U.S. Engineered Quartz Surface Market: Introduction
The engineered quartz surface market in the U.S. was valued at US$ 6.4 Bn in 2019 and is anticipated to expand at a CAGR of ~4% during the forecast period. The engineered quartz surface market in the U.S. is driven by the increase in demand for building & construction activities in the country. The rise in demand for countertops in new construction as well as existing construction is boosting the engineered quartz surface market in the U.S.
The construction industry in the U.S. has been expanding significantly, primarily due to the rise in private construction in the country. Public construction also holds large share of the construction market in the U.S. The addition of new buildings and structures, expansions, reconstruction, and renovations in the U.S. are boosting the demand for engineered quartz surfaces throughout the country.
The Value of Construction Put in Place Survey (VIP) provides monthly estimates of the total dollar value of construction work carried out in the U.S. The survey covers construction work undertaken each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labor and materials, cost of architectural and engineering work, overhead costs, interest and taxes paid during construction, and contractors’ profits.
The construction spending in the U.S. stood at US$1,355.2 Bn in June 2020, 0.7% below the revised estimate of US$ 1,364.7 Bn in May 2020. The June 2020 figure was 0.1% above the June 2019 estimate of US$ 1,354.1 Bn. During the first six months of 2020, construction spending stood at US$ 667.9 Bn, 5.0% (±1.2%) above the US$ 636.0 Bn during the same period in 2019. Thus, rise in construction spending in the U.S. is expected to boost the demand for engineered quartz surface in the near future.
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High Demand for Countertops to Offer Lucrative Opportunities to U.S. Engineered Quartz Surface Market
Engineered quartz surface is used in various applications. However, countertops is the dominant application segment. Engineered quartz surface countertops have become quite popular lately due to their durability and stain resistance. Quartz countertops are available in different colors and designs. Quartz countertops are cheaper alternatives to natural stones such as marble countertops and granite countertops. Not only are quartz countertops scratch- and stain-resistant, non-absorbent and highly hygienic, but they are also extremely versatile and appropriate for all kinds of indoor and outdoor applications. Common areas of usage of quartz countertops are budget apartment buildings, budget hotels, and senior housing.
Quartz countertops can be used primarily for kitchen countertops, bathroom countertops, and outdoor applications, as they are durable and nonabsorbent. They resist staining and do not harbor harmful bacteria. Thus, growth in the building & construction activities is estimated to boost the demand for quartz countertops. This, in turn, is projected to propel the engineered quartz surface market.
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Competition from Other Solid Surfaces to Hamper U.S. Engineered Quartz Surface Market
Solid surface was first introduced by DuPont in 1967 under the name of Corian. Since the expiry of their patent, other manufacturers have introduced their brands. Solid surface is priced to compete with natural stone or quartz surfacing. It is available in many colors and patterns. The material can be formed to shape, which makes it appealing to commercial and industrial designers. Another major appeal of solid surface is its impermeability. Engineered composites have a gelcoat surface finish, which makes them impervious to bacteria, staining, and most of the issues inherent in natural stone. Solid surface sinks can be joined to the countertop surface with no gaps. This eliminates areas for water to collect.
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Solid surface countertops are available in many colors and visual textures, ranging from solid colors to sparkling, marbleized, or granite effect. Solid surface countertops have competition from natural stone and engineered stone/quartz surfacing. However, the material is popular in residential new construction. Commercial and industrial settings are emerging markets for solid surface. Non-porous characteristics of solid surface combined with durability, renew-ability, and formability make it the material of choice for many designers and architects. The ability to custom-color the material for large projects is also appealing. Hospitals, in particular, employ large amounts of solid surface for sinks, showers, nursing stations, and wall cladding, as its seamless properties eliminate gaps and crevices that harbor harmful bacteria.
The demand for solid surface nonporous material in countertops has been rising due to its favorable esthetic qualities, durability, and easy maintenance (in comparison to its natural stone counterpart). Broader distribution networks of solid surface countertops has led to an increase in awareness about these countertops among consumers. This is anticipated to hamper the engineered quartz surface market in the U.S. in the near future
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California Dominates U.S. Engineered Quartz Surface Market
California is the leading state of the engineered quartz surface market in the U.S. It is an engineered quartz surface manufacturing hub. Prevalence of large number of construction workers, large numbers of installers and fabricators, and high demand for engineered quartz surface for countertop applications are boosting the engineered quartz surface market in California.
Fragmented Nature of U.S. Engineered Quartz Surface Market
The engineered quartz surface market in the U.S. is fragmented. Currently, the engineered quartz surface market is expanding. Key players operating in the engineered quartz surface market in the U.S. are focusing on research and development activities. Companies operating in the engineered quartz surface market in the U.S. are investing in expansion of product portfolios as well as distribution networks. They have adopted strategies such as mergers & acquisitions, development of new products, joint ventures, and expansions to meet the increasing demand for engineered quartz surface in the country.
The engineered quartz surface market in the U.S. is led by four key players: Caesarstone, LG Hausys, Cosentino Group, and Cambria. Together, these companies account for more than 70% share of the market. In terms of volume, Caesarstone holds 19% to 22% share. On the other hand, Vicostone, which is comparatively a smaller player in the market, accounts for around 1% to 3% share.
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