The Fastest Growing Countertop Materials
CLEVELAND, Aug. 24, 2020 /PRNewswire/ -- The global countertop market is forecast to rise 2.6% per year to 602 million square meters in 2024, according to a new Freedonia Group analysis, with the fastest growth expected for higher value materials with lower penetration rates than more commonly used solid surface, laminate, and granite materials, including:
- engineered stone
- porcelain slab and sintered stone
- marble/natural stone
Gains for these products will be bolstered by growing home renovation activity (which is booming amid the pandemic), particularly in mature markets such as the US and Western Europe, where remodeling projects often involve upgrading to higher value countertop materials.
Selected Global Countertop Material Trends to Watch Through 2024
- Solid surface countertops will remain the leading countertop material in area terms through 2024, supported by their widespread use in many developing markets in the Asia/Pacific region.
- Laminates will experience the slowest growth of any major countertop material through 2024, as the material continues to lose market share to higher end materials with superior aesthetic properties in North America and Western Europe.
- Engineered stone will see among the fastest growth of material with a significant market share, rising 4.8% annually due to expanding manufacturing capacity and greater consumer awareness of its wide range of aesthetic options and favorable performance properties.
- Demand for marble/natural stone countertops will be bolstered by their rising popularity and increased access to marble and travertine in Central and South America, as well as a strong preference for these materials in the Africa/Mideast region (particularly lower cost stone), where local stone deposits in Turkey and elsewhere in the region support wide availability.
- Porcelain slab and sintered stone products are relatively new introductions in the global countertop market, but have rapidly increased in popularity (albeit from a small base). Manufacturers spotted an opportunity to create high performance countertops with natural aesthetics to compete directly with engineered stone, marble, and granite.
Looking for More?
Global Countertops is now available from The Freedonia Group. This study analyzes the global market for residential and nonresidential countertops (also called benchtops or worktops in some parts of the world), including kitchen, bathroom, and other (e.g., laundry and bar) countertops for the new construction and remodeling markets. In this study, countertops are defined as countertop surfaces, as well as edging and backsplash, but not countertop materials used as wall coverings.
Historical data (2009, 2014, and 2019) and forecasts for 2024 and 2029 are provided for countertop demand by material, market, and are of installation in square meters on a country-by-country basis. Global demand by material is also provided in dollars.
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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