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Stone veneer is a type of siding, which mimics a natural stone. It is made from the blend of cement, iron oxide pigment, and melted aggregates. One of the key benefits of using a developed stone veneer is that it can be installed on a number of substrates that do not require to be structural, such as wood frame. Due to the light weight of stone veneer, it can be used in domestic buildings to make fireplace faces, stoves, and walls. Most of the stone veneers are able to withstand smoke and heat, which makes its suitable choice for such applications.
The global stone veneer market is expected to witness significant growth due to the rising demand from the construction industry globally. Stone veneer withstands against fire or smoke, therefore it is used in both exterior and interior applications. In addition, fabricated stone veneer is also easy to install, which makes operations smooth and saves time. The rise in demand for stone veneer in industrial applications is expected to fuel the growth of global stone veneer market over the forecast period. However, lack of technical awareness and high installation costs have restricted the industry growth.
Based on type, the market for stone veneer is segmented into manufactured stone and natural stone. Based on application, the market is further segmented into industrial, commercial, and residential. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Key Market Driver -
Increasing application in construction industry is driving the market.
Key Market Restraint -
Lack of technical awareness have restricted the industry growth.
The global & regional players operating in the stone veneer market includes, 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 and Buechel Stone Corp
Asia Pacific held greater share in the stone veneer market. Increased construction activities has propelled the market growth in the region. Moreover, increasing investment in the construction industry specially in India and China has created lucrative growth opportunities. The second largest share in the stone veneer market is secured by North America driven by strong growth in the U.S. Increasing demand for fire-proof applications for modern building structures. Europe retains a significant share in the market after North America. This is attributed to the increasing investment in the infastructure modernization. The market growth, especially in the United Kingdom and Germany, was spurred by technological advancement. GCC countries continues to drive the market in the Middle East and African region. Latin America still lags behind, owing to the economic instability and lack of expertise amongst the manufacturers in the local market.
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In April 2018, James Hardie Industries Plc , a global building materials company, based in Ireland has acquired Fermacell GmbH which is a European building materials company, with the purpose of boosting its business. It is predicted that this new strategy will spur the growth of its fibre cement business across Europe. In addition, its geographical configuration and product portfolio will be strengthened as well.
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