Engineered Stone Global Market Report 2024

Engineered stone refers to a composite slab composed of 90% crushed quartz bound together with a polymer resin, with the remaining 10% incorporating additional materials such as metals, mirrors, or colored glass for aesthetic appeal. Widely employed in applications where traditional slab stones such as marble or granite are used, engineered stone is particularly popular for kitchen and bathroom countertops.

The primary types of engineered stone products include tiles, blocks, and slabs. These products find versatile applications in various furnishing contexts, including kitchen worktops, flooring, raised flooring, internal and external cladding, vanity tops, and bathroom furnishings for both residential and large-scale commercial projects. Engineered stone is produced through cold-curing and hot-curing processes, and its applications span kitchen and bathroom countertops, flooring, facades, walls, and more.

The engineered stone research report is one of a series of new reports from The Business Research Company that provides engineered stone statistics, including engineered stone industry global market size, regional shares, competitors with engineered stone shares, detailed engineered stone segments, market trends and opportunities, and any further data you may need to thrive in the engineered stone industry. This engineered stone research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The engineered stone market size has grown strongly in recent years. It will grow from $26.24 billion in 2023 to $27.89 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The historical growth can be attributed to a low-interest-rate environment, increased construction of single-family homes, rising demand for energy-efficient materials, robust economic growth in emerging markets, and an overall increase in the global population.

The engineered stone market size is expected to see strong growth in the next few years. It will grow to $34.28 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. Forecasted growth is driven by global population growth, urbanization, increased infrastructure development, industrialization, government focus on construction, and a growing emphasis on sustainability. Key trends include the manufacturing of engineered stone from recycled materials, the use of hybrid print technology for enhanced aesthetics, a focus on luxurious stone surfaces, the introduction of PVC-free engineered stone, and the development of easy-to-install options.

The engineered stone market is anticipated to experience significant growth, driven by the high expansion in the construction industry. Engineered stones find widespread application in residential projects, contributing to various elements such as kitchen countertops, floors, facade tiles, and other architectural features. Their increasing usage can be attributed to advantageous properties such as resistance to bacteria, scratches, and heat, making them an ideal choice for both residential and commercial construction endeavors. The rapid upsurge in the construction of commercial and residential projects is expected to fuel the demand for engineered stones in the forecast period. Notably, in June 2021, building activities in New Zealand saw a 3.7% increase in March 2021, with a 4.3% rise in residential activities compared to 2020, according to Stats NZ Tatauranga Aotearoa, the country's government data agency. Additionally, the US Census Bureau reported a 10.2% growth rate in the value of construction activities, increasing from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. The thriving construction industry, as evidenced by these statistics, is a key driver propelling the growth of the engineered stone market.

Rapid industrialization is poised to further augment the growth of the engineered stone market. Industrialization, marking the shift from an agriculture-centric economy to one focused on manufacturing goods, plays a pivotal role in transforming urban landscapes. Engineered stones, with their non-porous nature and antimicrobial properties, become a preferred choice for commercial applications where hygiene is crucial, such as restaurants and medical offices. The high strength and hardness of engineered stones also make them popular for commercial spaces such as offices and malls. Industrialization fosters urbanization by generating economic growth and employment opportunities, leading to increased demand for commercial spaces. This trend is exemplified by data from Trading Economics, indicating a year-on-year increase of 3.2% in industrial production in India in October 2021, with subsequent growth in December 2021. Additionally, UK-based real estate consultants, Knight Frank, reported a 25% year-on-year growth in demand for office space in Q1 2022. As industrialization continues, driving investments and supporting various industries, the demand for commercial construction is expected to rise, contributing to the overall growth of the engineered stone market.

Major players in the engineered stone market are strategically emphasizing the production and advancement of engineered stone derived from recycled materials, aligning with their commitment to sustainability and a low-carbon future. As an illustration of this trend, Stone Italiana, an Italy-based engineered stone manufacturer, introduced a new range named Cosmolite in March 2021. This innovative engineered stone is crafted from inert pre-consumer recycled materials, demonstrating the company's dedication to sustainable practices. Cosmolite received certifications such as LEED v4 Green Gold, NSF 51 Food Contact, and the ability to produce low volatile organic compound emissions, highlighting its eco-friendly attributes.

Companies operating in the engineered stone market are also concentrating on launching luxurious stone surfaces and accessories to cater to the needs of homeowners, interior designers, and custom home builders seeking distinctive design solutions. These market players offer comprehensive services, including fabrication and installation of customized stone solutions for various applications such as countertops, vanities, walls, stairs, and fireplaces. For instance, Allied Stone, a US-based company specializing in the fabrication and installation of both natural and engineered stone surfaces, unveiled a new concept known as Allied Gallery in August 2021. Allied Gallery provides clients with high-quality stone and cabinetry craftsmanship, catering to unique kitchen and bath design requirements for new custom homes and interior remodeling projects. This strategic focus on providing luxury and customization reflects the evolving demands of consumers in the engineered stone market.

In September 2021, The Engineered Stone Group acquired Fiora and Nuovvo, two prominent European manufacturers of engineered stone bathroom products. The financial details of the transactions were not disclosed. The Engineered Stone Group specializes in producing engineered stone bathroom products such as shower trays, basins, bathtubs, and panels. The acquisitions of Fiora and Nuovvo mark significant milestones, providing the ES Group with new technology, expanded geographic reach, and increased high-quality production capacity. Fiora, established in 1987, has been a pioneering brand in the premium segment of engineered stone bathroom products.

Major companies operating in the engineered stone market report are 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, Taanj, Kalingastone, Quantra, Guangzhou Hercules Quartz Stone Co., Ltd., Shandong Lylongsen Material Co., Ltd., Foshan Strong Quartz Co., Ltd., Yunfu Wayon Stone Co., Ltd., Viva Quartz Stone, Santa Margherita Spa, Johnson Marble & Quartz, Technistone A.S, A.St.A. World-Wide, Belenco, Gransena, Exotic Stones, Granos, Alicante, Magban, Thor Granitos, Magnitos, Top Marmore, Laka Granite, Patagonia Stone S.A, Granito Serrano S.A, Matavelli, Mina Marbles, Glaze Granite & Marble, Prestige Stone Llc, Grani Marmo Classic, Jama Marble & Granite, Marble Homes, Cabinet Of Engineering For Development (Caid), The African Engineering Company (Safi), Soned Afrique, Julius Berger Nigeria Plc, Thabimndeni Construction & Projects Cc, Reynolds Construction Company

Asia-Pacific was the largest region in the engineered stone market in 2023. The regions covered in the engineered stone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the engineered stone market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The engineered stone market consists of sales of Caesarstone, dekton, quartz, and Silestone. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Engineered Stone Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on engineered stone market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for engineered stone? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The engineered stone market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Tiles And Blocks; Slabs
• 2) By Process: Cold Curing; Hot Curing
• 3) By Application: Countertops; Flooring; Wall; Facades; Others
• Companies Mentioned: LX Hausys, Ltd; Cosentino S.A.; Caesarstone Ltd; Vicostone Jsc; Wilsonart LLC
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.