SAN FRANCISCO, Sept. 8, 2020 /PRNewswire/ — The global engineered stone market size is expected to reach USD 30.6 billion by 2027 registering a CAGR of 5.0%, according to a new report by Grand View Research Inc. Growing product adoption as an environmentally sustainable alternative to the slabs of the natural stone is anticipated to drive the market growth over the forecast period.
The rise in demand for environmentally sustainable and green building materials is expected to have a positive impact on product demand. Product applications in a variety of residential and commercial settings, such as kitchen countertops, vanity tops, flooring, and bathroom furnishings, are driving the global market.
Key suggestions from the report:
- In China, the blocks & slabs segment is expected to grow at a significant CAGR over the forecast period on account of rising adoption of engineered stones in the kitchen countertops and bathroom furnishing applications
- In 2019, the revenue for flooring application segment in the North America region stood at USD 603.7 million owing to high product usage in the construction of various residential and institutional buildings including offices, libraries, and auditoriums
- In Saudi Arabia, the engineered stone market is anticipated to reach USD 1,013.7 million on account of growing demand for aesthetically pleasing and environmentally sustainable building decorative products
- In Europe, the tiles segment is expected to grow at a CAGR of 3.1% over the forecast owing to growing investments in the redevelopment and reconstruction of old residential and heritage buildings in the region
- Manufacturers are continually engaged in expanding their product portfolio accompanied by installation services and training programs for installation workers and after-sales support to the clients
Read 80 page research report with ToC on “Engineered Stone Market Size, Share & Trends Analysis Report By Product (Tiles, Blocks & Slabs), By Application (Countertops, Flooring), By Region (APAC, North America), And Segment Forecasts, 2020 – 2027″ at: https://www.grandviewresearch.com/industry-analysis/engineered-stone-market
Increasing demand for durable and highly customized floor tiles and countertops and changing consumer trends with regards to interior decoration and design have been critical to the market growth over the last few years. Furthermore, the expansion of offices and workspaces, changing consumer lifestyles, and rapid urbanization are expected to augment the market growth.
Manufacturers are actively working on ramping up their production capacities to satisfy the ever-increasing demand for the engineered stone slabs. Moreover, the manufacturers are focused on providing a wide range of customization options, in terms of color, texture, design pattern, size, and shape, to gain a higher market share.
Grand View Research has segmented the global engineered stone market on the basis of system type, application, and region:
- Engineered Stone System Type Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2016 – 2027)
- Engineered Stone Application Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2016 – 2027)
- Engineered Stone Regional Outlook (Volume, Million Square Meters; Revenue, USD Billion, 2016 – 2027)
- List of Key Players of Engineered Stone Market
Find more research reports on Green Building Materials Industry, by Grand View Research:
- Modular Construction Market – Growing demand for affordable housing coupled with increasing investments in the development of healthcare and commercial infrastructure is anticipated to positively impact market growth.
- Structural Insulated Panels Market – Increasing demand for affordable and cost-effective residential housing solutions is anticipated to drive the demand for structural insulated panels over the forecast period.
- Ceramic Wall Tiles Market – Rising construction activities supported by the increasing need for housing and commercial spaces are expected to augment the demand for ceramic wall tiles.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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