According to the report titled ‘Global Engineered Stone Market Size study, by Product Type (Tiles, Blocks and Slabs), Application (Countertops, Flooring, Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global engineered stone market was valued at USD 21.74 billion in 2020 and is expected to record a CAGR of 5% during 2021-2027, thereby accumulating USD 30.59 billion by the end of analysis period.
 

Rising awareness for environmental protection leading to preference for eco-friendly commodities, infrastructural investment by government, and flourishing construction sector are the key factors propelling the growth of global engineered stone market. According to a report by India Brand Equity Foundation (IBEF), India is planning to invest USD 1.4 trillion on infrastructure during 2019-2023, in an effort to support sustainable development in the nation.
 

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For the unversed, engineered stones are environment friendly materials made by binding crushed stone using cement mixture or polymeric resin. They are used in walls, kitchen countertops, and floor applications.
 

Availability of recyclable engineered stone products, in consort with introduction of inert bonding agents are also catalyzing the market growth. On the contrary, premature discoloration of materials that are not UV and heat resistant is a restraining factor to the industry augmentation.
 

By product type, worldwide engineered stone market is segmented into blocks & slabs, and tiles, whereas classification based on application includes flooring, countertops, and others.
 

Moving on to geographical terrain, industry dynamics across North America, Asia Pacific, Latin America, and Europe are thoroughly scrutinized to identify the latest trends and profitable opportunities in the sphere.
 

As per expert verbatim, North America currently accounts for significant market share, owing to higher demand for recyclable and environment friendly construction materials. Similarly, Asia Pacific market is slated to project a high growth rate during the forecast timeline, due to rapid urbanization, rise in disposable income, and changing economic status of nations in the region.
 

Key players influencing the global engineered stone market trends are Diresco NV, Breton S.p.A, Vicostone JSC, Cosentino S.A., LG Hausys, Stone Italiana S.p.A., Johnson Marble & Quartz, Technistone A.S., Quartzforms S.p.A., and Pokarna Ltd.