CLEVELAND, May 15, 2017 /PRNewswire/ -- Australia's countertop market will total 4.15 million square meters in 2021. Australia's countertop demand per capita is the second highest of any major market, lagging only the US. Unlike most other developed countertop markets, Australia escaped demand contractions between 2006 and 2011, as its economy and construction market largely avoided the severe economic recession that plagued many other developed countries during that time period. However, the country did experience a small contraction in elective remodeling spending in the residential market between 2011 and 2013 due to economic tightening, but demand recovered quickly through 2016. These and other trends are presented in Global Countertops Market, 2nd Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
Several factors will support advances:
- In contrast to many other developed markets, including Western Europe and Japan, the country can expect favorable economic and population growth.
- Homes in Australia are large and often feature spacious kitchens and multiple bathrooms, supporting high countertop demand.
- A high interest in remodeling homes exists, often including countertop replacement, to customize and to keep up with design trends.
- High penetration rates in the nonresidential market and healthy growth in nonresidential construction activity support demand.
However, several factors will restrict more rapid advances in countertop demand in Australia through 2021. First, Australia has a developed countertop market, which means that there is little room for countertops to make further inroads. Second, new housing construction is expected to decline through 2021 from a cyclical peak in 2015 and 2016.
More information about the study is available at https://www.freedoniagroup.com/industry-study/global-countertops-by-material-market-and-type-2nd-edition-3506.htm
Related studies include:
#3385 Decorative Laminates (March 2016)
#3366 World Major Household Appliances (February 2016)
About The Freedonia Group, a division of MarketResearch.com – The Freedonia Group is a leading international industrial research company publishing more than 100 studies annually. Since 1985, we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Additional Construction & Building Products studies can be purchased at www.freedoniagroup.com, www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group