Engineered Stone Market Size, Share & Trends Report

Engineered Stone Market Size, Share & Trends Analysis Report By Product (Tiles, Blocks & Slabs), By Application (Countertops, Flooring), By Region (APAC, North America), And Segment Forecasts, 2020 - 2027

  • Published Date: Aug, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-007-3
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 80

Report Overview

The global engineered stone market size was valued at USD 20.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2020 to 2027. Rising demand for aesthetically pleasing and durable alternatives to natural stones coupled with growing utilization of green buildings materials is projected to drive the market growth. Blocks and slabs made from the product are widely used in kitchen countertops and other residential and commercial applications. Growing demand for fancy countertops to improve the aesthetics in the interior structure is expected to boost the product demand over the forecast period. Blocks & slabs emerged as the largest product segment in the U.S. market in 2019. Increasing investments in the construction of large commercial buildings and rising product adoption in residential applications, such as in kitchen, vanity, and basin countertops, will drive the market.

The U.S. engineered stone market size

The product also referred to as quartz, is made from aggregates of marble or quartz crystals and other rocks set in a resin binder, such as epoxy. Nearly all of the engineered stones produced across the globe are created using a similar patented process developed by Breton SpA, a pioneering Italian company in the field of manmade stone products. Along with their relatively lower costs, engineered stone products have a considerably lower lifecycle cost and offer considerable longevity compared to alternate natural stone products.

The need for the up-gradation and renovation of existing building infrastructures is expected to promote the product demand in the residential and commercial replacement applications. The commercial construction sector including offices, hotels, and lodging spaces, has shown steady growth in 2019, which has led to increased product demand.

Product Insights

Blocks & slabs led the market and accounted for more than 98% share of the global revenue in 2019. The demand for blocks & slabs is increasing as they are easy to install and maintain. Unlike natural stones, the product is far less susceptible to stains caused by common food items, such as oil, wine, juice. Thus, making it suitable for kitchen application.

Engineered blocks and slabs are widely used in a kitchen countertop and other residential and commercial applications. Growing demand for fancy countertops to improve the aesthetics in the interior structure is expected to ascend the demand for engineered blocks and slabs over the forecast period.

Engineered stone tiles are manufactured with a variety of aggregate bonded together in epoxy and other materials. These are widely available in a variety of colors, shapes, and dimensions. Moreover, these tiles can be customized according to the application requirements. Applications for engineered tiles are inclusive of wall tiles, floor tiles, backsplashes, and others.

The tile segment accounted for a significant market share in 2019 and is expected to grow at a CAGR of 4% over the forecast period. The ease of installation and high durability associated with the product are driving its demand. However, the availability of cheaper alternatives, such as ceramic tiles, is expected to restraint the segment growth over the forecast period.

Application Insights

The countertops segment led the market and accounted for more than 78% of the global revenue share in 2019. This growth was attributed to the high demand in this application due to the stain-resistant properties of the product. Furthermore, engineered stone slabs are relatively less expensive than their natural alternative and offer various options, in terms of design, color, shape, and texture.

Engineered stone countertops are highly non-porous, harder, and at the same time more flexible, than many types of natural stones. Owing to its uniform internal structure, these countertops do not have internally hidden cracks or flaws. Furthermore, the product exhibits a superior color and pattern consistency.

Global engineered stone market share

Flooring segment is anticipated to progress at a CAGR of 3.6% over the forecast period. Engineered stone floorings are witnessing growing usage in kitchen, bathroom, and below-grade basement applications owing to their water-resistance and non-porous structure. Furthermore, the product is also being utilized in areas with high footfall traffic owing to its superior wear resistance attribute.

The others segment includes wall coverings, exterior coverings, furnishing accessories, such as tabletops and chairs. Superior aesthetics, durability, and water & stain resistance are some of the attributes that make the product highly suitable for application in the furnishing accessories segment.

Regional Insights

The Asia Pacific dominated the market and accounted for over 34% share of global revenue in 2019 owing to high product utilization in the construction sector and in the decoration of residential and commercial building spaces in the rapidly growing economies like India, China, Philippines, Indonesia, and Vietnam. The European market is expected to grow at a CAGR of 4% over the forecast period.

Growing restrictions on mining in the region coupled with high investments in the redevelopment of old building structures are expected to support the market growth. Moreover, the presence of a well-established product manufacturing base is expected to boost the regional market. North America is estimated to be the second-largest regional market due to high product demand, particularly in the U.S. due to the rising number of single-family houses and recovery of the residential construction industry after the great recession in 2008-09.

The Middle East & Africa region is anticipated to register the second-fastest CAGR of 5.4% over the forecast period. Dubai, being a key financial and business hub, is projected to be the major revenue generator in the regional market. Moreover, the rapid growth of the commercial construction sector in Qatar and Saudi Arabia is anticipated to boost the product demand, thereby augmenting the region’s growth.

Key Companies & Market Share Insights

The global market is highly competitive. Major companies have undertaken various marketing strategies to strengthen their market positions, such as providing installation and customization services and product portfolio expansion. For instance, Breton S.p.A. has established a chain of authorized workshops across various countries, such as Italy, France, China, India, and Brazil. Brand recognition and customization services also play an important role in increasing the market share of a company. A large number of manufacturers are present at the global level. Some of the prominent players in the engineered stone market include:

  • LG Hausys

  • Johnson Marble & Quartz

  • Quartzforms

  • Stone Italiana S.p.A.

  • Cosentino S.A.

  • Vicostone

  • Technistone a.s.

Engineered Stone Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 21.5 billion

Market volume in 2020

67.6 million square meters

Revenue forecast in 2027

USD 30.6 billion

Volume forecast in 2027

91.1 million square meters

Growth Rate

CAGR of 5.0% from 2020 to 2027 (Revenue-based)

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Volume in million square meters, revenue in USD million and CAGR from 2020 to 2027

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, region

Regional scope

North America; Europe; Asia Pacific; South America; Middle East & Africa

Country scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; Italy; Spain; China; India; Brazil; Saudi Arabia

Key companies profiled

LG Hausys; Johnson Marble & Quartz; Quartzforms; Stone Italiana S.p.A.; Cosentino S.A.; VICOSTONE; Technistone A.S.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global engineered stone market report on the basis of product, application, and region:

  • Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)

    • Tiles

    • Blocks & Slabs

  • Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)

    • Countertops

    • Flooring

    • Others

  • Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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