Engineered stone will continue to see the fastest growth / Australia is second market behind the US
Global demand for countertops especially for kitchens and bathrooms is projected to rise 2.3% annually through 2021 to nearly 500 million m². Ongoing strong advances in developing markets such as China, India, and Brazil will account for the majority of demand. However, demand growth is expected to decelerate somewhat through the forecast period compared to 2011-2016 as construction activity in the large Asia/Pacific region will slow following a period of robust gains.
These and other trends are presented in „Global Countertops Market” (2nd Edition), a new study from The Freedonia Group, an industry research firm based in Cleveland, USA.
Of special interest for traders of countertops should be Australia, where the study expects the market to reach 4.15 million m² in 2021. The country is the second in demand worldwide lagging only the US.
Fastest Growth for Engineered Stone
Engineered Stone will continue to see the fastest growth of any countertop material, boosted by rising interest in its style and its favorable performance and durability. The rising price competition that stems from an expanded capacity will further propel volume sales as engineered stone becomes increasingly affordable to a larger market.
Solid surface, now the market-leading material in terms of total global countertop sales in volume terms, will also gain market share. This growth is fueled mainly by its intensive use in the fast growing markets of the Asia/Pacific region, where it is a readily-available, basic countertop material.
Kitchens Largest Market for Countertops
The kitchen market, which accounted for two-thirds of global demand in 2016, will continue to be the best opportunity for countertops, supported by the large residential market. In developing countertop markets, the kitchen is often the first place that homeowners choose to install countertops, as competition from pedestal sinks holds strong in bathrooms.
Further demand support will come from developed markets, such as US, Canada, and Australia, due to rising interest in large kitchens and remodeling kitchens on a regular basis.
„Global Countertops Market”, 2nd Edition (published 04/2017, 269 pages) is available for $6300 from The Freedonia Group.
Source: The Freedonia Group
(25.05.2017, USA: 05.25.2017)