Artificial Intelligence
United States Stone Veneer Market to Reach USD 870.4 Million by 2029 | with a CAGR 4.2%
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Pune, India, April 10, 2023 (GLOBE NEWSWIRE) — The United States stone veneer market size reached USD 630.0 million in 2021 and is projected to grow from USD 651.8 million in 2022 to USD 870.4 million by 2029, recording a CAGR of 4.2% during the forecast period of 2022-2029.
The United States stone veneer market is anticipated to grow at a strong rate owing to the rising construction of residential and non-residential spaces. Urbanization and industrialization have played a key role in augmenting the demand for attractive commercial, industrial, and residential spaces. Since stone veneer is an artificial product and a thin layer of stone, it can replicate the look of natural stones in many architectural applications, including unique exterior facades and statement walls. Durability, fire resistance, and low maintenance are some of the beneficial characteristics that make these veneers a perfect choice for various building structures. These features have also made them a popular product in residential as well as commercial spaces.
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List of Key Players Profiled in the United States Stone Veneer Market Report:
- Sunset Stone Inc. (U.S.)
- Quality Stone Veneer Inc. (U.S.)
- Tri-State Stone & Building Supply Inc. (U.S.)
- Innovative Building Products Inc. (U.S.)
- Boulder Creek (U.S.)
- Halquist Stone (U.S.)
- Coronado Stone Products (U.S.)
- Cornerstone Building Brands, Inc (U.S.)
- Best Stone Works, Inc (U.S.)
- Environmental StoneWorks (U.S.)
- Cultured Stone (U.S.)
- Eldorado Stone (U.S.)
- StoneCraft Industries (U.S.)
- The Quarry Mill (U.S.)
- Natural Stone Veneer (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.2% |
| 2029 Value Projection | USD 870.4 Million |
| Market Size in 2022 | USD 651.8 Million |
| Historical Data | 2018-2020 |
| No. of Pages | 121 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors, and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| United States Stone Veneer Market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
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Segments:
Manufactured Stones are Highly Demanded their Beneficial Properties
In terms of product type, the market is segmented into manufactured stone and natural stone. The manufactured stone segment held the largest U.S. stone veneer market share in 2021. There is a high demand for manufactured stones due to their comparatively lower cost, lightweight nature, and supreme aesthetic properties. These veneers are made using aggregates, concrete, additives, and crushed stones. They are also colored to resemble natural stones. This segment is expected to retain its dominant position due to the shifting inclination of builders and architects toward lightweight and eco-friendly materials.
Residential Spaces to Increase the Usage of Stone Veneers
Based on application, the market has been bifurcated into industrial, commercial, and residential. Residential spaces are extensively using stone veneers to make attractive interiors and exteriors. People prefer natural stone veneers as they enhance the aesthetics and maintain a traditional visual appeal of kitchen backsplashes, fireplaces, accent walls, and chimneys. Increasing renovation and restoration activities in residential areas is a crucial factor contributing to the growth of the U.S. market.
COVID-19 Impact:
Supply Chain Disturbances Due to COVID-19 Pandemic Restricted Market Growth
The construction sector in the U.S. is highly volatile and was adversely affected by the COVID-19 pandemic. The decline in economic activity dampened the growth of the construction industry and reduced the demand for new industrial or commercial facilities. The outbreak also caused the suspension of projects, labor shortages, and disrupted supply chain and logistics networks in the U.S. The pandemic also disturbed the construction sector’s supply and demand chains. Migrant and domestic construction laborers could not work due to strict quarantine measures enforced by the government.
Loss of pay and lack of consumer confidence also had a negative impact on housing construction and restoration projects. These factors caused a notable slump in the consumption of stone veneers. For instance, a survey conducted by the Associated General Contractors of America (AGC) stated that nearly 28% of contractors had either paused or delayed their projects in the U.S. However, the industry was instrumental in building hospitals and donating PPE kits during COVID-19-related emergencies. This helped end-users in responding to the crisis and in the recovery. Such initiatives will help the market stabilize in the coming years.
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Report Coverage:
The research report offers a comprehensive analysis of the market and focuses on various aspects, such as leading applications, top companies, and products. It also provides quantitative data with respect to volume and value, research methodology for market data, market analysis, and insights into the latest trends. It also underlines critical industry developments and the competitive landscape. Apart from the above-mentioned factors, the report covers factors that have contributed to the growth of the market in recent years.
Drivers and Restraints:
Increasing Installation of Stone Veneers in Residential & Commercial Projects to Boost Market Growth
The U.S. is witnessing a robust rise in construction activities, which has driven the adoption of stone veneers. The product offers a highly desirable and long-lasting look to residential and commercial projects. Manufactured or natural veneers are often considered an attractive addition to non-structural projects as well such as indoor fireplaces, chimneys, and restaurant building facades. The veneer is also used to design interiors of residential spaces such as accent walls, fireplaces, and kitchen backsplashes. These characteristics and functionalities make stone veneers a popular product among architects and builders.
However, it is recommended to get the veneer installed by professionals as they can ensure an appropriate installation and zero wastage & error. These factors can add to the customer’s financial burden as the products incur high installation, skilled labor, and maintenance costs. As a result, veneers become too costly for various applications, thereby restraining the U.S. stone veneer market growth.
Competitive Landscape:
Leading Companies Expand Their Stone Veneer Production to Retain More Customers
Top companies involved in the U.S. market include Sunset Stone Inc., Quality Stone Veneer Inc., and Tri-State Stone & Building Supply Inc. These firms are focusing on product innovations, capacity improvement, acquisition, and partnerships. For instance, Sunset Stone, Inc. is one of the oldest and leading cast stone manufacturers in Colorado, U.S. The firm produces natural stones, manufactured stones, stone accents, and other products.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on U.S. Stone Veneer Market
- Supply Chain Analysis & Challenges Due to Covid-19
- Steps Taken by Government / Companies to Overcome This Impact
- Potential Challenges and Opportunities Due to COVID-19 Outbreak
TOC Continued…!
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