FRP Soft Stone Market Is Estimated To Witness High Growth Owing To Increasing Construction Activities

The FRP Soft Stone Market is estimated to be valued at US$ 3.54 Bn in 2024 and is expected to exhibit a CAGR of 8% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights ‘The growth of the global FRP soft stone market is majorly driven by the increasing construction activities around the world.

FRP soft stones are widely used in various construction applications such as wall cladding, flooring, and countertops owing to their properties such as durability and resistance to moisture and heat. Additionally, the rising number of renovation and remodeling projects is also contributing to the growth of this market. FRP soft stones require low maintenance and last longer than traditional stone materials. This reduces the long-term maintenance cost, thereby increasing their adoption.

Key Market Trends: Improved aesthetics and new product launches: Manufacturers are focusing on enhancing the aesthetic appeal of FRP soft stones. They are launching new product varieties with patterns, textures and colors inspired by natural stones to increase their popularity. This is expected to support the market growth over the forecast period.

Increasing application in commercial and institutional sector: With the rapid growth of the commercial and institutional sector such as offices, hospitals, hotels and educational institutions, the demand for durable and low maintenance flooring and wall cladding materials is increasing exponentially. FRP soft stones are especially gaining traction in this sector owing to their low maintenance benefits.

FRP Soft Stone Market Opportunities: The FRP soft stone market is anticipated to be dominated by the calcium carbonate segment which is expected to hold over 35% of the market share owing to its high durability and versatility. Calcium carbonate is widely used in various application such as flooring, wall cladding, and countertops due to its hardness and resistance to stain, scratches and chemical attacks.

The residential segment is anticipated to be the largest application segment in the FRP soft stone market owing to growing infrastructure and real estate sector globally. Rise in disposable income and changing lifestyle of people is driving the demand for interior decoration and renovation activities in residential buildings which is expected to propel the growth of this segment.

Key Market Takeaways: The global FRP soft stone market is anticipated to witness a CAGR of 8% during the forecast period 2024-2031, owing to rapid growth of the construction industry globally.

On the basis of type, calcium carbonate segment is expected to hold a dominant position, owing to its high durability and versatility.

On the basis of application, the residential segment is expected to hold a dominant position over the forecast period, due to increasing disposable income and changing lifestyle globally which is driving the demand for interior decoration.

Regionally, North America is expected to hold a dominant position in the global FRP soft stone market over the forecast period, due to presence of major manufacturers in the region and growth of the construction industry.

Competitor Insights: Some of the prominent players operating in the FRP soft stone market include REVONO, Step Material, and DuPont among others. These players are focusing on new product development and expansion activities to strengthen their position in the market.

Recent Developments: As geopolitical instability and inflation create ongoing uncertainty, FRP soft stone companies feel confident in their ability to avoid major supply chain disruptions through 2023-2024 thanks to these strategies. Stable supply coupled with expanding manufacturing capabilities indicate the market will be able to reliably meet projected demand growth. Overall, indicators point to a steady FRP composite soft stone market in the near future. More information in full report.