Global Engineered Stone Market Size 2024, Forecast To 2033
11 Mar, 2024
The engineered stone market size has grown strongly in recent years. It will grow from $26.24 billion in 2023 to $27.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to a low-interest-rate environment, rising single-family constructions, growing demand for energy-efficient materials, strong economic growth in emerging markets, and growth in the world population. The engineered stone market size is expected to see strong growth in the next few years. It will grow to $34.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to global population growth, urbanization, infrastructure development, industrialization, government focus on construction, and sustainability. Major trends in the forecast period include manufacturing and development of engineered stone from recycled materials, hybrid print technology for surface aesthetics, luxurious stone surfaces and accessories, engineered stone free of PVC and plasticizers, and easy-to-install engineered stone.
Global Engineered Stone Market Key Driver
The robust growth in the construction industry is expected to drive the expansion of the engineered stone market. Engineered stones, widely utilized in residential projects for applications such as kitchen countertops, floors, façade tiles, and other architectural elements, offer additional benefits like resistance to bacteria, scratches, and heat. The rapid surge in construction activities for both commercial and residential projects is anticipated to boost the utilization of engineered stones. According to Stats NZ Tatauranga Aotearoa, building activities increased by 3.7% in March 2021, with a 4.3% rise in residential activities in 2021 compared to 2020. Additionally, the US Census Bureau reported a 10.2% growth in the value of construction activities, reaching $1,792.9 billion in 2022 from $1,626.4 billion in 2021. This high growth in the construction industry plays a pivotal role in driving the growth of the engineered stone market, with market sizes in 2023, 2024, and 2028 providing crucial insights into industry trends.
Get A Free Sample Of The Global Engineered Stone Market ReportGlobal Engineered Stone Market Segments
The engineered stone market covered in this report is segmented –
1) By Type: Tiles And Blocks, Slabs
2) By Process: Cold Curing, Hot Curing
3) By Application: Countertops, Flooring, Wall, Facades, Others
By Geography:The regions covered in the engineered stone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
Asia-Pacific was the largest region in the engineered stone market in 2023. The regions covered in the engineered stone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Engineered Stone Industry Players
LX Hausys, Ltd, Cosentino S.A., Caesarstone Ltd, Vicostone Jsc, Wilsonart LLC, Quarella Group Ltd, Quartzforms, Diresco, Granite & Marble Specialties, Leko Stone Co., Ltd, De Well Group Korea Co., Ltd, Stone Ambassador, Ydl Stone, Australian Stone, Gitani Stone Australia, Ramolia Ceramic, Mystic Stone Private Limited, Aakar Granites, Taanj, Kalingastone, Quantra, Guangzhou Hercules Quartz Stone Co., Ltd, Shandong Lylongsen Material Co., Ltd, Foshan Strong Quartz Co., Ltd, Yunfu Wayon Stone Co., Ltd, Viva Quartz Stone, Santa Margherita Spa, Johnson Marble & Quartz, Technistone A.S, A.St.A. World-Wide, Belenco, Gransena, Exotic Stones, Granos, Alicante, Magban, Thor Granitos, Magnitos, Top Marmore, Laka Granite, Patagonia Stone S.A, Granito Serrano S.A, Matavelli, Mina Marbles, Glaze Granite & Marble, Prestige Stone Llc, Grani Marmo Classic, Jama Marble & Granite, Marble Homes, Cabinet Of Engineering For Development (Caïd), The African Engineering Company (Safi), Soned Afrique, Julius Berger Nigeria Plc, Thabimndeni Construction & Projects Cc, Reynolds Construction Company
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Engineered Stone Market Overview
The engineered stone refers to a composite slab of stone that is prepared from 90% crushed quartz and that is bound together utilizing a polymer resin, and the rest of the 10% is prepared with extra materials such as metals, mirrors, or colored glass that are mixed in for aesthetic reasons. Engineered stone is utilized anywhere that slab stones such as marble or granite are used, but a majority of customers and industries utilize engineered stone for their kitchen and bathroom countertops.
Engineered Stone Global Market Report 2023 provides data on the global engineered stone market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The engineered stone market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.