Stone Veneer Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Stone Veneer Industry Hit Worst due to Russia-Ukraine War Impact?
The global stone veneer market size is expected to substantially grow due to the rapid adoption of the product in interior and exterior construction activities. The growing knowledge about stone veneer’s durability and lightweight can propel market growth. Fortune Business Insights™ mentions this information in its report titled “Stone Veneer Market, 2022-2029.“
The Stone veneer is a lightweight stone resembling a normal stone. It is created by mixing pigment, melted aggregate, cement, and iron oxide. The stone is used in interior applications such as walls, fireplaces, and stoves. Stone veneer is resistant to heat, smoke, and other damages, thereby boosting its demand in construction sectors. It is extensively used in the interior to enhance the visual appeal of walls and chimneys. It is a preferred choice in exterior construction because of its strength. Therefore, the rising adoption of stone veneer in constructions is expected to drive market growth during the forecast period.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Stone Veneer Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Stone Veneer Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
By product type, the market is segregated into manufactured stone and natural stone. On the basis of application, it is categorized into industrial, commercial, and residential. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
- The report analyzes the latest market trendsand thetop segments.
- It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market.
- The report examines the regional developmentsand the strategies devised by the market’s key players.
Drivers and Restraints
Robust Product Demand from the Construction Industry to Propel Market Growth
The demand for stone veneers is increasing in the construction industry due to the resistance and durability of the stone. It is easy to install on all surfaces and provides exceptional quality in comparison to the counterpart. Stone veneers are mostly found in the interior because of their aesthetic appeal and resemblance to stone material. Stone veneer is lighter than concrete, stone, and other building materials, enhancing its appeal in walls. It is used in fireplaces because of its resistance against smoke particles and fire. Stone veneer saves time during construction because of its convenience to install. Thus, this factor is expected to drive the stone veneer market growth.
However, the lack of technical proficiency is likely to restrain the market growth.
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Development of Infrastructural Facilities to Boost Market Growth in Asia Pacific
Asia Pacific is projected to dominate the stone veneer market share due to the focus of developing economies to provide advanced infrastructure facilities to their citizens. Governments of India and China are investing heavily in the construction of buildings, tunnels, and housing facilities in their respective countries. Thus, this factor is expected to foster market growth.
In Europe, the investment in modern construction is expected to propel market growth. Technological advancement in Germany and the United Kingdom is responsible for propelling market growth.
Prominent Players to Acquire Companies for Strengthening their Business Activities
The acquisition of companies by prominent players is expected to strengthen business opportunities. For example, James Hardie Industries Plc acquired Fermacell GmbH in April 2018. This acquisition will strengthen the company’s fiber cement business in Europe. This strategy will also enhance the company’s product portfolio. In addition, the launch of innovative stone veneer products can attract consumer attention and enable the company to enhance its brand image.
List of Key Players Profiled in the Stone Veneer Market Report
- Coronado Stone Products
- Eldorado Stone
- Quality Stone Veneer, Inc.
- Cultured Stone
- Boulder Creek
- James Hardie Industries Plc.
- Stonecraft Industries
- Sunset Stone, Inc.
- Cornerstone Building Brands
- The Quarry Mill
- Natural Stone Veneers International Inc
- Buechel Stone Corp
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