LONDON, July 14, 2015 /PRNewswire/ -- World demand to rise 4.3% annually through 2018
Global demand for countertops is forecast to rise 4.3 percent per year to 505 million square meters in 2018. Building activity, building size, and economic wealth are among the prime indicators of countertop usage. demand for countertops through 2018 will benefit from improved building construction activity, particularly in the developed areas where it continues to rebound from the worldwide recession of 2009 and subsequent slow recovery through 2013. Gains will also stem from continued efforts to expand and modernize the building stock in developing areas that are building structures to accommodate the needs of growing populations.
Asia/Pacific region to be fastest growing market
The Asia/Pacific region was the largest market for countertops in 2013, with nearly half of the global total. This region is a generally immature market where free-standing furniture, pedestal sinks, and other low-cost alternatives are more common than conventional countertops. Through 2018, the region is expected to achieve the fastest gains in countertop sales. Growth will be driven primarily by trends in the large China market, owing to rising standards of living, and continued projects to modernize housing and nonresidential building stock. India, the region's second largest market in 2013, will see gains stemming from its current low level of countertop penetration, as India's economy continues to expand, consumer incomes improve, and distribution networks expand.
Developed markets to be driven by economic recovery
Unlike developing countries, countertops are already widely utilized in kitchens, bathrooms, and other areas in North America, Western Europe, Japan, and other developed markets. In 2013, North America was the second largest regional market for countertops. Gains in this market will be supported by the continued recovery in US building construction and, in particular, growth in single-family housing completions, which will further benefit from ongoing consumer preference for spacious kitchens and multiple bathrooms that require more countertop area. Growth in Western Europe through 2018 will be similar to North America as rebounds in new housing construction in many countries in the region will boost countertop demand.
Engineered stone to be fastest growing material
The types of materials used in countertops vary depending on factors such as the relative wealth of consumers and their style preferences, and the availability of local materials. Laminates and natural stone are the most utilized countertop materials. Nearly one-third of all laminate countertops were sold in North America, where laminate countertops lead demand because they are low-cost options. Worldwide, laminates will lose market share to surfaces such as natural stone and engineered stone. Engineered stone countertops will record the fastest growth, reflecting lower penetration rates in many markets. In countries that have extensive quarries, natural stone countertops are relatively common no matter the local economic development. In countries where natural stone has to be imported, it is utilized more often in high-end applications based on its comparatively high price. Solid surface comprised approximately one-fifth of global demand in 2013. Nearly 70 percent of solid surface countertops were sold in the Asia/Pacific region where they are low-cost options because of an extensive local production base.
Study coverage
This upcoming industry study, World Countertops presents historical demand data plus forecasts for 2018 and 2023 by material, market, application and product type in 6 global regions and 18 countries. The study also details market environment factors, evaluates company market share and profiles 36 global players.
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