains polymeric resins, which are not UV stable, causing the stone to discolor and the resin binder to break down. Over time, engineered stone loses its flexural strength due to the binding agents' continued hardening from exposure to UV radiation. As a result, these stones are unsuitable for outdoor use. This can hamper the growth of engineered stone market. Cement adhesives for engineered stone are in high demand since they are non-allergenic and inert bonding agents. This may create attractive chances for the market's manufactured stone makers.

The engineered stone market is segmented on the basis of product, application and region. On the basis of product, the market is categorized into tiles, blocks, and slabs. On the basis of application, the market is categorized into countertops, flooring and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Major players operating in the global engineered stone market are A.St.A. WORLD-WIDE, Belenco, Caesarstone Ltd., Cosentino S.A., Granite & Marble Specialties, H & R Johnson, LX Hausys, Q.R.B.G.s.r.l., Quartzforms, SantaMargherita,, Silestone, Stone Italiana S.P.A., Technistone s.r.o, Topzstone, VICOSTONE. Other players operating in the engineered stone market are RMS, Diresco, Viatera USA.

Key findings of the study

  • Depending on product, the Blocks and Slabs segment is expected to grow at a CAGR of 5.3%, in terms of revenue, during the forecast period.
  • Depending on application, the countertops segment is expected to grow at a CAGR of 5.2%, in terms of revenue, during the forecast period.
  • Region wise, Asia-Pacific garnered a share of 6.2% in 2021 in terms of revenue owing to increased in demand from construction industry.
  • Japan hold 18.2% market share and South Korea holad 6.2% market share in Asia-Pacific region.

IMPACT OF COVID-19 ON THE GLOBAL ENGINEERED STONE MARKET

  • The rapid spread of COVID-19 has negatively affected the engineered stone market expansion.
  • The COVID-19 pandemic has caused damage on global supply networks, delaying construction projects in major economies globally.
  • The majority of construction and renovation activities stopped between mid-2020 and 2021 as a result of COVID-19's negative effects on the engineered stone market.
  • The situation is expected to improve owing to relaxation of pandemic restrictions and global trade limitations, hence restoring the industry's future growth.
 

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quote Engineered Stone Market by Product Type (Blocks and Slabs, Tiles), by Application (Countertops, Flooring, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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