Engineered Stone Market Projected to Grow at a Steady Pace During 2022-2028

According to the market research firm Stratview Research, the global Engineered Stone market is predicted to exhibit a shift during 2022–2028. The report is segmented by Product Type (Tiles and Blocks & Slabs), by Application Type (Countertops, Flooring, and Others), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World).

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. 

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.

The insights in the report provides the user with the ability to identify target customers, their requirements, and expectations. Also, the segments help in analysing niche pockets of growth and strategies to approach the market and determine primary target areas and emerging trends.

In order to mitigate the spread of the COVID-19 virus, the governments of several countries enforced lockdowns, which directly hindered the Engineered Stone market. The analysts at Stratview Research are keeping an eye on the market shifts and are regularly connecting with the key players to know how they are coping with the after-effects and how their strategies are changing accordingly.

Segment Analysis

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.

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.

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.

Key Players

Several businesses are actively shifting their strategies with an eye towards stimulating growth, gaining competitive advantage and to plug growing opportunities in this briskly expanding market. Most of these companies are well-diversified and have a good market position with several years of experience. Continuous product development and launching best-fitting products according to the market needs, and the ability to adapt to the changing business environment have enabled these companies to establish their leadership in the market.

According to this report published by Stratview Research, below given is the list of the key players in Engineered Stone market-

• 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

The specific procedures or techniques used to identify, select, and analyse information about the Engineered Stone market allows the user to get a sneak peek into the market’s present and future position. The information provided in the report plays a crucial role for the market participants and investors in the identification of the low-hanging fruits available in the market and formulate the growth strategies to expedite their growth process. This report is the outcome of a detailed research methodology comprising broad secondary research, and rigorous primary interviews with industry stakeholders. Several authenticated secondary sources, such as company annual reports, fact books, press releases, and articles have been leveraged to gather the data.

What to expect from this report?

The report structure has been kept such that it offers maximum business value to the user. It provides vital insights into the market dynamics and enables 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.
• Market trend and forecast analysis, Market segment trend.
• Competitive landscape and dynamics: Market shares, Product portfolios, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends and Key success factors.
• Strategic growth opportunities for the existing and new players.

Critical Questions Answered in the Report

• What are the key trends in the Engineered Stone market?
• How the market has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on Engineered Stone market?
• What are the key strategies adopted by the major vendors to lead in Engineered Stone market?
• What is the market share of the top vendors?

Customisation of this study-

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 an inquiry at
sales@stratviewresearch.com.

About Stratview Research

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

Contact: Stratview Research

E-mail: sales@stratviewresearch.com Direct: +1-313-307-4176

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