by Corinne Gangloff
August 29, 2024
The Africa/Mideast region is forecast to be the fastest growing market in value terms.
Cleveland OH, August 29, 2024 – According to a new report from Freedonia Group, Global Engineered Stone Countertops, global demand for engineered stone countertops is anticipated to grow 5.8% per year through 2028 to $9.1 billion.
Africa/Mideast will be the fastest growing market in value terms, supported by significant volume gains and:
high-end nonresidential construction projects in Saudi Arabia and the United Arab Emirates, where pricier engineered stone products are most popular
rising personal incomes throughout many countries in the region, allowing many to either install countertops for the first time (instead of using shelving) or upgrade from inexpensive laminate, wood, or metal to higher-end materials
Engineered stone rapidly increased its share of the global countertop market from 2013 to 2022. However, 2023 saw one of the most significant contractions in demand for the engineered stone countertops market in recent memory. This was mainly brought on by a weak US market that year, restrained by a sizable drop in residential renovation activity off record highs. Furthermore, a weak housing market in Western Europe and the rapid market penetration of porcelain slab in the region restrained demand for engineered stone.
Additionally in 2023, a major global development in the market occurred when Australian authorities imposed a national ban on engineered stone products beginning in mid-2024.
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