LONDON, Dec. 14, 2015 /PRNewswire/ -- US demand to rise 4.1% annually through 2019
Demand for countertops in the US is forecast to increase 4.1 percent per year to 800 million square feet in 2019, valued at $29 billion. Growth will be propelled by a rebound in new building construction as well as repair and improvement of existing structures. Through 2019, the residential market will provide the most growth for countertop demand, projected to account for 80 percent of additional demand. Gains in housing completions will spur demand in the new housing segment, while interest in home improvement will support replacement and remodeling demand. The ongoing consumer preference for spacious kitchens and multiple bathrooms that require more countertop area will further promote growth for countertops in the residential remodeling market.
Going forward, gains in residential countertop demand will accelerate from those posted during the 2004-2014 period. This period was marked by a downturn and subsequent slow recovery in new housing construction. Sluggish home sales, relatively high unemployment rates, and tougher financing standards imposed by banks over much of this period also restricted remodeling activity, particularly kitchen and bath remodels that typically entail the replacement of countertops and vanities.
In the smaller nonresidential market, approximately 70 percent of demand is from the institutional, office and commercial buildings, as these structures tend to be countertop intensive with kitchens and multiple bathrooms that feature relatively large countertop spaces. As such, a rebound in office and commercial and institutional construction segments will boost demand for countertops in the nonresidential market through 2019.
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