Engineered Stone Market to Grow Substantially by 2030 Due to Increasing Application in Residential Places

The global engineered stone market is anticipated to grow tremendously by 2030, mainly due to increasing utilization in residential places. The Asia-Pacific region is expected to be the most lucrative in the forecast period.

According to the latest report published by Research Dive, the global engineered stone market is predicted to rise at a tremendous CAGR of 5.0%, thereby garnering a revenue of $39,410.8 million in the 2021-2030 timeframe.

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Dynamics of the Market

Drivers: Wide range of application of engineered stone in residential places, flooring and cladding, kitchen countertops, fireplaces, etc. is expected to become the primary growth driver of the engineered stone market in the forecast period. Moreover, the versatile characteristics of engineered stones such as timeless appeal and immense beauty is expected to help the market grow substantially in the forecast period.

Opportunities: Massive surge in construction activities across the globe is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, recent advancements in engineered stone quarrying, extraction, and fabrication process are estimated to push the market forward.

Restraints: Market analysts are, however, skeptical about the full-paced growth of this market owing to the lack of heat-resistant capacity of engineered stones, which might prove to be a restraint for the engineered stone market.

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Impact of COVID-19 on the Market

The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The engineered stone market, too, faced a negative impact of the pandemic. The lockdowns and travel restrictions virtually halted all the mining, quarrying, and extraction activities. Also, the demand for engineered stones had reduced drastically due to the stoppage of construction activities worldwide. These two factors plummeted the growth rate of the market.

Segments of the Market

The report has divided the global engineered stone market into certain segments based on type, application, end-use industry, and region.

By type, the engineered quartz sub-segment accounted for the highest market share in 2021 and is expected to continue this growth trajectory in the forecast period. Quartz is used extensively in both, residential and commercial spaces due to its advantages like outstanding hardness, abrasion resistance, and elegance, etc. This increasing utilization is predicted to boost the growth of this sub-segment in the forecast period.

By application, the flooring sub-segment was one of the most profitable in 2021 and is predicted to continue its dominance during the analysis timeframe. Increased usage of engineered stone for flooring purposes is predicted to push the sub-segment forward in the forecast period.

By end-use industry, the commercial sub-segment is expected to be the most lucrative sub-segment by 2030. The less expensive nature of engineered stones has led to an increase in demand from the commercial construction sector. This surge in demand is predicted to be the main factor behind the growth of this sub-segment in the forecast period.

By region, the Asia-Pacific engineered stone market is expected to grow with a fascinating CAGR by 2030, thereby becoming the most profitable sub-segment. Growing construction activities owing to rapid urbanization & industrialization is expected to be the main growth driver of the market in the forecast period.

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Prominent Market Players

Some of the prominent players of the engineered stone market are LG Hausys, Belenco, Stone Italiana S.p.A, Johnson Marble & Quartz, Quarella Group Ltd, Vicostone, Technistone A.S., Quartzforms, Diresco, and Caesarstone Ltd, among others. These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.

Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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