Solid Surface Countertops Gain Share in Asia - Freedonia Group Analysis

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Sep 28, 2019, 10:15 ET

CLEVELAND, Sept. 28, 2019 /PRNewswire/ -- Solid surface – the world's leading countertop material – accounted for 21% of the demand in area terms in 2018 and is forecast to see sales advances of 3.0% per year through 2023 to 113 million square meters.

Solid surface will see its share of global sales expand primarily due to the Asia/Pacific market, which accounts for over two-thirds of all demand for solid surface countertops. Demand is supported by significant local manufacturing capacity, especially in China, Japan, and South Korea. Within the region:

Demand for solid surface countertops will grow in India, as average income levels will remain low, and first-time homebuyers will opt for solid surface because it is more affordable than other countertop materials.
China will continue to see steady demand for solid surface, despite featuring higher average incomes than much of the Asia/Pacific region. When compared to more developed countries, income levels are still relatively low, so the pricing advantage over engineered quartz will allow solid surface to maintain its leading share in China.

These and other trends are presented in Global Countertops from The Freedonia Group.

More information about the study is here: https://www.freedoniagroup.com/industry-study/global-countertops-3745.htm

China, the world's largest countertop market, will account for nearly 25% of all market gains in absolute terms through 2023. Other countries expected to post rapid gains include Brazil, India, Mexico, Thailand and Turkey.

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.

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SOURCE The Freedonia Group