Engineered Stone Market Forecast & Growth Analysis | 2022-2028

Market Insights

The engineered stone market size was valued at USD 21.3 billion in 2021 and is likely to grow at a CAGR of 5.6% during 2022-2028 to reach USD 31.3 billion in 2028. 

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The ability of engineered stones to provide an enhanced appearance along with high durability and easy maintenance is likely to drive the market during the forecast period.

What is engineered stone?

Engineered stone is a composite material formed of crushed stone bound together by an adhesive. There are various benefits offered by these stones such as easy cleaning, no stains on the surface, and availability of lots of color options.

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Segment Analysis

By Product Type

Based on the product type, the market is segmented as tiles and blocks & slabs. The blocks & slabs segment held the larger share of the market in 2021 and is expected to remain dominant during the forecast period.

Blocks and slabs are highly preferred in kitchen applications in both residential and commercial buildings. They have been gaining traction in the market due to their benefits such as lesser susceptibility to stains caused by food items and being more aesthetically appealing than natural stones.

By Application Type

Based on the application type, the market is segmented as countertops, flooring, and others. The countertops segment leads the market with more than 70% share owing to a surge in population and increasing spending power of people, leading to the construction of new houses in the urban and sub-urban areas globally.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest and fastest-growing market for engineered stones during the forecast period, with China, Japan, India, and Australia being the major countries with promising growth opportunities.

The growth of the region can be attributed to the increasing per-capita income of countries, extensive growth of construction industries, and the presence of a large number of engineered stone manufacturers in countries present in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories. 

By Product Type

• Tiles
• Blocks & Slabs

By Application Type

• Countertops
• Flooring
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major engineered stone manufacturers are-

• A.St.A. WORLD-WIDE
• Brenton S.p.A.
• Cosentino S.A.
• Diresco
• Johnson Marble & Quartz
• LG Hausys
• Quartzforms
• Stone Italiana S.p.A.
• Technistone A.S.
• VICOSTONE.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by application type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.