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The U.S. stone veneer market size was valued at USD 630.0 million in 2021. The market is projected to grow from USD 651.8 million in 2022 to USD 870.4 million by 2029, exhibiting a CAGR of 4.2% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with stone veneer experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the U.S. market exhibited a decline of -1.9% in 2020 as compared to 2019.
Stone veneer is an artificial product and a thin layer of a stone, which is designed to replicate the look of natural stones in several architectural applications such as unique statement walls and exterior facades. It is also an admirable choice for cladding the pillars on a porch, which creates unique and outstanding dimensions to the design of the house. Moreover, its characteristics, such as durability, fire-resistance, and low maintenance, make it a perfect choice for various building structures. The growing consumer preference for a product that requires less maintenance in the house, coupled with rapid industrialization & urbanization, are increasing the demand for stone-based veneers in residential as well as commercial spaces. This factor is predicted to expand the U.S. market size.
COVID-19-Induced Supply Chain Disruptions in Construction Industry Declined Product Consumption
Construction is one of the most volatile sectors in the U.S. economy and was severely disrupted due to the impact of the COVID-19 pandemic. Reduced economic activity affected the construction industry and resulted in less demand for new industrial or commercial facilities, further reducing investments. The outbreak also brought unprecedented impacts, including labor shortages, suspension of projects, and disrupted supply chain and logistics networks in the U.S. construction industry. Additionally, the pandemic sent shockwaves across the sector’s supply and demand chains. Migrant and domestic construction laborers were unable to work due to stringent movement policies imposed by the government.
Further, loss of pay and lack of consumer assurance adversely affected the demand for housing construction and restoration projects. Stone-based veneers experienced a notable decrease in demand owing to a halt in construction activities. For instance, according to a survey conducted by the Associated General Contractors of America (AGC), 28% of contractors had paused or delayed their projects in the U.S. However, the industry played an important role during COVID-19 by building hospitals and donating PPE kits, which helped in responding to the crisis and in the recovery. These efforts will help the market stabilize in a couple of years.
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Growing Construction Industry to Boost Product Adoption in the U.S.
The construction industry is one of the strong pillars that is fueling the economic growth of the U.S. The population in urban areas is increasing significantly, thereby accelerating the demand for housing and social, transportation, and utility infrastructures. Additionally, high investments and expanding operations of industries and firms are expected to drive non-residential construction activities. This will eventually provide an opportunity to product manufacturers to contribute to the market expansion. For instance, Environmental Stoneworks, a leading stone veneer manufacturer, has the experience, catalog, and installation know-how to make any business stand above its competitors. Such factors will fuel the U.S. stone veneer market growth.
Increasing Product Consumption in Residential & Commercial Projects to Drive Market Growth
The growth of construction activities in the U.S. will drive the demand for stone-based veneers. The product provides residential and commercial projects with a highly desirable look that is also long-lasting. The manufactured or natural stone veneer is considered a striking addition to even non-structural projects such as restaurant building facades, indoor fireplaces, and chimneys. This product is predominantly utilized in designing the interiors of residential spaces ranging from accent walls and fireplaces to kitchen backsplashes. Such exceptional characteristics and functionalities of product are expected to boost their adoption.
High Installation Cost to Limit Product Adoption in Numerous Applications
Installing stone veneers requires the assistance of skilled professionals and proper installation techniques. Often the product manufacturers provide installation as well as maintenance services to their customers. To ensure an appropriate installation and zero wastage & error, it is recommended to get the veneer installed by professionals. However, these factors add to the customer’s financial burden by including installation, skilled labor, and maintenance costs. As a result, the product becomes too costly for various applications, which will restrain the U.S. market.
Manufactured Stone Segment to Dominate the Market Due to its Favorable Characteristics
Based on product type, the market is segmented into manufactured stone and natural stone. The manufactured stone segment accounted for the largest U.S. stone veneer market share in 2021. Growing demand for manufactured stone veneers owing to their lightweight nature, comparatively lower cost, and enhanced properties will contribute significantly to the market growth. These veneers are produced from concrete, aggregates, crushed stone, and additives. They are often colored to resemble natural stones. This segment is expected to continue its dominance due to the shifting inclination of builders and architects toward eco-friendly and lightweight materials.
The natural stone segment is predicted to exhibit significant growth during the forecast timeframe. Its purity and beauty create a strong demand for natural stones. These stones are highly employed in prestigious projects owing to their beauty and aesthetic appeal. Moreover, lower virtual maintenance after installation and the ability to withstand harsh weather and climatic conditions have driven the demand for natural stone veneers.
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Residential Segment to Hold Major Share due to Increasing Application of Stone Veneer
By application, the market is classified into industrial, commercial, and residential. Stone veneer is used in the interiors and exteriors of residential spaces. Natural stone veneers are preferred to enhance the aesthetics and maintain the traditional visual appeal of fireplaces, kitchen backsplashes, chimneys, and accent walls. Increasing renovation and restoration activities of residential spaces is the key factor contributing to the growth of the market.
The commercial segment is one of the largest contributing segments, as commercial spaces or buildings are an integral part of businesses. Examples of these buildings include office buildings, warehouses, restaurants, hotels, healthcare facilities, and retail spaces. The aesthetics of such spaces can help owners attract new customers. This factor is expected to drive the commercial segment growth.
Industrial spaces, such as factories and on-site offices, are considered architectural investments as they consist of manufacturing units. Aesthetically pleasing workplaces are necessary for most multinational companies to retain employees and customers.
The construction industry in the U.S. is growing rapidly due to rising population. This has increased the requirement for residential spaces, interior designing, and infrastructure development. Such factors will propel the product adoption in residential, commercial, and industrial areas. This growth is projected to be associated with the rising public & private sector investments in housing projects, the government’s focus on building affordable housing units, and a gradual rebound in consumer and investor confidence.
Business Expansion in Stone-based Product Companies to Retain More Customers is a Key Strategic Initiative
Top producers operating in the U.S. market include Sunset Stone Inc., Quality Stone Veneer Inc., and Tri-State Stone & Building Supply Inc. These companies are engaged in product acquisition, innovation, capacity improvement, and collaborations. Sunset Stone, Inc. is one of the oldest and leading cast stone manufacturers in Colorado, U.S. The company engages in the production of natural stones, manufactured stones, stone accents, and other products.
An Infographic Representation of U.S. Stone Veneer Market
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The research report provides detailed market analysis and focuses on crucial aspects such as leading companies, applications, and products. It offers quantitative data in terms of volume and value, market analysis, research methodology for market data, and insights into the latest market trends. In addition, it highlights vital industry developments and the competitive landscape. Apart from the above mentioned factors, the report encompasses various factors that have contributed to the growth of the market in recent years.
Value (USD Million), Volume (Million Square Feet)
Product Type, Application, and Geography
By Product Type
Fortune Business Insights says that the U.S. market size was USD 630.0 million in 2021 and is projected to reach USD 870.4 million by 2029.
In 2021, the market value stood at USD 630.0 million.
Registering a significant CAGR of 4.2%, the market will exhibit considerable growth in the forecast period of 2022-2029.
The manufactured stone segment is expected to lead the market during the forecast period.
Robust demand for the product from the construction industry is the key factor driving the market.
Residential application held the largest share of the market in 2021.
Sunset Stone Inc., Quality Stone Veneer Inc., and Tri-State Stone & Building Supply Inc. are the leading players in the market.
The increasing product consumption in residential & commercial projects and renovation &restoration activities of residential spaces are the key factors anticipated to boost the product adoption.
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