Freedonia Group’s market researchers see engineered stone as the fastest growing surface material / Natural stone’s share also increasing
The demand for countertops in the US is expected to rise (+)3.8% per year to 932 million square feet valued at $42 billion in 2024. Market advances will be bolstered by rising:
* residential kitchen and bathroom remodeling, when consumers tend to be most willing to splurge on higher-end materials like granite to improve home values
* residential housing completions – where trends in single-family homes favor larger kitchens and multiple bathrooms – and commercial building construction
Despite heavy tariffs hindering trade, and increasing worker health and safety concerns about the presence of silica dust in production, engineered stone is forecast to be the fastest growing countertop material through 2024. Engineered stone countertops have made rapid inroads in the market since 2014, as the availability of low-cost materials in popular colors has increased at a robust pace.
Continued strength in residential kitchen and bath remodeling will be supported by the popularity of countertop replacement as a home improvement project. Robust market value gains will be bolstered by rising consumer interest in engineered stone, porcelain slab, and butcher-block countertops, as homeowners look to trade up to more natural-looking and aesthetically pleasing surface materials that will add more value to their home.
Relatedly, laminates – the leading countertop material in the US for decades – is expected to continue to lose market share through 2024. While use of laminates will remain widespread due to their low price points and minimal maintenance requirements, many laminate countertop manufacturers have taken efforts to be more competitive, such as:
* expanding and diversifying their offerings of specialty and decorative laminates
* moving into other countertop materials (e.g., engineered stone)
The study titled „Countertops” analyzes the US market for countertops by surface material, area of installation, market, application, and region. Demand is measured at the fabricator level (the point at which the material is formed into a countertop) for all surface materials, including edging and backsplashes. The study also provides a comprehensive corporate analysis of the leading industry players, including market share by material.
It is available for $5,600 from Freedonia Group.
Source: Freedonia Group
(22.03.2020, USA: 03.22.2020)