Stone veneer is a construction material which is used as decorative finishing material. It is manufactured from stone veneer siding and is made from Portland cement and iron oxide pigments for coloration. It is a type of siding that looks more like a natural stone. Cement, iron oxide, pigment, and melted aggregates are mixed together to form stone veneer. It is majorly used for domestic construction as it is light weight.
Market Scope and Structure Analysis
Stone veneer is a thin layer of any kind of stone which are used as decorative material. It is natural and comes in its purest form, little maintenance is required and also it greatly enhances the interior and exterior of the building. Stone veneers are produced in bulk, which means these are priced slightly lower. Awareness of user and builder for innovative construction and renovation are the factors expected to create profitable opportunities for the stone veneer market during the forecast period.
Stone Veneer has several benefits such as it can be easily cut, it is more steadily colored, veneer can also resist shocks and durable things; one of its incredible features is veneer is very flexible and also easy to care. Stone veneer is also made to withstand against smoke or fire therefore, it is used for exterior as well as interior applications. All these factors result in promoting the growing demand for stone veneer globally. This surge in demand for stone veneer in industrial applications is expected to accelerate the growth of the global stone veneer market during the forecast period.
However, difficulties in operation, high installation costs, lack of technical awareness and problems in transportation are the factors that limit the growth of this sector. This market study projects the global and regional market with a detailed overview of the total growth predictions in the market. Moreover, it throws light on the wide-ranging competitive scenery of the global market.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down the production of various products in the Stone veneer industry attributed to the lockdown in countries worldwide. This has hampered the growth of stone veneer market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of stone veneer in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for stone veneer was previously noticed from giant manufacturing countries, like North America, Europe, Asia-Pacific, and South America, which are negatively affected by the spread of coronavirus, thereby declining the demand for stone veneers.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves.
- Stone Veneer manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
There has been an upsurge in construction undertakings across the world. The increase in demand for stone veneer in several residential and commercial places is expected to boost the growth of the global stone veneer market during the mentioned forecast period. Increase in investment in the construction industry especially in India and China has formed significant growth opportunities. The second largest share is taken by North America which is driven by strong growth in the U.S. This is majorly due to the high investment in the infrastructure modernization. The growth in the UK and Germany markets is due to the technological advancements.
- The new stone veneers that contain improved capabilities are been offered by leading market players. Necessary steps have been taken to improve quality of stone veneers as well and also to come up with eco-friendly products in order to maintain a proper ecological balance. For instance, Classic Stone, a pioneer manufacturing company of flexible stone veneers in India is the foremost company offers the eco-friendly 2mm flexible stone sheets.
- Since high installation costs and lack of technical awareness are the factors that resulted in the limitation of growth, therefore proper installations and finishing must be taken care of by the companies. For instance, Environmental StoneWorks provides expert installation services and is thus leading the way in creating a unique and modern perspective of stone for today’s discerning homeowner.
- Similarly, competitors in the stone veneer market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, Boral Limited went for an acquisition in two stages of Owens Corning Masonry Products LLC (Cultured Stone) from Owens Corning, the leading stone veneer company in North America.
Key Benefits of the Report:
- This study presents the analytical depiction of the stone veneer industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the stone veneer share.
- The current market is quantitatively analyzed to highlight the stone veneer growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed stone veneer analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Type
- Manufactured Stone
- Natural Stone
- By End User
- Industrial
- Commercial
- Residential
- By Application
- Building
- Decoration
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Middle East
Key Market Players
- Stone Panels, Inc.
- TerraCORE Panels
- Eldorado Stone
- Mutual Materials Co.
- Sunset stone
- Quality Stone Veneer Inc.
- Boulder Creek
- County Materials Corporation
- Environmental StoneWorks
- Boral Ltd.