WASHINGTON and NEW YORK and LONDON, Feb. 16, 2016 /PRNewswire/ -- US demand for cabinets is projected to advance 6.4 percent annually to $17.3 billion in 2019, spurred by continuing consumer interest in kitchen and bathroom renovation projects. Even though residential improvement and repair activity has been subdued since the 2007-2009 recession, kitchen renovations and bathroom additions held up better than many other projects, as homeowners tried to improve their home's appearance and to boost property values. Going forward, improving economic conditions will encourage more homeowners to renovate their homes, and many will install cabinets. Demand will also be spurred by the popularity of value-added amenities, such as pull-out shelving, storage racks, and integrated lighting. These and other trends are presented in Cabinets, a new study from The Freedonia Group, a Cleveland-based industry market research firm.
To learn more, visit the report page: http://www.freedoniagroup.com/DocumentDetails.aspx?ReferrerId=RF-PRNEWS&StudyID=3372
Kitchen cabinets account for the vast majority of demand and will continue to do so going forward, spurred by growth in residential building construction expenditures and continuing consumer interest in the use of cabinets for storage. Advances will also be supported by consumer interest in cabinets that are more aesthetically pleasing or enhance convenience. According to senior analyst Matt Zielenski, "Semicustom and custom cabinets that feature intricate carvings will be specified by those looking to beautify their homes, while busy cooks will opt for deeper cabinets that provide more storage space, and are equipped with easy-to-open doors and readily accessible shelving and storage racks."
Demand for bathroom cabinets is forecast to reach $1.9 billion in 2019. Over the past decade, the number of new residences with two or more bathrooms has risen; this trend is expected to continue going forward. Also, more homeowners will add bathrooms as part of renovation projects. Smaller bathrooms will likely include a medicine chest for personal items, while larger-sized bathrooms can feature one or more vanities to provide more storage. Demand for other cabinets will rise as consumers look for aesthetically pleasing alternatives to shelves and racks in their bathrooms.
About The Freedonia Group
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. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players.
SOURCE The Freedonia Group