Introduction
Engineered stone is a composite material, which is also known as agglomerated stone. It is made by binding crushed stone with adhesive such as polymeric resin or cement mixture. Polymer concrete, engineered quartz, and engineered marble stone are few of the engineered stones available in the market.
They are widely used in kitchen countertops, walls, and flooring applications. Engineered stone is non-porous and is harder as well as flexible than natural stone. They are resistant to bacterial growth and thus help in maintaining a hygienic environment.
Despite the current pandemic situation, these product manufacturers are recovering their operations in full capacities from 2021 beginning. Along with this, the recovering construction activities across the globe are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6.Five Force analysis
7.Market Sizing
8.Market segmentation
9.Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10.Growth drivers
10.1 Increasing investment in green building materials
10.2 Rising demand for aesthetically superior and durable construction materials
11.Key Market Trends
12.Impact of Covid-19
13.Challenges
14.Customer Insights analysis
15.Major Market Players
15.1 LG Hausys
15.2 Johnson Marble & Quartz
15.3 Quartzforms
15.4 Stone Italiana
15.5 Cosentino
15.6 Vicostone
15.7 Technistone
15.8 Brenton
15.9 Diresco
15.10 A.St.A. WORLD-WIDE
16.Recent Developments
17.Future Scope
18.Strategic Recommendations
Market Overview
The global engineered stone market is expected to grow to $27.60 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 5.12% CAGR.
Rising demand for aesthetically pleasing and durable alternatives to natural stones coupled with the growing utilization of green buildings materials is projected to drive the market growth.
APAC is dominating the market owing to infrastructure development and rapid urbanization.
Key Trends
The rapid increase in the number of commercial and industrial construction projects coupled with the recovery of the residential construction industry and rapid expansion of the residential and commercial application industry is anticipated to boost the demand for materials, thereby propelling the industry's growth.
The rise in demand for cement adhesive for the manufacturing of engineered stone is expected to increase the market demand.
Key Market Players
Some of the key players in the market are LG Hausys, Johnson Marble & Quartz, Quartzforms, Stone Italiana, Cosentino, Vicostone
The major players are adopting various strategies, such as partnerships and mergers & acquisitions, to strengthen their market position and have a competitive edge. Also, they have undertaken various marketing strategies to strengthen their market positions, such as providing installation and customization services and product portfolio expansion.
Growth Drivers and Challenges
Increasing investment in green building materials is the key driver of this market.
Rising demand for aesthetically superior and durable construction materials alternative to natural stone is driving the demand.
Strong industrial and economic development coupled with population expansion is likely to have a positive impact on the product demand.
Fluctuating prices of raw materials floorings act as restraints for industry growth.
Discoloration of engineered stone due to UV exposure likely to hamper market.
The cost of the engineered stone is higher than other stones depending on its production process, and the form of engineered stone is restraining product demand.