Pune, India, March 01, 2021 (GLOBE NEWSWIRE) -- The global engineered quartz surface market size is projected to reach USD 33.50 billion by 2027, exhibiting a CAGR of 8.9% during the forecast period, according to a new Fortune Business Insights™ report, titled “Engineered Quartz Surface Market, 2020-2027”. The report estimates that the value of the market stood at USD 17.10 billion in 2019.
Attractive Properties of Quartz Countertops to Stoke Adoption
Quartz is the most popular and the most preferred engineered stone in the construction industry. Engineered quartz surfaces, moreover, offer a vast array of advantages over natural stone, making them highly attractive to homebuyers, commercial space owners, and interior designers. For example, once the quartz material is compressed into slabs, its appearance is similar to natural stones such as slate and granite. More importantly, the patterns, designs, and hues on quartz are much more uniform than those found on natural stones. A distinct advantage enjoyed by quartz is in terms of its durability. Unlike other natural stones that crack easily when they get old, engineered quartz countertops are highly resistant to heat, scratches, and cuts and do not crack under pressure. These critical benefits of the quartz material give it an edge over other engineered stones, thus favoring the growth of this market.
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Market Segments
Based on product, the market has been divided into press molding quartz and casting quartz. By end-user, the market has been bifurcated into residential and commercial. Under the commercial segment, the hotels/restaurants sub-segment held a share of 15.0% in the global market and a share of 14.4% in the China market. On the basis of region, the market has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Highlights of the Report
The report contains tangible insights into the major growth drivers of the market, besides providing an elaborative overview of the industry trends and future outlook. Along with unrivaled, industry-leading market intelligence, the report offers a careful assessment of the challenges facing the market. Additionally, the report delivers actionable research into the regional developments and competitive landscape of the market.
Damaging Impact of COVID-19 on Construction Activities to Limit Market Growth
The COVID-19 pandemic has proven disastrous for the construction industry, which in turn is likely to hinder the engineered quartz surface market growth. According to the London-based Royal Institute of Chartered Surveyors (RICS), one-fourth of construction projects around the globe were halted due to the coronavirus-induced lockdowns and social distancing measures. With laborers reverse migrating to their hometowns, on-site productivity dipped by 12%, as per RICS estimates, and the financial stress created in 2020 will have ramifications in 2021 as well. In India, where the construction industry is booming, government data reveal that the construction sector shrunk by a whopping 50.3% in the second quarter of 2020. The demand for engineered quartz surface products will inevitably be in such a dire scenario as construction companies are currently focused on consolidating their finances. Despite this gloomy picture, however, the market was able to display a decent CAGR of 8.1% and reach a value of USD 18.50 billion in 2020.
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Regional Insights
Growing Interest in Interior Aesthetics of Spaces to Propel the Asia Pacific Market
Asia Pacific is expected to dominate the engineered quartz surface market share during the forecast period on account of the growing interest among consumers in the interior aesthetics of buildings and homes in the region. The other important growth driver for this regional market is the position of China as one of the foremost producers and exporters of quartz in the world. In 2019, the market size in Asia Pacific stood at USD 4.16 billion.
The market in North America is poised to gain prominence due to the steadily improving standard of living of consumers across the US and Canada, coupled with the soaring demand for new constructions in the US. In Europe, the market will be supported by the rising demand for housing and high investments in new constructions, especially in Germany, the UK, and France.
Competitive Landscape
Formulation of Inventive Designs to be Key Focus Area for Companies
Key players in this market are investing their creative energies in developing and formulating imaginative engineered quartz countertop designs and colors. A diverse portfolio of design offerings will enable companies to attract more customers and enhance their brand value and presence in the market.
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Industry Development:
January 2021: Caesarstone announced that it will be unveiling its WHITELIGHT COLLECTION at the Kitchen & Bath Industry Show and the International Builders’ Show in February 2021. The company’s durable and superior engineered quartz surface products will now be infused with a wide array of neutral, light colors, which will augment its place in the engineered stone industry.
List of Key Players Covered in the Engineered Quartz Surface Market Report:
- Macostone (Guangdong, China)
- STRASSER Steine GmbH (St. Martin im Mühlkreis, Austria)
- Cambria (Le Sueur, Minnesota)
- Wilsonart LLC. (Texas, United States)
- VICOSTONE (Hanoi, Vietnam)
- SodoStone (Xiamen, China)
- POKARNA LIMITED (Secunderabad, India)
- Cosentino S.A. (Almería, Spain)
- DuPont de Nemours, Inc. (Delaware, United States)
- Caesarstone (Haifa District, Israel)
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Table Of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Global Engineered Quartz Surface Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
- Global Engineered Quartz Surface Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Product Type (Value)
- Press Molding Quartz
- Casting Quartz
- By End-User (Value)
- Residential
- Commercial
- Research Laboratories
- Retails
- Hotels/Restaurants
- Others (Airports, Banks, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Product Type (Value)
- Global Engineered Quartz Surface Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
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