Engineered Stone Market By Product Type (Quartz, Marble), Applications (Countertops, Flooring), End-User (Residential, Commercial), & Region for 2024-2031

Engineered Stone Market Valuation – 2024-2031

The expanding demand for engineered stone is primarily driven by increased construction and remodeling activity in the residential and commercial sectors. An engineered stone that is noted for its durability, aesthetic appeal, and low maintenance has become a popular material for countertops, floors, and wall cladding in modern homes and commercial spaces by enabling the market to surpass a revenue of USD 29.15 Billion valued in 2024 and reach a valuation of around USD 43.02 Billion by 2031.

The growing emphasis on sustainability and environmentally friendly construction practices drives the demand for engineered stone. Unlike natural stone, engineered stone is made from a blend of natural components such as quartz and resin allowing for more efficient resource usage and a lower environmental effect. Many engineered stone manufacturers are using recycled materials and implementing energy-efficient production procedures to comply with the global trend toward green construction requirements by enabling the market to grow at a CAGR of 5.50 % from 2024 to 2031. 

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Engineered Stone Market: Definition/ Overview

Engineered stone is a composite material composed of crushed natural stone, typically quartz, combined with resin binders and colors to provide a long-lasting and adaptable surface. Unlike natural stone such as granite or marble, engineered stone is produced under controlled conditions yielding a non-porous, homogenous product with consistent color and texture.

Engineered stone is commonly utilized in both residential and commercial construction due to its durability, adaptability, and aesthetic appeal. Countertops, floors, wall cladding, and backsplashes are popular applications in kitchens, bathrooms, and other interior areas. Its composition, often comprised of crushed stone linked with resin, provides higher resilience to scratches, stains, and heat compared to natural stone making it perfect for high-traffic and heavy-use locations.

Engineered stone is projected to find higher demand in the future as a result of sustainability trends and technological improvements. Manufacturers are progressively using recyclable materials and environmentally friendly polymers into engineered stone manufacturing in line with the growing demand for green building materials.

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Will the Growing Residential and Commercial Construction Sectors Drive Market Growth?

The engineered stone market is experiencing significant growth, primarily driven by the robust expansion of residential and commercial construction sectors. The surge in construction activities, particularly in urban areas has created a substantial demand for engineered stone products due to their durability, aesthetic appeal, and cost-effectiveness compared to natural stone alternatives. According to the U.S. Census Bureau, new privately owned housing starts reached 1.56 Million units in 2023, with single-family housing starts accounting for 1.01 Million units.

The National Association of Home Builders (NAHB) reported that kitchen remodeling remains the most popular home improvement project, with 78% of renovations including countertop replacements, where engineered stone is a preferred choice. The commercial construction sector is equally significant, with the U.S. Commerce Department reporting that commercial construction spending reached USD 901.2 Billion in 2023, a 7.3% increase from the previous year. Furthermore, the European Construction Industry Federation (FIEC) reported that renovation and modernization activities in the EU accounted for 28% of total construction output, valued at approximately USD 291 Billion in 2023

Will High Initial Cost Hamper the Engineered Stone Market?

High initial prices may impede the expansion of the engineered stone market, particularly among budget-conscious individuals and enterprises. Engineered stone which is noted for its durability, aesthetic appeal, and low maintenance is often more expensive than genuine stone or other materials such as laminate or ceramic tiles. This pricing gap may dissuade prospective purchasers, particularly in areas where economic restrictions make affordability a critical decision factor in construction or restoration projects. While engineered stone provides long-term benefits in terms of durability and maintenance savings, the initial expenditure necessary for purchase and installation can be prohibitively expensive for many consumers, restricting its broad adoption.

While the high initial cost is concerning, the long-term value proposition of engineered stone may outweigh it over time. Consumers and organizations are rapidly recognizing that, while the material is initially more expensive, its endurance and low maintenance requirements can result in long-term cost benefits. Furthermore, the rising popularity of sustainability and luxury home renovations is boosting demand in higher-income segments where customers are ready to pay for quality and environmental benefits.

Category-Wise Acumens

Will the Superior Durability and Stain Resistance Drive the Product Type Segment?

Quartz is emerging as the dominant section of the engineered stone market due to its outstanding durability and low maintenance requirements. Its longevity means that surfaces retain their appearance and performance over time, even when heavily used which appeals to both home and commercial buyers. Furthermore, quartz’s nonporous characteristic distinguishes it from other materials as it does not require sealing, making it easier to clean and maintain.

Quartz has additional benefits in terms of hygiene and cleanliness which has led to its increasing popularity in the building industry. Quartz surfaces are very resistant to germs, mold, and mildew because of their non-porous nature, which is especially useful in areas where hygiene is crucial, such as kitchens and bathrooms. This resistance to microbiological growth ensures a safer environment adding to its attractiveness in both residential and commercial buildings. Quartz is becoming increasingly popular as people value both beauty and usefulness.

Will the Increasing Urbanization and Rising Expenditure Propel the Application Segment?

Countertops dominate the engineered stone market with the biggest market share due to their functional and aesthetic benefits. One of the primary reasons for this supremacy is the non-porous nature of engineered stone which makes it highly resistant to stains, bacteria, and moisture. This characteristic is especially useful for surfaces in kitchens and bathrooms where food preparation and liquid contact are regular. This makes it an excellent choice for high-traffic areas and heavy-duty applications where surfaces must resist regular wear and tear.

Engineered stone’s increasing appeal is due in large part to its aesthetic adaptability. It is available in a variety of colors, textures, and patterns to suit different design preferences allowing homeowners and designers to create personalized and visually appealing rooms. The material’s ability to simulate the appearance of natural stone such as marble and granite, without the high care or cost, increases its appeal. Furthermore, the modern trend of open-plan living in which kitchen countertops frequently serve as social and dining areas has increased the need for countertops that are both useful and aesthetically beautiful.

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Country/Region-wise Acumens

Will the Growth in Construction Activities and Infrastructure Development Drive Growth in the Asia Pacific Region?

The Asia-Pacific region dominates the global engineered stone market with China accounting for over 40% of total production. This domination is due to the region’s tremendous construction boom and growing urbanization, particularly in emerging economies. In 2023, the construction industry’s added value climbed by 8.1% compared to 2022, with total construction output valued at ¥29.3 trillion (about USD 4.5 Trillion). The construction business in India is expected to increase at a 7.3% annual rate between 2023 and 2028, according to the India Brand Equity Foundation (IBEF). The growing use of engineered stone in residential buildings is especially noticeable with the urban housing sector experiencing extraordinary growth.

The Asian Development Bank (ADB) estimates that Asia will require USD 26 Trillion in infrastructure investment between 2016 and 2030, with an average of USD 1.7 Trillion per year. This significant investment is increasing the demand for engineered stone in commercial and public infrastructure projects. Singapore’s Building and Construction Authority (BCA) forecasts that construction demand in Southeast Asia will be between S$27 billion and S$32 billion in 2023 with non-residential building projects accounting for a sizable chunk. Sustainability measures are also helping to grow the engineered stone market, as these materials generally contain recycled content and require less care.

Will the North American Region Be Driven by the Growing Trend of Home Renovation and Remodeling Activities?

The North American engineered stone market stands as one of the fastest-growing segments globally, primarily propelled by the surge in home renovation and remodeling activities across the United States and Canada. This rapid growth is particularly evident in the residential sector where engineered stone countertops have become the preferred choice among homeowners. The home renovation and remodeling sector has experienced substantial growth serving as a primary market driver. According to the Joint Center for Housing Studies of Harvard University, home improvement and repair spending in the US reached USD 472 Billion in 2022, a significant increase from USD 388 Billion in 2019.

The National Association of Realtors reported that 35% of homeowners undertook a major kitchen remodeling project in 2023, with 60% of these renovations including countertop replacements. Another key driver is the increase in new residential construction activity, which is accompanied by a growing preference for high-quality building materials. According to the US Census Bureau, new privately-owned housing starts will total 1.55 million units by 2023, with engineered stone installs in kitchens and bathrooms accounting for 85% of new single-family houses. The durability and cost-effectiveness of engineered stone have also contributed to its market expansion.

Competitive Landscape

The Engineered Stone Market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the engineered stone market include:

• LX Hausys
• Johnson Marble & Quartz
• Technistone A.S.
• Caesarstone Ltd.
• Belenco
• Quarella Group Ltd.
• Quartzforms
• Stone Italiana S.p.A.
• Cosentino S.A.
• VICOSTONE

Latest Developments

• In November 2023, Silestone by Cosentino, known for its quartz surfaces, will launch a new collection in collaboration with luxury fashion designer Elie Saab. This line features quartz surfaces inspired by Saab’s elegant fabric designs, reflecting the growing trend of incorporating high-fashion aesthetics into home decor.
• In October 2023, Spain’s Cosentino bought Oite, an Italian brand recognized for its high-quality, marble-like quartz surfaces, considerably increasing Cosentino’s foothold in the premium engineered stone market.

Report Scope

Engineered Stone Market, By Category

Product Type:

• Quartz
• Marble
• Granite:

Applications:

• Countertops
• Flooring
• Wall Cladding
• Others

End-User:

• Residential
• Commercial
• Industrial

Region:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

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