Global Engineered Stone Market Set For 5.3% Growth, Reaching $34.28 Billion By 2028
Engineered Stone Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The global engineered stone market has witnessed impressive growth in recent years, with projections indicating even more robust growth over the coming period. The market, which stood at $26.24 billion in 2023, is expected to grow to $27.89 billion in 2024, demonstrating a compound annual growth rate CAGR of 6.3%. The growth during the historical period has been driven by factors such as 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.
Is the Engineered Stone Market Expected To Grow in the Coming Years?
Definitely! The engineered stone market size is set to display strong prospects over the next few years. By 2028, the market is projected to reach $34.28 billion, expanding at a compound annual growth rate CAGR of 5.3%. Reasons for this growth can be found in the global population growth and urbanization, the acceleration of infrastructure development, rapid industrialization, and government focus on construction, coupled with a rising focus on sustainability. Several factors are set to shape the forecast period including the manufacturing of engineered stone from recycled materials, leveraging hybrid print technology for improved surface aesthetics, advancing luxurious stone surfaces and accessories, and the introduction of PVC-free and easily installable engineered stone.
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What's Propelling the Growth of the Engineered Stone Market?
The primary growth propellant of the engineered stone market is the booming construction industry. Engineered stones find wide application in residential projects, particularly for kitchen countertops, floors, façade tiles, and other architectural applications. The attractive features of engineered stone like bacteria-resistant, scratch-resistant, and heat-resistant qualities make them an ideal choice for residential and commercial construction projects. The acceleration in construction of commercial and residential projects is expected to drive the consumption of engineered stones over the forecast period. For instance, according to the Stats NZ Tatauranga Aotearoa, building activities in New Zealand increased by 3.7% in March 2021. In the same year, residential activities rose 4.3% compared to 2020. Additionally, the US Census Bureau reported that the value of construction activities surged from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, representing a growth rate of 10.2%. This high growth in the construction industry is expected to energize the growth of the engineered stone market.
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Which Organisations Are Dominating the Engineered Stone Market Landscape?
The main actors in the engineed stone market include 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, and many others.
What Are the Emerging Market Trends?
Key players are concentrating on the development and manufacturing of engineered stone from recycled materials in their ambition for a sustainable and low-carbon future. For instance, Stone Italiana, an Italia-based engineered stone manufacturer, introduced a new engineered stone range named Cosmolite in March 2021. This stone, produced from inert pre-consumer recycled materials, received certification for LEED v4 Green Gold, NSF 51 Food Contact, and producing low volatile organic compound emissions.
How is the Global Engineered Stone Market Segmented?
The engineered stone market report breaks down the market into types, processes, and applications, such as:
1 By Type: Tiles And Blocks, Slabs
2 By Process: Cold Curing, Hot Curing
3 By Application: Countertops, Flooring, Wall, Facades, Others
Can You Provide a Regional Overview of the Engineered Stone Market?
Absolutely! Asia-Pacific took the lead spot as the largest region in the engineered stone market in 2023. The report includes comprehensive data for each geographical region in the engineered stone market, covering Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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