LONDON, May 3, 2016 /PRNewswire/ -- US demand to rise 6.3% annually through 2019
US demand for cabinets is projected to advance 6.3 percent annually to $17.3 billion in 2019, spurred by continuing consumer interest in kitchen and bathroom renovation projects. Even during the aftermath of the 2007-2009 recession, when residential improvement and repair activity was relatively subdued, kitchen renovations and the installation of additional bathrooms were popular home improvement projects. Going forward, improving economic conditions will further encourage homeowners to expand and refurbish their kitchens and bathrooms -- projects that nearly always include cabinet replacement and installation. Not only will more cabinets be installed, but many of these cabinets will feature hardwood lumber construction and such amenities as pull-out shelving, storage racks for wines and spices, and integrated lighting.
New housing to be fastest growing cabinet application
While residential improvement and repair applications will account for the largest share of additional US cabinet demand through 2019, the new housing segment is expected to see the most rapid growth, driven by double-digit annual advances in single-family housing completions. Single-family homes are larger in size than other housing types and thus have more space for cabinetry. Additionally, style trends that call for homes to have larger kitchens and multiple bathrooms will boost cabinet demand. Builders will install more and larger cabinets -- such as kitchen cabinets used to conceal appli ances and multiple vanities in a master bathroom -- in these rooms to make their homes more appealing to potential buyers.
Kitchen cabinets to remain dominant product segment
Among cabinet types, kitchen cabinets accounted for the vast majority of demand in 2014 and are expected to remain so going forward. Strong growth in residential building construction expenditures and continuing consumer interest in the use of cabinets as storage options will spur growth. Value demand advances will also be supported by consumer interest in cabinets that are more aesthetically pleasing or enhance kitchen convenience. Semicustom and custom cabinets made from hardwood lumber that feature intricate carvings and designs will be specified by those looking to beautify their homes, while busy cooks will opt for deeper cabinets that provide more storage space, equipped with easyto-open doors and readily accessible shelving and storage racks.
Trends favoring more bathroom cabinets
Demand for bathroom cabinets is forecast to reach $1.9 billion in 2019. Over the past decade, the number of newly built residences with two or more bathrooms has risen; this trend is expected to continue going forward. Moreover, more homeowners will add bathrooms as part of renovation projects. Most of these bathrooms will include at least a medicine chest for storing medications and personal items, while larger-sized bathrooms can feature one or more vanities to provide a more discreet storage alternative to open shelving. Many builders -- especially in the multifamily housing segment -- will specify wall-mounted cabinets to preserve floor space for plumbing fixtures. Demand for other cabinets -- such as garage and laundry and mudroom cabinets -- will rise as builders and homeowners look for aesthetically pleasing alternatives to shelves and racks.
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