The global engineered stone market revenue was around US$ 22.2 billion in 2022 and is estimated to reach US$ 35.3 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2023 to 2031.
An engineered stone is also understood by the term agglomerated stone that is created of quartz, resin binder, colors, quartzite, and additives. On Earth's surface, an engineered stone is generally available in the form of quartz, a silicate crystal that includes silicon oxide. Engineered stones are widely used in fireplaces because of their exceptional robustness and strong resistance to heat and wear.
Market Driving Factors
Increasing demand for durable and visually appealing materials in interior design and construction projects is estimated to drive the market. Engineered stone provides an effective solution for builders, architects, and homeowners who seek a variety of durability and aesthetics. In addition, with its composition of resins and crushed natural stones, it offers a robust and long-lasting material for different applications, including flooring, countertops, and wall cladding. As a result, the surging focus on durability and longevity in construction projects, along with the desire for visually appealing surfaces, has led to an increase in product adoption.
Increasing popularity in commercial and residential applications is estimated to drive the market. Engineered stone countertops have gained substantial traction owing to their versatility, durability, and aesthetic appeal. As a result, commercial property owners and homeowners are surging opting for the product as it provides a range of advantages, including resistance to scratches, stains, and heat. Thus, the availability of different patterns and colors allows consumers to choose options that complement their overall design scheme.
High initial capital prices and a shortage of knowledge regarding the benefits of engineered stone are estimated to restrict the market.
Regional Analysis
Asia Pacific dominated the market in terms of the largest revenue and is estimated to maintain its dominance. This can be attributed to the increased product utilization in the construction and decoration of non-residential and residential interiors in rapidly rising economies, such as India, China, and Japan.
Europe is estimated to dominate the market in terms of the growth rate. This is mainly due to the surging mining regulations in the region, and high investments in the redevelopment of old building structures. Furthermore, the existence of well-established manufacturing firms, such as Cranemere Group benefits the market.
North America is predicted to dominate the market in terms of revenue. This is owing to the nation’s growing construction sector and the rising demand for energy-efficient construction solutions in the region.
Segmentation Insights
Product Type Insight
The blocks & slabs segment dominates the market in terms of the largest revenue share. This is due to its easy-to-maintain and easy-to-install properties. Unlike natural stone, it is extremely less prone to stains caused by typical food substances, such as wine, oil, and juices, making it convenient for kitchen applications. Furthermore, surging demand for fancy countertops to improve aesthetics in interior structures is expected to drive the segment growth.
Application Insight
The countertops segment dominates the market in terms of revenue shares. This is due to its stain-resistant properties and the wide array of color, design, and texture options available, making it a preferred option over natural stone. Furthermore, the countertop segment demand is still in high demand, especially indoors where its practical and aesthetic qualities are most appreciated, despite its susceptibility to UV light making it inappropriate for outdoor use.
The flooring segment is estimated to dominate the market in terms of the largest shares. This is due to its non-porous structure and water resistance, engineered stone flooring is becoming more prevalent in bathrooms, kitchens, and below-grade basements. Additionally, it is also being utilized in regions with substantial foot traffic owing to its higher wear resistance.
Prominent Companies
Segmentation Outline
The global engineered stone market segmentation focuses on the Product Type, Application, and Region.
By Product Type
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL ENGINEERED STONE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: ENGINEERED STONE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL ENGINEERED STONE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL ENGINEERED STONE MARKET, BY PRODUCT TYPE
5.1 OVERVIEW
5.2 BLOCKS AND SLABS
5.3 TILES
6 GLOBAL ENGINEERED STONE MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 COUNTERTOPS
6.3 FLOORING
6.4 OTHERS
7 GLOBAL ENGINEERED STONE MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL ENGINEERED STONE MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 TECHNISTONE S.R.O
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 SILESTONE
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 QUARTZFORMS S.P.A
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 Q.R.B.G. S.R.L.
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 SANTA MARGHERITA S.P.A
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 WORLD-WIDE
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 STONE ITALIANA S.P.A
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 VICOSTONE
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 CAESARSTONE LTD
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 H & R JOHNSON
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.11 GRANITE & MARBLE SPECIALTIES
9.11.1 OVERVIEW
9.11.2 FINANCIAL PERFORMANCE
9.11.3 PRODUCT OUTLOOK
9.11.4 KEY DEVELOPMENTS
9.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.12 COSENTINO S.A.
9.12.1 OVERVIEW
9.12.2 FINANCIAL PERFORMANCE
9.12.3 PRODUCT OUTLOOK
9.12.4 KEY DEVELOPMENTS
9.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.13 TOPZSTONE
9.13.1 OVERVIEW
9.13.2 FINANCIAL PERFORMANCE
9.13.3 PRODUCT OUTLOOK
9.13.4 KEY DEVELOPMENTS
9.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.14 BELENCO
9.14.1 OVERVIEW
9.14.2 FINANCIAL PERFORMANCE
9.14.3 PRODUCT OUTLOOK
9.14.4 KEY DEVELOPMENTS
9.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.15 LX HAUSYS
9.15.1 OVERVIEW
9.15.2 FINANCIAL PERFORMANCE
9.15.3 PRODUCT OUTLOOK
9.15.4 KEY DEVELOPMENTS
9.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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