Engineered stone market to grow by USD 9.68 billion between 2022 and 2027; APAC to account for 40% of the market growth

NEW YORK, May 8, 2023 /PRNewswire/ -- The engineered stone market size is expected to grow by USD 9.68 billion between 2022 and 2027, progressing at a CAGR of 6.1% during the forecast period. APAC will account for 40% of the market growth during the forecast period. The growth of the regional market is driven by the rapid growth in construction activity and increased awareness of innovative flooring and modular kitchens. The growing per capita income and the rising living standards are other key factors driving the growth of the engineered stone market in APAC. For more insights on market size - Request the Sample Report

Engineered Stone Market: Segmentation Analysis

Technavio has segmented the engineered stone market by type (block and slabs and tiles), application (countertops, flooring, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

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Key factor driving market growth

The market is driven by the growing residential construction activities. Rapid urbanization and growing population concentration in urban areas have increased the construction of new homes. The rapid growth in urban properties and decreasing household size have led to the adoption of the open kitchen concept, which is supporting the growth of the modular kitchen market. Modular kitchens enable better utilization of space, make the kitchen more organized, improve aesthetic appeal, and make it well-equipped with many features. In addition, the growing number of home renovation and reconstruction projects has further increased the penetration of modular kitchens. All these factors are expected to drive the growth of the market during the forecast period.

Leading trends influencing the market

The increasing interest in interior designing is identified as the key trend in the market. Factors such as rising income levels, evolving lifestyles, increased media penetration, and the adoption of different cultures have increased consumer spending on home interior decoration worldwide. The spending includes designer home furnishings such as home furniture, floor coverings such as engineered stone, and counterparts. In addition, the growth in the working women population and their participation in the decision-making process have further increased the sales of home furnishings, which is positively influencing the market growth.

Major challenge hindering growth

The rising popularity of substitutes will challenge the growth of the market. The increased cost of engineered stone has led several end-users to look for substitutes that are less expensive and require low maintenance. Products such as ceramic tiles, LVT, and wood plastic composite (WPC) are widely available as substitutes for engineered stone. These substitutes can be used to make countertops, fireplaces, and stairs. They can also be used as building blocks for bridges, monuments, and buildings. In addition, the high cost associated with the replacement of engineered stone has also forced end-users to prefer alternatives. Such challenges are reducing the growth potential of the market.

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Competitive Analysis

The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, growth in market share, among others, Buy the Report

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

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Engineered Stone Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.1%

Market growth 2023-2027

USD 9.68 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

4.66

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 40%

Key countries

US, China, Vietnam, Italy, and Denmark

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

A.St.A. WORLD WIDE, Akrilika Co., Aristech Surfaces LLC, Belenco, Breton S.p.A., CaesarStone Ltd., Cosentino SA, Diresco NV, DuPont de Nemours Inc., Global Surfaces Limited, Lotte Chemical Corp., LX Hausys Ltd., MAAS GmbH, Pokarna Ltd., Prism Johnson Ltd., Q.R.B.G. S.r.l., Quartzforms Spa, Santa Margherita Spa, SMARTSTONE AUSTRALIA PTY Ltd., Stone Italiana Spa, VICOSTONE, and Wilsonart LLC

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Technavio

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