Engineered Stone Industry Overview
The global engineered stone market size was estimated at USD 20.28 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. Increasing demand for aesthetically pleasing, durable substitutes to natural stone and growing utilization of green construction materials is expected to propel the market growth. The ongoing COVID-19 pandemic has significantly impacted the global supply chains as major economies across the globe delayed the construction projects. Due to this, demand for engineered stone products has been reduced in residential and non-residential sectors. However, with the ease of lockdown and global trade restrictions, the situation is expected to recover in 2022, which will restore the growth trajectory of the market.
In 2020, blocks & slabs emerged as the largest product segment. Rising investments in the construction of large commercial & residential buildings and growing demand for fancy countertops to improve the aesthetics in the interior structure are expected to propel the demand over the forecast period. The product, also known as quartz, is produced from marble or quartz crystal aggregates, as well as other rocks, that are set in a resin binder, such as epoxy.
Gather more insights about the market drivers, restraints, and growth of the Global Engineered Stone market
Breton SpA, a leading Italian company in the field of manmade stone products, developed a patented process that is used to make nearly all of the engineered stone produced across the world. The development of appealing and aesthetic infrastructure is the key driver for the adoption of engineered stone. It has been a popular choice for household applications, such as vanities, kitchen countertops, walls, and flooring due to its elegant appearance.
Along with its relatively lower cost, it offers considerable longevity compared to alternate natural stone products. Rapid growth in the residential and commercial construction sectors is increasing the demand for engineered stone across the globe. It is suitable for use in hospital food facilities, canteens, and commercial buildings due to properties such as non-porousness and durability.
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Engineered Stone Market Segmentation
Grand View Research has segmented the global engineered stone market on the basis of product, manufacturing process, application, and region:
Engineered Stone Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
- Tiles
- Blocks & Slabs
Engineered Stone Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
- Countertops
- Flooring
- Others
Engineered Stone Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
Some prominent players in the global Engineered Stone market include
- LG Hausys
- Johnson Marble & Quartz
- Technistone A.S.
- St.A. WORLD-WIDE
- Caesarstone Ltd.
- Belenco
- Quarella Group Ltd.
- Quartzforms
- Stone Italiana S.p.A.
- Cosentino S.A.
- VICOSTONE
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