Engineered Stone Market Size, Share & Trends Analysis Report By Product (Tiles, Blocks & Slabs), By Application (Countertops, Flooring), By Region (North America, Asia Pacific), And Segment Forecasts, 2021 - 2028

Report Overview

The global engineered stone market size was estimated at USD 20.28 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. Increasing demand for aesthetically pleasing, durable substitutes to natural stone and growing utilization of green construction materials is expected to propel the market growth. The ongoing COVID-19 pandemic has significantly impacted the global supply chains as major economies across the globe delayed the construction projects. Due to this, demand for engineered stone products has been reduced in residential and non-residential sectors. However, with the ease of lockdown and global trade restrictions, the situation is expected to recover in 2022, which will restore the growth trajectory of the market.

In 2020, blocks & slabs emerged as the largest product segment. Rising investments in the construction of large commercial & residential buildings and growing demand for fancy countertops to improve the aesthetics in the interior structure are expected to propel the demand over the forecast period. The product, also known as quartz, is produced from marble or quartz crystal aggregates, as well as other rocks, that are set in a resin binder, such as epoxy.

Breton SpA, a leading Italian company in the field of manmade stone products, developed a patented process that is used to make nearly all of the engineered stone produced across the world. The development of appealing and aesthetic infrastructure is the key driver for the adoption of engineered stone. It has been a popular choice for household applications, such as vanities, kitchen countertops, walls, and flooring due to its elegant appearance.

Along with its relatively lower cost, it offers considerable longevity compared to alternate natural stone products. Rapid growth in the residential and commercial construction sectors is increasing the demand for engineered stone across the globe. It is suitable for use in hospital food facilities, canteens, and commercial buildings due to properties such as non-porousness and durability.

Product Insights

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. Engineered blocks and slabs can be built in large sizes, and their non-porous nature allows them to be used in wet areas, such as bathrooms, swimming pools, showers, and bathtubs. Increasing demand for fancy countertops to enhance aesthetics in the interior structure is anticipated to propel the demand over the forecast period.

Engineered stone tiles are made from a variety of aggregates that have been joined together with epoxy and other materials. These are available in a wide range of colors, shapes, and sizes. Moreover, these tiles can be customized according to the application requirements. These are eco-friendly, as 94 % of its content includes crushed waste stone left in quarries. 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.

Application Insights

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. Engineered stone contains polymeric resins that are not UV stable, causing the discoloration of the stone and breakdown of the resin binder. Continuous UV exposure causes binding agents to harden, resulting in a loss of flexural strength over time. As a result, these stones are not fit for outdoor use.

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. The others segment includes wall & exterior coverings, and furnishing items, such as chairs and tabletops. Product properties, such as superior aesthetics, durability, and water & stain resistance, make it ideal for use in the furnishing accessories market.

Regional Insights

Asia Pacific led the market and accounted for more than 34% share of the global revenue in 2020due to the growing utilization of products in the construction and decoration of residential and non-residential interiors in rapidly growing economies, such as China, India, Japan, Malaysia, and Singapore. The market in Europe is expected to grow at a CAGR of 4.4% over the forecast period owing to the increasing mining regulations in the region, as well as high investments in the redevelopment of old building structures. Moreover, the market is expected to benefit from the presence of well-established manufacturing companies, such as Cranemere Group.

The U.S. market is expected to witness sustainable growth over the forecast period owing to the growing construction sector in the country. Increased demand for energy-efficient construction solutions is also driving the market growth. In addition, the recovery of the construction industry after COVID-19 is playing an important role in driving the market growth. The Middle East & Africa region is anticipated to grow at a considerable CAGR during the forecast period. In this region, primary growth in the construction sector is fueled by the heavy investments done by the governments and the increased inflow of FDI. However, in many African countries, engineered stone is considered as only a decorating material, which can restrict the regional market growth.

Key Companies & 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.

• A.St.A. WORLD-WIDE

• Caesarstone Ltd.

• Belenco

• Quarella Group Ltd.

• Quartzforms

• Stone Italiana S.p.A.

• Cosentino S.A.

• VICOSTONE 

Engineered Stone Market Report Scope

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 2017 to 2028. 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, 2017 - 2028)

  • Tiles

  • Blocks & Slabs

• Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)

  • Countertops

  • Flooring

  • Others

• Regional Outlook (Volume, Million Square Meters; Revenue, USD Million, 2017 - 2028)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia