by Peter Kusnic
September 2, 2020
The global countertop market is forecast to rise 2.6% per year to 602 million square meters in 2024, according to a new Freedonia Group analysis. The COVID-19 pandemic is expected to have a significant impact on near-term demand levels:
As the pandemic recedes and economic and construction activities renormalize, global countertop demand is expected to recover quickly, with long-term market advances driven by:
Developing countries with strong building construction activity and relatively low countertop usage rates will see the fastest growth in demand going forward. Among the countries that will post the fastest advances are Brazil, India, Mexico, and Thailand. China, the world’s largest countertop market, will account for 17% of all market gains in absolute terms through 2024.
Global countertop demand in value terms is forecast to increase 5.1% per year through 2024, supported in part by rising average prices for all major countertop materials. Advances will be bolstered by increased spending in developed countries for remodeling projects, which often involve consumers upgrading to higher value countertop surfaces. For instance:
As a result, low-priced laminates are losing share of these mature markets as higher value engineered stone products are gaining share.
The Asia/Pacific region is projected to account for 45% of global countertop market area gains through 2024:
The Asia/Pacific is also the largest regional market for engineered stone countertops, supported by a rapidly expanding production base that is making 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.
Through 2024, engineered stone will see the fastest growth (in area terms) of the top four major countertop materials (solid surface, laminates, granite, and engineered stone, respectively) due to:
In the US, the world’s largest national market for engineered stone countertops, engineered stone has made rapid inroads since 2014 due to robust growth in the availability of aesthetically diverse product options. Through 2024, demand will continue to grow at a strong pace. 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.
Want to Learn More?
Global Countertops and Global Engineered Stone Countertops are now available from The Freedonia Group.
About the Author:
Peter Kusnic is a Content Writer with The Freedonia Group, where he researches and writes studies focused on an array of industries.
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