From Quarries to Trade Quarrels: The Freedonia Group Examines Trends in High-End Countertops
CLEVELAND, Aug. 16, 2019 /PRNewswire/ -- According to Freedonia's new Global Countertops study, demand for countertops is anticipated to reach 540 million square meters in 2023. While more basic materials such as solid surface and laminate are expected to remain the most widely installed countertops, higher end materials such as granite and engineered quartz will continue to account significant amount of demand. In fact, engineered quartz is forecasted to increase its share of the market, partly at the expense of granite. However, a trade war with China could affect demand for engineered quartz in the US, the world's second largest countertop market.
More information about the study is here: https://www.freedoniagroup.com/industry-study/global-countertops-3745.htm
Granite has historically been seen as an aesthetically pleasing material with excellent performance properties, and its higher cost has made it the countertop of choice for more upscale applications. However, granite has begun to lose market share to engineered quartz, which offers both durability and a good appearance at a lower price point. Engineered quartz is also manufactured using natural stone aggregates and resins, which makes it more readily available than granite, which must be extracted from a quarry and meet certain standards before being used for countertops.
Like many other international markets, engineered quartz has rapidly gained market share in the US. While demand is still expected to increase going forward, the nearly 300% tariffs that the US placed on Chinese engineered quartz slab imports may:
- reduce the availability of some countertop designs and colors
- increase the number of quartz slab imports from other countries – a trend that began in 2018 with an explosion of imports from India and Turkey
- allow other materials – such as stainless steel – to gain market share
Interested in More Countertop Analysis?
The Freedonia Group study Global Countertops offers a comprehensive view of the global countertop industry, providing data analysis of historical demand trends and forecasts through 2028, broken out by material, market, room, and global region, as well as major national market. The study also includes in-depth profiles of industry leaders, featuring market share by company and major corporate developments.
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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