CLEVELAND, March 26, 2018 /PRNewswire/ -- Engineered stone is forecast to be the fastest growing countertop surface material, reaching 152 million square feet in 2022 on yearly advances of 4.5%. Demand for engineered stone countertops grew 28% per annum during the 2012-2017 period, almost entirely due to significant sales advances in the residential market because of greater availability and the search for alternatives to granite. During this time, demand for engineered stone surpassed that of granite, which was formerly regarded as the primary material in the luxury residential market. These and other trends are presented in Countertops Market in the US, 5th Edition, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/countertops-in-the-us-by-surface-material-product-market-and-region-5th-edition-3606.htm
Going forward, engineered stone will continue to post healthy gains, driven by:
- its aesthetic properties and superior durability compared to laminates
- advantages relative to natural stone such as color uniformity and a smoother, nonporous surface that is resistant to biological contaminants
- continued market penetration in both the residential and commercial markets
- larger engineered stone distribution networks and a presence in big box home supply centers and IKEA further promoting awareness and greater visibility among consumers
Demand for all types of countertops in the US is forecast to rise just over 2% annually through 2022 to 803 million square feet. Residential remodeling activity will rise as homeowners continue to opt for larger kitchens and multiple bathrooms, expanding the space devoted to countertops. Increasing construction activity in the countertop-intensive office, retail, lodging, and institutional markets will also drive growth.
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 https://www.freedoniagroup.com/, www.marketresearch.com and www.profound.com.
SOURCE The Freedonia Group