Global Engineered Stone Market To Witness Heightened Revenue Growth During The Forecast Period 2018 – 2028
Global Engineered Stone Market Introduction
An engineered stone is also known by the name of agglomerated stone made up of composition of resin binder, quartz, quartzite, pigments and additive. An engineered stone is widely available on the surface of earth, occurs in natural form of silicate mineral with composed silicon oxide commonly known as quartz.
This quartz is converted into engineered stone in the form of slab or blocks for end use applications. An engineered stone can be produced in various shape, texture and colours according to its required application and needs.It can be a fine or coarse in texture based on manufacturing process, and can also produce by combining it with glass or other material to give reflective or sparkling appearance. An engineered stone finds its use in various applications commonly indoors such as flooring, walls and in kitchen.
Engineered stones are highly resistant to heat and scratch, and are highly durable thus widely being used in fireplace. Owing to high living of standard and luxurious lifestyle, the global market for engineered stone anticipated to grow at significant CAGR in near future.
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Global Engineered Stone Market Dynamics
Development of attractive and aesthetic infrastructure is key driver for increasing usage of engineered stone across the globe. Due to its elegant appearance, an engineered stone has been popular choice for home application such as use in vanities, kitchen countertops, walls, flooring, etc. Engineered stones are resistant to bacterial growth and thus help in maintaining hygienic environment, which is prominent factor driving the global engineered stone market.
Rapid growth in construction and building industry is increasing the demand for engineered stone across the globe. Properties such as non- porous and durability makes engineered stones suitable for applications in hospital food facilities, canteen and commercial buildings. Engineered stones can be produced in large size and its non-porous nature allows it to be used in wet area such as washroom, swimming pool, shower and bath tub, etc. Engineered stones find its potential use in wide range of applications accelerating its growth and demand in the global market
Engineered stone Market Trends
Increase awareness about pollution mitigation is creating opportunities for the production of recyclable engineered stone which is expected to fuel the global market over the forecast period. Some products made by engineered stones such as porcelain sink, liquor bottles, wine bottles, beer bottles and perfume bottles, etc. consist of approximately up to 70% recyclable material allowing recycle of products. Also an eye capturing appearance and robustness of engineered stone increases its use in work of art which in turn is anticipated to create several growth opportunities in the global market.
Engineered Stone Market Restraints
The cost of the engineered stone is higher than other stone depending on its production process and the form of engineered stone can be a restraining factor for global engineered stone market. Also the engineered stones are vulnerable to staining by chemical products, cleaning products like acids and oil, etc. Whereas, a stone known as Stonemark gives stainless surface even after coming in contact with chemical products, oil or cleaning products, etc. this stone is integrated with water solution to provide stain resistance property acting as a substitute for it.
Global engineered stone Market Segmentation
The global engineered stone market can be segmented by product type, process and application
By product type, the global engineered stone market can be segmented as:
- Slab
- block
By process, the global engineered stone market can be segmented as:
- Cold curing
- Hot curing
By application, the global engineered stone market can be segmented as:
- Kitchen/bathroom countertops
- Flooring
- Art models
- Interior coverings
- Furnishings accessories
- Walls
- External coverings
- Other building components
Global engineered stone Market Regional Outlook
Global engineered stone market is dominated by Asia pacific region, as many of the key manufacturers have high presence in this region. China followed by India are estimated to dominate the APAC engineered stone market over the forthcoming years.
Changing economic status of countries such as China and India, expanding construction and building industry, is estimated to increase its demand in global market. Additionally, Europe remains to be one of the established market for engineered stone. Italy has been prominent supplier of engineered stones from decades which has led to the growth of the global engineered stone market in Europe.
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Global engineered stone Market Participants
Examples of some of the market participants in the global engineered stone market identified across the value chain include
- Granite & Marble Specialties
- St.A. WORLD-WIDE
- Diresco
- Viatera USA
- Quartzforms
- RMS
- Santa Margherita Spa