Engineered Stone Market: Flooring Application Segment Is Anticipated To Grow At A Significant CAGR Over The Forecast Period

 Engineered Stone Industry Overview

The global engineered stone market size is expected to reach USD 31.53 billion by 2028, registering a CAGR of 5.7% over the forecast period, according to a new report by Grand View Research, Inc. Increasing product adoption as an environmentally sustainable and aesthetically pleasing low-cost alternative to natural stones like marble and granite is augmenting the market growth. The market is struggling due to the underperformance of the construction sector as a result of the COVID-19 pandemic. Moreover, factors such as low awareness and high capital costs of products, are inhibiting market growth in emerging economies.

 

The market is witnessing huge potential on account of continuous R&D activities by the major companies. Engineered stones are anticipated to gain popularity owing to their superior properties coupled with their diversified applications in the residential and commercial sectors, such as kitchen countertops, vanity tops, flooring, and bathroom furnishings. Companies are working effectively to raise their manufacturing capacities to meet the growing demand for engineered stone slabs. In addition, to acquire a leading position, key players are focusing on providing a wide range of customization options, in terms of color, texture, design pattern, size, and shape.


Engineered Stone Market Segmentation

Grand View Research has segmented the global engineered stone market on the basis of product, manufacturing process, application, and region:

Based on the Product Insights, the market is segmented into Tiles, and Blocks & Slabs.

  • The blocks & slabs segment led the market and accounted for more than 98% share of the global revenue in 2020. The growth can be attributed to its easy-to-install and easy-to-maintain properties. Unlike natural stone, it is significantly less prone to stains caused by typical food substances, such as oil, wine, and juices, which makes it suitable for kitchen application.

 

  • The tile product segment is expected to grow at a CAGR of 4.6% over the forecast period due to the high demand on account of ease of installation and long-term durability. However, the availability of less expensive alternatives, such as ceramic tiles, is expected to impede the segment growth over the forecast period.

 

Based on the Application Insights, the market is segmented into Countertops, Flooring, and Others.

  • The countertops segment led the market and accounted for more than 78% of the global revenue share in 2020. The growth can be credited to the high product demand owing to its stain-resistant properties. Moreover, engineered stone slabs are comparatively less expensive than their natural alternative and offer greater choice in terms of shape, design, color, and texture.

 

  • The flooring application segment is anticipated to grow at a significant CAGR over the forecast period. Due to its water resistance and non-porous structure, engineered stone flooring is becoming more popular in kitchens, bathrooms, and below-grade basements. In addition, it is also being used in regions with significant foot traffic due to its higher wear resistance.

 

Engineered Stone Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

There are several global and small- & medium-scale manufacturers in the global market. Major market players are engaged in implementing various marketing strategies, such as providing installation, post-installation & customization services, and expansion of product portfolio. For instance, Breton S.p.A., a manufacturer, has established a chain of authorized workshops across various countries, such as Italy, France, China, India, and Brazil. Brand recognition and customization services are some of the factors playing an important role in increasing the market share of companies. Some of the key players in the global engineered stone market include:

  • LG Hausys
  • Johnson Marble & Quartz
  • Technistone A.S.
  • St.A. WORLD-WIDE
  • Caesarstone Ltd.
  • Belenco
  • Quarella Group Ltd.
  • Quartzforms
  • Stone Italiana S.p.A.
  • Cosentino S.A.
  • VICOSTONE 

 

Order a free sample PDF of the Engineered Stone Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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