Did you know that the Quartz Stone Market, valued at USD 12.33 Billion in 2022, is projected to reach an impressive Uby 2030? The growth is not just substantial; it's a testament to the booming demand for this versatile material.
Whether it's the elegance of natural slabs or the innovation of engineered quartz composites, the industry is expanding remarkably, growing at a CAGR of 9.46% from 2023 to 2030.
And what is this material made of? Precisely, engineered quartz comprises around 90% ground quartz mixed with resins, polymers, and pigments. This combination of materials is ideal for creating a robust surface similar to granite, finding applications across various sectors.
As we approach the year-end, it's the perfect time to walk through the latest trends, potential, and competitors in the Quartz Stone Market, shaping its trajectory in the years to come.
The quartz stone market is categorized into quartz surface, tile, and others. In 2022, Quartz Surface emerged as the leader, holding the largest market share.
This was mainly because of Quartz stone's widespread use in kitchen and bathroom countertops. What led to its widespread use? Mainly quartz durability, non-porous nature, and aesthetic appeal.
Due to this reason, the booming construction and remodeling activities in residential and commercial sectors have contributed to an all-time high global demand for quartz stone countertops.
From a global perspective, the Quartz Stone Market spans Europe, North America, Latin America, Asia Pacific, the Middle East, and Africa. In 2022, North America took center stage, claiming the largest market share. However, most other countries, including China, have also seen a larger market share of the quartz stone business this year.
The driving force of this increased market share is the environmentally conscious turn to quartz stone, considering it an eco-friendly alternative to certain natural stones. Besides, with sustainability taking center stage in construction and design considerations, it was only evident for a more eco-friendly material like quartz stone to witness a rise.
In terms of applications, quartz stone has witnessed a growing demand in various industries this year, going beyond the basic design industry. Specifically, with its stable and high-performance resonators, quartz has become an integral player in the electronics industry.
Due to its piezoelectric properties and enduring extreme temperatures, this natural stone serves as a linchpin in filters and oscillators, meeting the demanding needs of modern technology.
Moreover, the electronics industry's clamor for quartz is on the rise, fueled by its expanding role in mobile phones, laptops, tablets, and desktops. As these devices become globally common, so does the demand for quartz, positioning it as a cornerstone in the electronic landscape.
Besides this, quartz stone has also become an essential oscillator in radios, watches, and pressure gauges. Beyond its fundamental role, it contributes significantly to crafting electronic circuit frequency filters, controls, and timers.
Considering the versatility of quartz, these are only a few examples of how this stone is used in some of the broadly used products and technologies today. Adding more to its applications, this stone extends to communication equipment, computers, television receivers, and electronic games, solidifying its indispensable presence in our daily technological encounters.
Did you know? Homeowners are embracing the artistry and trend of combining different materials to craft a unique visual tapestry. Whether it's stainless steel, glass, or the timeless appeal of natural stone, this trend transforms countertops into modern, dynamic focal points.
This specific play with colors is another notable shift, with bold hues like imitating the textures of natural stone taking center stage. In these design approaches, the texture and finish of the quartz have made it more useful, contributing to the creation of the popular leathered and honed surfaces.
As we navigate the design landscape of 2023, darker colors and intricate patterns have become a trending choice for countertops. Complementing the rising popularity of dark wood furniture, these trends create a harmonious balance in home aesthetics.
Patterned slabs offer homeowners a diverse range of options, ensuring a perfect match for every style and preference for home interior and decor.
Asia-Pacific's Dominance as the Economic Powerhouse
Speaking of growth trends, the Quartz Stone industry is experiencing a seismic shift, with the Asia-Pacific region taking the lead. China, a major player in the construction domain, is driving significant growth. With a robust plan to enhance sustainability and quality in construction, the country's construction sector is set to maintain a substantial GDP share.
The supply chain's transition from China to Southeast Asia further adds to the region's prominence. Following this trend, strategic initiatives like "Made in China 2025" underline China's ambitious goal to reach a USD 305 billion output by 2030.
India and South Korea’s Quartz Adoption
After China, India emerged as a significant player in the quartz industry, riding high on its stone vision. Following its plan to promote digital themes and contribute to its economic growth, India's market is poised for remarkable growth through the wider adoption of quartz.
South Korea's thriving import and export market production, driven by demands in economic needs, adds another layer to the regional dynamics of quartz consumption.
Vietnam's Surge and Global Demand for Quartz
The industry in Vietnam witnessed exponential growth, fueled by the US-China trade war and rising manufacturing costs in China. This surge positions Vietnam as a pivotal player in the global stone industry migration.
Meanwhile, the Philippines and Indonesia contribute significantly to this, further amplifying the demand for quartz material in their industry.
Conclusion
As we conclude our exploration of the evolving trends in the global quartz stone industry, it's clear that stone and quartz surfaces have emerged as stalwarts in contemporary home design.
In the coming year, anticipate stone and quartz taking center stage as statement walls, backsplashes, and flooring, reflecting the ongoing trend of incorporating these materials in bold and innovative ways.
Besides that, the global adoption of quartz to produce day-to-day and advanced tech solutions is another factor that consistently contributes to increased quartz demand globally. This usage, adoption, and rapidly increasing demand make it easier to predict substantial growth of the quartz global industry in the coming years.
