by Corinne Gangloff
July 16, 2024
Analysts at Freedonia Group emphasize that new projects drive demand for stylish and durable surfaces
Cleveland OH, July 16, 2024 – A new report from Freedonia Group reveals a dynamic and growing US countertops market, forecasting a 2.4% annual growth rate and a market value reaching $8.6 billion by 2028. This growth is driven by a variety of factors, including increased residential remodeling, rising home values, and the expanding popularity of outdoor living spaces.
"Homeowners are investing heavily in kitchen and bathroom renovations, driving demand for premium countertop materials," said Matthew Hurley, Senior Analyst at Freedonia Group. "The trend towards high-end materials like engineered stone and porcelain slabs reflects a significant shift in consumer preferences."
The report highlights several key factors contributing to market expansion:
Single-family kitchen and bathroom remodeling remains a major market driver, with homeowners increasingly upgrading to luxury materials.
A resurgence in commercial construction projects is boosting countertop installations in new commercial spaces.
Growing interest in outdoor kitchens and wet bars is elevating demand for durable, stylish countertop solutions.
Porcelain slabs are poised to be the fastest-growing countertop material, favored for their durability, natural appearance, and resistance to stains and weather.
The current economic climate, characterized by rising home values and sustained renovation investments, further fuels the countertops market. The pandemic-induced home improvement boom and the shift to remote work have accelerated the trend of enhancing home spaces. Additionally, the focus on sustainability drives consumers towards long-lasting materials like porcelain slabs.
Freedonia Group’s report underscores the economic impact of this growth, highlighting job creation across manufacturing, sales, and installation sectors. With diverse aesthetic options, the countertops industry is well-positioned for continued expansion.
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