Stone Veneer Market: Highlights
- Stone veneer is a form of siding that has the appearance of natural stone. It is made from a mixture of Portland cement, iron oxide pigments, and aggregates poured into a mold. It is often used as an accent siding option in modern homes.
- One of the major advantages of using a manufactured stone veneer is that it can be fixed to a variety of substrates that do not need to be structural such as masonry or wood frame. This is because stone veneer is light weight.
- Stone veneer is used for exterior as well as interior applications. In residential application, stone veneer can be used on fireplace facings, stove backsplash, and walls. Most stone veneers are able to withstand fire and smoke. Thus, they can be installed indoors. A manufactured stone veneer fireplace can cost less than half of what a natural stone fireplace would cost, but with the same esthetics. Manufactured stone veneers make installation a simpler process, and its repair is also easy. No complicated recuts or reinstalls of individual stones are required to fix any damage.
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Key Drivers of Global Stone Veneer Market
- Increase in demand for stone veneer in various residential and commercial spaces is anticipated to boost the global stone veneer market during the forecast period. There has been an increase in construction activities across the globe. According to the Statistics Bureau, the Ministry of Internal Affairs and Communications of Japan, the country spent US$ 30,380 Bn on construction activities in 2017; of this, US$ 16,570 Bn was spent on residential buildings and US$ 13,810 Bn on non-residential buildings. Thus, growth in the construction industry is estimated to drive the demand for stone veneer in the near future.
- The U.S. also spends significantly on construction activities. According to the U.S. Census Bureau, the Government spent approximately US$ 1,303,469 Mn in overall construction activities in 2019.
Stone Veneer Market: Application Segment
- Based on application, the global stone veneer market can be bifurcated into residential construction and non-residential construction
- The non-residential construction segment is projected to account for major share of the global stone veneer market by 2030. The segment is expected to remain lucrative during the forecast period.
- Expanding at a healthy growth rate, the residential construction is likely to create significant incremental opportunity during the forecast period
Stone Veneer Market: Covid-19 Impact
- The COVID-19 pandemic has had a negative impact on the global economy. It has affected various industrial sectors by hampering the supply chain. Long duration consumer lockdowns; shutting down of international supply chains and retail business, and adverse changes in purchase and consumption behavior has significantly hampered various sectors. This, in turn, has adversely impacted the stone veneer market.
- The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. Longer lockdowns have severely impacted household income, corporations' liquidity, and banks' asset quality.
North America to be Key Region of Global Stone Veneer Market
- In terms of region, the global stone veneer market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, the consumption of stone veneer is much higher compared to that in other regions.
- In terms of demand, North America holds major share of the market. It is followed by Asia Pacific and Europe.
- In terms of volume and value, Asia Pacific accounted for vital share of the global stone veneer market in 2019. Rise in usage of stone veneer in residential and commercial building applications is expected to drive the market in the region. In China, the overall real estate investment has grown by 6% since 2015 to more than US$ 1.8 Trn in 2018. China has been investing significantly in residential buildings.
- Europe also held important share of the global stone veneer market in 2019. Some of the factors for market growth in the region are superior end-use industry expansion and increase in number of domestic players in vertical market segments.
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period
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Key Manufacturers Operating in the Market
The global stone veneer market was highly fragmented in 2019. Key manufacturers operating in the global market include:
- Coronado Stone Products
- Eldorado Stone
- QUALITY STONE VENEER INC
- CULTURED STONE
- Boulder Creek
- StoneCraft Industries
- Cornerstone Building
- Buechel Stone Corp.
Global Stone Veneer Market: Research Scope
Global Stone Veneer Market, by Application
- Residential Construction
- Non-residential Construction
- Office Spaces
- Auditoriums & Convention Centers
- Cinemas & Theatres
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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