Engineered Stone Market is expected to reach USD 35 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of engineered stone was USD 21 Billion. The primary reason behind the growth of the engineered stone market is the increasing demand for engineered stone across the world. For instance, Quartz is one of the most plentiful minerals on the planet. Generally acknowledged as the engineered stone market, the Quartz stone market is thriving at a quick pace. The quartz slabs are developed by joining approximately 90 percent ground natural quartz along with 10 percent polyresin. However, these percentages can vary somewhat depending on the particular brand of quartz.
Another reason that will drive the engineered stone market during the forecast period is that it is a much more durable alternative to natural stones. For instance, quartz is pliable as it a less possibly to crack and is simple to install. Because of 93% quartz and 7% resin amalgamation, quartz is more powerful than natural stones such as granite or marble. In terms of persistence, Natural stones have the attributes of rocks; they are more inclined to staining as they can take liquid when something spills, whereas quartz having resins is naturally waterproof. The spills in natural stones should be cleared quickly to safeguard them from long-term harm. There is no management cost associated with quartz, as spills or debris can be managed with a sponge or water. Management is free for quartz as there is no sealer required. Contrarily, Natural stones require to be sealed every 1-2 years. Moreover, when it comes to management, quartz may conquer this time. Quartz is a non-penetrable component that is not simply influenced by acids brought by juice spills, coffee stains, and scorches. Its endurance makes the component unyielding to scratches. But it does not make the quartz countertops unyielding to heat.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
5% |
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Base Year Market Size (2023) |
USD 21 Billion |
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Forecast Year Market Size (2036) |
USD 35 Billion |
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Regional Scope |
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Product (Tiles, Blocks & Slabs)
The blocks & slabs segment in the engineered stone market will have the biggest growth during the forecast period and will account for the biggest share of 98% by the end of 2036. This supremacy can be attributed to its hassle-free setup and easy administration properties and due to its cost-effective nature. Density A standard concrete slab will primarily be 4 or 6 inches dense, but this can be adjusted and controlled by the requirements of your project. Density is key in deciding the final cost of the project: the thicker the slab, the costlier it will be. A 4-inch slab, for instance, can cost anything from USD 0.50 to USD 1 less than a 6-inch slab. Other than natural stone, it is substantially less inclined to stains caused by usual food substances, like oil, wine, and juices, making it appropriate for kitchen applications. Engineered blocks and slabs can be created in large sizes, and their non-penetrable nature enables them to be utilized in wet areas, like bathrooms, swimming pools, showers, and bathtubs. The rising requirement for beautiful countertops to increase looks in interior frameworks is projected to drive the requirement over the anticipated period.
Application (Flooring, Countertop, Wall Cladding, Cut-to-size Items)
The countertops segment in the engineered stone market will hold the predominant profit share of 79% by the end of 2036 and will notice the biggest growth. This requirement can be attributed to the product’s stain-repellent properties. Moreover, the cost of quartz countertops scales from USD 45 to USD 200 per square foot, is impacted by factors such as grade, color selection, and edge treatment. Engineered stone slabs are relatively less costly than their natural substitutes and present greater selections in terms of shape, design, color, and texture. engineered stone comprises polymeric resins that are not UV persistent, causing the discoloration of the stone and the crack-up of the resin binder.
Our In-Depth Analysis of the global engineered stone market Includes the Following Segments:
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Application |
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Product |
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End-Use Industry |
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APAC Market Forecast
The engineered stone market in the APAC region will dominate the revenue and will account for the biggest profit share of 35% by the end of 2036. This is because of the increasing product use in the construction and embellishment of residential and non-residential interiors in quickly increasing economies, like China, India, Japan, Malaysia, and Singapore. The government strategizes to spend CNY92.4 trillion (USD 13.7 trillion) by 2060 for green power transformation. As part of the initiative, the government plans to acquire net-zero emissions of greenhouse gases by 2060. China also plans to source 33% of its power from sustainable sources by 2025. Investment into infrastructure is essential policy equipment for the Chinese government to handle economic crises or downturns, but it occurs at a cost.
European Market Statistics
The engineered stone market in the European region will also encounter huge growth by the end of 2036 owing to the increasing mining rules in this region. For instance, on December 15, 2023, the European Parliament provided the green light for fresh rules to confirm the EU enhanced extraction and supply of planned raw materials. Through the law, the EU will make it simpler to open fresh mines, or planned projects, which are examined as especially essential, among other things. The focus is to confirm Europe's greater supply of crucial raw materials, which are important to the union's green and digital conversion.
Author Credits: Mohd Shadab, Yashika Karodiwal
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