Through 2024, global demand for engineered stone countertops is forecast to rise 4.8% per annum to 75.2 million square meters. In the near-term, the COVID-19 pandemic is expected to reduce demand for engineered stone countertops, as global economic output declines and engineered stone production is disrupted. However, demand is expected to recover, with long-term market advances supported by:
Through 2024, engineered stone is projected to be the fastest growing major countertop surface material in the US, which is the largest global market for engineered stone countertops. Engineered stone countertops have made rapid inroads in the market since 2014 due to robust increases in the availability of engineered stone in popular colors. However, an even faster rate of growth will be prevented by trade tensions and steep tariffs on quartz slab imports from China and India, as other sources of quartz slab have been unable to meet surging US demand for these products.
Through 2024, demand for engineered stone countertops in the Asia/Pacific region is expected to grow at a strong pace, supported by a rapidly expanding production base that will make the material more widely available, as well as increasing penetration rates for engineered stone in nonresidential construction projects. Production in the region will continue to outpace that in all other regional markets, as over 300 new companies have begun producing quartz surfacing products in China and India alone since 2014.
Residential kitchen remodeling, particularly in the US, Canada, and Western Europe, remains the most significant outlet for engineered stone countertop products, as these markets feature:
Additionally, consumers in these countries prefer kitchen remodels to other home remodeling projects and are more willing to trade up to more expensive countertop materials, such as engineered stone, when making home improvements.