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.
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
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