Consumer Affliction for Visually Appealing Interiors Bodes Well for Engineered Stone Market
Increasing boom around residential renovations, as well as the surging need for redeveloping old building constructions will remain among the key factors responsible for engineered stone market growth. The commercial sector, especially hospitality spaces and offices, also generates decent demand for engineered stone varieties. The trend is particularly prominent in case of replacement applications. Scratch- and heat-resistant attributes of engineered stones are most likely to push their adoption in niche applications like fireplace, besides conventional indoor applications like kitchen, walls, vanities, flooring, and kitchen countertops. Slabs, and blocks are all set to be the top-selling product categories in engineered stone market.
With increasing consumer inclination toward elegant-looking spaces, and visual aesthetics of home and office interiors, sales of engineered stone are expected to be burgeoning in future. The antibacterial attribute of engineering stone products is likely to promote its adoption amid ascending significance of hygiene maintenance worldwide. Their endurance, and non-porous physical nature will further raise their suitability for high footfall places like commercial buildings, large-scale canteens, and hospital food facilities, as well as in wet areas like swimming pools and pool sides, private and public washrooms, and bathtubs and showers at hotels. This is likely to be stimulating the growth of engineered stone market.
Engineered Stone Sales to Climb with Lower Lifecycle Cost, and Greater Durability than Natural Stone Products
Engineered stone is also popularly known as quartz in the manmade stones category. Breton’s (Italy) patented process that has been widely used for manufacturing engineered stone products involves combination of quartz/marble aggregates, and other rocks. The aggregate is later set in epoxy, or a few other popular resin binders. The lower lifecycle cost of engineered stone products, and relative endurance when compared with their natural stone counterparts will continue to push the preferential shifts in favour of them. This is expected to sustain the performance of engineered stone market in long run.
The expensive price point will however continue to play out as a significant roadblock facing the progress of engineered stone market. Widespread availability of cheaper yet equally durable alternatives on the market will remain a longstanding challenge for engineered stone manufacturers. Moreover, vulnerability of engineered stones to strong chemical-based cleaning products further makes them relatively less preferable among a huge available variety on the market.
Recycled Engineered Stone Likely to Trend
Recycling of engineered stone products has been recently trending the global market landscape as a number of non-conventional application areas are showcasing their preference for recycled engineered stones as one of their key product ingredients. The presence of quartz in engineered stone majorly accounts for its high recyclability that complements the global effort to attain a sustainable, low-carbon future. Some of the prominent application segments that are expected to continue creating opportunities for recycled engineered stones, include wine and beer bottles, perfume bottles, and porcelain sink that roughly comprise 70% recycled material. New opportunities are likely to spring up as the demand for artwork and DIY material continues to soar at a considerable pace.
Residential Projects Remain Instrumental to Market Build-up in Key Regions
Being the top consumer region of building and construction materials, Asia Pacific continues to dominate the global engineered stone market with more than third of the total market valuation. In addition to the ballooning housing sector across the region, the expanse of commercial and industrial sectors has also been noteworthy over the recent past. Fast-progressing economies like China, India, Indonesia, Philippines, and Vietnam will remain at the forefront of demand generation.
On the other hand, Europe is also likely to develop a steady, sustained market for manufacturers of engineered stones, and stone products. While the region has been experiencing increasing imposition of mining restriction guidelines, market dynamics of natural stone and allied products are most likely to reflect significant alterations in the near future. North America is also one of the key markets, led by the US, owing to the escalating demand for premium building and construction materials for both, residential and commercial projects.
On the back of this, Europe’s market is anticipated to gradually make room for engineered stone products in response. The redevelopment sector within the key European economies has picked up pace following huge investments, which is further expected to favour the growth of engineered stone market here. Middle East and Africa is projected to be another important market for manufacturers, investors, as well as other stakeholders. Besides Dubai, rapid expansion of commercial construction projects in the Kingdom of Saudi Arabia, and Qatar is expected to boost engineered stone sales, thereby strengthening the MEA engineered stone market.
Customisation Emerges as a Popular Strategy among Top Brands Driving Competition in Engineered Stone Space
Viatera USA, Diresco, St.A. WORLD-WIDE, Santa Margherita Spa, RMS, Topzstone, Tchnistone, Silestone, Johnson Marble & Quartz, Stone Italiana S.p.A., Quartzforms, Vicostone, Cosentino S.A., Technistone a.s., and LG Hausys constitute some of the leading participants in global engineered stone landscape. Apart from expansion of existing portfolio, key companies are likely to invest effort in differentiating in installation services. Customisation is also expected to remain an important winning imperative for a majority of leading market players. One of the prominent players, Breton S.p.A. has an established chain of workshops across different parts of the world. These workshops are authorised, and some of the locations include China, France, Italy, Brazil, and India. With this, the company looks forward to establishing itself stronger as a brand that provides customisation services at par. Considering the challenge associated with stain-prone nature of engineered stone, brands have been focusing on innovating newer varieties using stonemark that gives stainless surface even after an interaction with harsh chemical-based cleaning products, and even oils.
Key Elements Included In The Study: Global Engineered Stone Market
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