Engineered Quartz Stone (EQS) Market Size, Share, Growth, and Industry Analysis by Type (Quartz Surface, Quartz Tile and Others) By Application (Residential Quartz and Commercial Quartz), Regional Insights, and Forecast From 2023 To 2030

Updated On: 20 November 2023

engineered quartz stone market REPORT OVERVIEW

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The global engineered quartz stone market size was USD 11090 million in 2022. As per our research, the market is expected to reach USD 20060 million in 2028, exhibiting a CAGR of 10.4% during the forecast period.

The engineered quartz stone (EQS) market refers to the production and sale of a type of man-made countertop material composed of crushed quartz particles and a resin binder. Engineered quartz stone is highly durable, stain-resistant, and comes in a wide range of colors and patterns, making it a popular choice for kitchen and bathroom countertops, as well as other applications such as flooring and wall cladding.

The global EQS market has seen significant growth in recent years, driven by factors such as increasing demand for home renovation and remodeling, growing awareness of the benefits of engineered quartz stone over traditional materials such as granite and marble, and the rise of sustainable building practices.

COVID-19 Impact: Labor Shortages and Decreased Demand to Slow the Market Demands

The pandemic has resulted in decreased demand for engineered quartz stone products, as the construction and renovation industry has slowed down due to economic uncertainty and reduced consumer spending. This has resulted in a decline in sales and revenues for manufacturers and suppliers. The pandemic has also led to labor shortages, as factories and production facilities have had to shut down or operate with reduced capacity to comply with social distancing measures and other safety protocols. This has further slowed down production and delivery times.

LATEST TRENDS

"Global Market Growth and Competition to Propel the Market Demand"

The manufacturing process for engineered quartz stone has become increasingly sophisticated, allowing for more design options and customization. New finishes and textures have been developed, giving consumers more choices when it comes to the look and feel of their countertops and other surfaces. The engineered quartz stone market is becoming more competitive as new companies enter the industry. This has led to increased innovation and product development, as companies seek to differentiate themselves from their competitors. The engineered quartz stone market is expected to grow globally due to factors such as urbanization, rising disposable incomes, and increasing demand for modern, high-quality construction materials.

engineered quartz stone market Segmentation

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• By Type Analysis

By type, market is segmented into quartz surface, quartz tile and others. The quartz surface type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into residential quartz and commercial quartz. The residential quartz segment will lead the global share through 2028.

DRIVING FACTORS

"Aesthetic Appeal and Low Maintenance to Impel the Market"

Engineered quartz stone is known for its high durability and strength, making it a popular choice for kitchen and bathroom countertops, flooring, and wall cladding. Its resistance to scratches, heat, and staining makes it an ideal choice for high-traffic areas. Engineered quartz stone is available in a wide range of colors, patterns, and finishes, giving it an aesthetic appeal that can match any decor style. Additionally, engineered quartz stone can be customized to meet the specific needs of individual customers, making it a versatile material that can be used in a variety of settings. Engineered quartz stone is easy to clean and maintain, making it an attractive option for homeowners and business owners who want a durable material that requires minimal upkeep.

"Environmentally Friendly Factor to Augment the Market Growth"

Although engineered quartz stone can be more expensive than natural stone, it is still a cost-effective option for those who want a durable, low-maintenance material that will last for years. Engineered quartz stone is made from natural materials, such as quartz and resin, and it can be recycled at the end of its useful life. Additionally, many engineered quartzes stone manufacturers use environmentally friendly production processes, making it a sustainable choice for those who are concerned about the environment.

Overall, the durability, aesthetic appeal, low maintenance, cost-effectiveness, and environmental friendliness of engineered quartz stone are the key driving factors behind the growth of the engineered quartz stone market.

RESTRAINING FACTORS

"Maintenance Requirements to Hinder the Market Growth "

Engineered quartz stone faces competition from other materials, such as natural stone, ceramics, and laminates. Some consumers may prefer the aesthetics of these materials or find them more affordable. Some consumers may be concerned about the environmental impact of manufacturing engineered quartz stone. The production process requires energy-intensive machinery, and the use of resins and other chemicals could raise environmental concerns. While engineered quartz stone is generally considered to be low-maintenance, it does require some care to maintain its appearance over time. This may be a concern for some consumers who prefer materials that require less upkeep.

engineered quartz stone market REGIONAL INSIGHTS

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"North American Market to Grow Exponentially with the Forecasted Period"

The North American region is expected to have a significant share in the engineered quartz stone market owing to the rising demand for high-quality and durable construction materials. The presence of key players in the region and increasing renovation activities in the residential and commercial sectors are also expected to drive market growth.

The Asia-Pacific region is expected to witness the fastest growth in the Engineered quartz stone market owing to the increasing construction activities in emerging economies like China and India. The growing demand for high-end residential and commercial buildings is expected to drive the market growth in this region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• COSENTINO (Spain)
• Caesarstone (Israel)
• Hanwha L&C (South Korea)
• Compac (Spain)
• Vicostone (Vietnam)
• Wilsonart (U.S.)
• DuPont (U.S.)
• LG Hausys (South Korea)
• Cambria (U.S.)
• Santa Margherita (Italy)
• Quartz Master (U.S.)
• SEIEFFE (Italy)
• Quarella (Italy)
• Lotte Chemical (South Korea)
• Technistone (Czech Republic)
• Zhongxun (China)
• Sinostone (China)
• Bitto(Dongguan) (China)
• OVERLAND (China)
• UVIISTONE (China)
• Polystone (India)
• Ordan (Turkey)
• Meyate (China)
• Gelandi (China)
• Blue Sea Quartz (China)
• Baoliya (China)
• Qianyun (China)
• Falat Sang Asia Co. (Iran)
• Belenco Quartz Surfaces (Turkey)
• Prestige Group (India)
• QuartzForm (U.S.)
• CRL Stone (UK.)
• Stone Italiana (Italy)
• Equs (Turkey)
• Diresco (Belgium)
• QuantumQuartz (China)
• Pental (U.S.)
• Sage Surfaces (Allen+Roth) (U.S.)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.