2024 Engineered Stone Market Overview: Key Insights on Size, Share, and Trends
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What is the Anticipated Growth Speed of the Engineered Stone Market Between 2024 and 2033?
In the past few years, the engineered stone market has experienced robust growth. It is predicted to expand from $26.24 billion in 2023 to $27.89 billion in 2024, reflecting a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the growth during the historical period include a low-interest-rate environment, an increase in single-family constructions, a growing preference for energy-efficient materials, solid economic growth in emerging markets, and a rise in global population.
The market for engineered stone is projected to experience robust growth over the next couple of years. It’s anticipated to expand to a value of $34.28 billion by 2028, with a compound annual growth rate of 5.3%. This projected leap in the forecast period can be credited to multiple factors like global growth in population and urbanization, enhanced infrastructure development, swift industrialization, government policies promoting construction, and a mounting emphasis on sustainability. Key trends in the forecast span include the production and advancement of engineered stone manufactured from recycled materials, harnessing hybrid print technology for improved surface aesthetics, a focus on the creation of lavish stone surfaces and related accessories, the launch of engineered stone devoid of PVC (polyvinyl chloride) and plasticizers, and the introduction of effortlessly installable engineered stone.
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Which Factors Are Enhancing the Growth of the engineered stone Market?
The burgeoning construction sector is predicted to fuel the expansion of the engineered stone market. Engineered stones, known for features such as bacteria resistance, scratch resistance, and heat resistance, are extensively employed in residential construction projects for applications like kitchen countertops, floors, façade tiles, and more. The swift uptake in commercial and residential project constructions is anticipated to elevate the usage of engineered stones within the forecast period. For instance, according to a government data agency based in New Zealand, the Stats NZ Tatauranga Aotearoa, there was a growth of 3.7 percent in building activities as of March 2021. Additionally, in 2021 residential activities saw a growth of 4.3 percent in comparison to 2020. Further, as per the US Census Bureau, the worth of construction activities rose from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, reflecting a growth rate of 10.2 percent. Consequently, the considerable growth in the construction sector is augmenting the expansion of the engineered stone market.
Which Segments Are Crucial in the Engineered Stone Market?
1) By Type: Tiles And Blocks, Slabs
2) By Process: Cold Curing, Hot Curing
3) By Application: Countertops, Flooring, Wall, Facades, Others
What Emerging Trends Are Shaping the Future of the Engineered Stone Market?
Major participants in the engineered stone industry are now prioritizing the creation and evolution of engineered stone using recycled elements in order to further their commitment to sustainability and reducing carbon emissions. For example, Stone Italiana, a manufacturer of engineered stone from Italy, introduced a new line of engineered stone named Cosmolite in March 2021. This stone was made from inert pre-consumer recycled matter and received certifications such as LEED v4 Green Gold, NSF 51 Food Contact, along with the capability of emitting low levels of volatile organic compounds.
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What Regions Are At the Forefront of Engineered Stone Market Expansion?
Asia-Pacific was the largest region in the engineered stone market in 2023. The regions covered in the engineered stone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Engineered Stone Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the engineered stone market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Engineered Stone Market Include
1. Engineered Stone Market Executive Summary
2. Engineered Stone Market Segments
3. Engineered Stone Market Size And Template Market Growth Rate
4. Key Engineered Stone Market Trends
5. Major Engineered Stone Market Drivers
……
25. Key Mergers And Acquisitions In The Engineered Stone Market
26. Top Engineered Stone Companies
27. Engineered Stone Market Opportunities And Strategies
28. Engineered Stone Market, Conclusions And Recommendations
29. Appendix
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