Demand for Engineered Stone Countertops Will Be Supported by Continued GDP Growth, Though at a Slower Rate Through 2024
CLEVELAND, May 20, 2020 /PRNewswire/ -- Although Freedonia expects engineered stone countertop demand to grow at a slower rate through 2024 than prior to the pandemic, growth opportunities still exist for the global engineered stone countertops industry in both the near-term and long-term:
- Demand for engineered stone countertops will be supported by continued GDP growth, albeit at a more modest pace, in developing markets, as well as the expectation of a return to growth in 2021 in the US and Western Europe.
- Countertops remain the most popular kitchen remodeling project in the US, making households that are not delaying remodeling more likely to prioritize purchase of these products over other remodeling projects.
The United States is the largest national market for engineered stone countertops, accounting for 26% of global demand in 2019. The country is also one of the largest per capita user of countertops in area terms.
Through 2024, demand for engineered stone countertops in the US is forecast to rise 6.4% per year to 20.9 million square meters. The country's trade deficit is expected to expand through 2024, as domestic production is not sufficient to meet local demand. However, recent entrants into the US quartz surfaces market – such as Dal-Tile, Guidoni Group, E-Stone USA, and USA Quartz – will boost domestic production going forward. Additionally, the possible reopening of one of Caesarstone's production lines in the US, which was closed in May 2019, would boost local production.
These and other global trends are from the study Global Engineered Stone Countertops. https://www.freedoniagroup.com/industry-study/global-engineered-stone-countertops-3813.htm
For a wider range of countertop materials see Global Countertops.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, 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. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
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