What Are The Opportunities And Threats Faced By The Engineered Stone Market?

Posted by Nicky Arora on April 19th, 2021

The global engineered stone market size is expected to reach USD 30.6 billion by 2027 registering a CAGR of 5.0%, according to a new report by Grand View Research Inc. Growing product adoption as an environmentally sustainable alternative to the slabs of the natural stone is anticipated to drive the market growth over the forecast period.

The rise in demand for environmentally sustainable and green building materials is expected to have a positive impact on product demand. Product applications in a variety of residential and commercial settings, such as kitchen countertops, vanity tops, flooring, and bathroom furnishings, are driving the global market.

Increasing demand for durable and highly customized floor tiles and countertops and changing consumer trends with regards to interior decoration and design have been critical to the market growth over the last few years. Furthermore, the expansion of offices and workspaces, changing consumer lifestyles, and rapid urbanization are expected to augment the market growth.

Manufacturers are actively working on ramping up their production capacities to satisfy the ever-increasing demand for the engineered stone slabs. Moreover, the manufacturers are focused on providing a wide range of customization options, in terms of color, texture, design pattern, size, and shape, to gain a higher market share.

Request a free sample copy @ https://www.grandviewresearch.com/industry-analysis/engineered-stone-market/request/rs1

Engineered Stone Market Report Highlights

• In China, the blocks & slabs segment is expected to grow at a significant CAGR over the forecast period on account of rising adoption of engineered stones in the kitchen countertops and bathroom furnishing applications
• In 2019, the revenue for flooring application segment in the North America region stood at USD 603.7 million owing to high product usage in the construction of various residential and institutional buildings including offices, libraries, and auditoriums
• In Saudi Arabia, the engineered stone market is anticipated to reach USD 1,013.7 million on account of growing demand for aesthetically pleasing and environmentally sustainable building decorative products
• In Europe, the tiles segment is expected to grow at a CAGR of 3.1% over the forecast owing to growing investments in the redevelopment and reconstruction of old residential and heritage buildings in the region
• Manufacturers are continually engaged in expanding their product portfolio accompanied by installation services and training programs for installation workers and after-sales support to the clients

Engineered Stone Market Segmentation

Grand View Research has segmented the global engineered stone market on the basis of system type, application, and region:

Engineered Stone System Type Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2016 - 2027)

• Tiles
• Blocks & Slabs

Engineered Stone Application Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2016 - 2027)

• Countertops
• Flooring

Others