Engineered Stone Market Size, Share, and Growth: A Comprehensive Analysis
The engineered stone market is poised for remarkable growth in the coming years, driven by the increasing trend of residential renovations and the need to revamp aging building constructions. Additionally, the commercial sector, particularly hospitality spaces and offices, is contributing to the rising demand for engineered stone varieties. This trend is especially noticeable in replacement applications. Engineered stones, known for their scratch- and heat-resistant attributes, are gaining popularity in niche applications such as fireplaces, as well as in conventional indoor spaces like kitchens, walls, vanities, flooring, and countertops. Slabs and blocks are predicted to be the top-selling product categories in the engineered stone market.
Consumers are increasingly inclined towards creating elegant-looking spaces with visually appealing interiors, leading to a surge in sales of engineered stone. The antibacterial properties of engineered stone products are driving their adoption, aligning with the growing importance of hygiene maintenance worldwide. Their durability and non-porous nature make them ideal for high-traffic areas in commercial buildings, large-scale canteens, hospital food facilities, as well as wet areas like swimming pools, public and private washrooms, and hotel bathtubs and showers. These factors are expected to stimulate the growth of the engineered stone market.
Engineered Stone Sales Soar with Lower Lifecycle Costs and Greater Durability
Engineered stone, often referred to as quartz in the manmade stones category, is manufactured using Breton’s patented process involving a combination of quartz/marble aggregates and other rocks set in epoxy or resin binders. The lower lifecycle cost and superior durability compared to natural stone products are driving a shift in preference towards engineered stone. This trend is anticipated to support the sustained growth of the engineered stone market in the long run.
Despite its advantages, the relatively high price point remains a significant challenge for the engineered stone market. Cheaper yet equally durable alternatives are widely available, posing a longstanding challenge for engineered stone manufacturers. Additionally, engineered stones are vulnerable to damage from strong chemical-based cleaning products, making them less preferable in a market with a wide variety of alternatives.
Recycled Engineered Stone: A Growing Trend
Recycling of engineered stone products is gaining traction in the global market, with various non-conventional application areas showing a preference for recycled engineered stones. The presence of quartz in engineered stone makes it highly recyclable, aligning with global efforts to achieve a sustainable, low-carbon future. Recycled engineered stones are finding applications in wine and beer bottles, perfume bottles, and porcelain sinks, with roughly 70% of the material being recycled. New opportunities are expected to arise as the demand for artwork and DIY materials continues to grow.
Residential Projects Drive Key Regional Markets
Asia Pacific, as the top consumer region of building and construction materials, continues to dominate the global engineered stone market, accounting for more than a third of the total market valuation. The region’s booming housing sector, along with growth in the commercial and industrial sectors, especially in China, India, Indonesia, the Philippines, and Vietnam, is driving demand.
Europe is also expected to establish a steady and sustained market for engineered stones and stone products. The imposition of mining restrictions in the region is likely to reshape the market dynamics of natural stone and related products. North America, led by the US, is another key market, driven by the increasing demand for premium building and construction materials in both residential and commercial projects.
Europe’s market is anticipated to gradually make room for engineered stone products. The redevelopment sector in key European economies has gained momentum following significant investments, which is expected to further favor the growth of the engineered stone market in the region. The Middle East and Africa are projected to be important markets due to rapid expansion in commercial construction projects in countries like Saudi Arabia and Qatar.
Customization Drives Competition Among Top Brands
Leading participants in the global engineered stone landscape, such as Viatera USA, Diresco, St.A. WORLD-WIDE, Santa Margherita Spa, RMS, and others, are focusing on expanding their portfolios and differentiating themselves through installation services. Customization is emerging as a crucial strategy for many market leaders. Breton S.p.A., for instance, has established workshops worldwide, offering customisation services in various locations, including China, France, Italy, Brazil, and India. Brands are innovating to address the stain-prone nature of engineered stone by developing newer varieties with stonemark that maintain a stainless surface even after exposure to harsh chemical-based cleaning products and oils.
The engineered stone market is set to witness robust growth as it aligns with the evolving consumer preferences for visually appealing and durable interiors. As the industry continues to innovate and adapt to market dynamics, it is poised for a promising future.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/engineered-stone-market
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This press release first seen on Brilad