Stone Veneer Market

Stone Veneer Market to Amplify at a CAGR of 4.1% Over 2022 to 2030

Stone Veener Market was worth USD 702.11 million in 2020 and is slated to amplify at a CAGR of 4.1% over 2022-2030, accumulating USD 1020.21 million by end of the assessment timeframe.

Stone veener is referred to as a thin layer of man-made material used as a replication for real stone in domestic construction. It is generally made from iron oxide pigments and Portland cement and is predominantly utilized for decorative purposes. Its striking resemblance to real stones enhances the aesthetic appeal of the building where it is used.

Stone veener market- Segmental analysis

Based on type, the market sphere is bifurcated into manufactured stone and natural stone.  The manufactured stone segment is poised to capture a high revenue share over 2022-2030 owing to their easy availability.

By end user, the industry vertical is split into commercial, industrial, and residential. The commercial segment is expected to amass notable gains over the forecast period attributing to the steep rise in commercial construction projects across the region.

Expounding the geographical ambit and competitive landscape of the market

The major countries constituting the geographical gamut of this business sphere are U.S. and Canada. The U.S. stone veener market is projected to showcase lucrative expansion trends over 2022-2030. This is credited to the surging per capita income, presence of noteworthy companies, growing trends of modern infrastructure, technological innovation, and rising research & development investments in the field.

The prominent players operating in the market sphere are Stone Panels, Inc., Quality Stone Veener, Inc., Boral Ltd., TerraCORE Panels, Boulder Creek, Building Supply, Inc., County Materials Corporation, Mutual Materials Co., Eldorado Stone, Tri-State Stone, Mutual Materials Co., Sunset Stone, Inc., The Quarry Mill, Buechel Stone Corp., Cultured Stone, Cornerstone Building Brands, Natural Stone Veeners International, Inc.

Notably, in April 2018, James Hardie Industries Plc announced the acquisition of Fermacell GmbH to accelerate the growth of its fibre cement business.

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North America-stone veener market- Growth determinants and restraints

The primary factors augmenting the outlook of this industry sphere are rising construction activities in the region and growing disposable income level of the masses. Moreover, stone veeners are flexible, cost effective, and require lesser maintenance as compared to other construction materials, which is further accelerating their demand.

Also, these veeners offer high smoke and fire resistivity and are also lightweight in nature. This is increasing their adoption across residential and commercial construction projects. Besides, escalating demand for modern building structures is positively swaying the industry dynamics.

In addition, technological advancements, rapid urbanization, and economic developments in the region are stimulating the overall market outlook.

But, the onset of the COVID-19 pandemic impeded the sales of stone veeners in North America. This was due to the delays in construction activities caused by lockdown impositions to curb the virus spread. Moreover, travel bans and other restrictions also disrupted the supply chain network of the market sphere.

Furthermore, dearth of skilled workforce, transportation issues, and higher costs pertaining to the installation of stone veeners are obstructing the remuneration scope of this business sphere. Besides, lack of technical cognizance among the industry participants is also hindering the market progression.

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Stone Veneer Market- Key Trends

There are several factors that have fuelled the growth of the market. There has been a rapid surge in the construction undertakings across the world. There has been an increase in the demand for stone veneer in several residential and commercial places that is expected to boost the growth of the global stone veneer market during the forecast period.

A rise in investment in the construction industry especially in India and China has formed significant growth opportunities. The second largest share is taken by North America that has been driven by strong growth in the U.S. The reason behind this is majorly because of the high investment in the infrastructure modernization. This is the major reason behind the growth of the stone veneer market.

On the flipside, it is also seen that the difficulties in operation, high installation costs, lack of technical awareness, and also the problems in transportation are the factors that acts as a hinder to the growth of this sector.

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