Freedonia Research Group has published a new study which sees the demand to reach 540 million m² in 2023
Global demand for countertops in kitchens or bathrooms is anticipated to reach 540 million m² in 2023, according to Freedonia Research Group’s new study. While more basic materials such as solid surface and laminate are expected to remain the most widely installed countertops, higher end materials such as granite and engineered quartz will continue to account a significant amount of demand.
In fact, engineered quartz is forecasted to increase its share of the market, partly at the expense of granite.
However, a trade war with China could affect demand for engineered quartz in the US, the world’s second-largest countertop market.
This study analyzes the global market for residential and nonresidential countertops (also called benchtops or worktops in some parts of the world), including kitchen, bathroom, and other (e.g., laundry and bar) for the new construction and remodeling markets.
Granite has historically been seen as an aesthetically pleasing material with excellent performance properties, and its higher cost has made it the countertop of choice for more upscale applications. However, granite has begun to lose market share to engineered quartz, which offers both durability and a good appearance at a lower price point.
Engineered quartz is manufactured using natural stone aggregates and resins, which makes it more readily available than granite, which must be extracted from a quarry and meet certain standards before being used for countertops, as said in a press release by Freedonia. Like many other international markets, engineered quartz has rapidly gained market share in the US.
While demand is still expected to increase going forward, the nearly 300% tariffs that the US placed on Chinese engineered quartz slab imports may:
* reduce the availability of some countertop designs and colors,
* increase the number of quartz slab imports from other countries – a trend that began in 2018 with an explosion of imports from India and Turkey,
* allow other materials – such as stainless steel – to gain market share.
The study may be downloaded for 6,400 US-$ (individual license) or 9,000 US-$ (corporate license).
(22.08.2019, USA: 08.22.2019)