US Countertop Demand to Exceed $40 Billion Through 2024

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Mar 02, 2020, 10:17 ET

CLEVELAND, March 2, 2020 /PRNewswire/ -- Demand for countertops in the US is expected to rise 3.8% per year to 932 million square feet valued at $42 billion in 2024. Market advances will be bolstered by rising:

residential kitchen and bathroom remodeling, when consumers tend to be most willing to splurge on higher-end materials like granite to improve home values
residential housing completions – where trends in single-family homes favor larger kitchens and multiple bathrooms – and commercial building construction

Engineered Stone to Be Fastest Growing Countertop Surface Material

Despite heavy tariffs hindering trade, and increasing worker health and safety concerns about the presence of silica dust in production, engineered stone is forecast to be the fastest growing countertop material through 2024. Engineered stone countertops have made rapid inroads in the market since 2014, as the availability of low-cost materials in popular colors has increased at a robust pace.

Residential Kitchen & Bath Remodeling to Remain Dominant Applications

Continued strength in residential kitchen and bath remodeling will be supported by the popularity of countertop replacement as a home improvement project. Robust market value gains will be bolstered by rising consumer interest in engineered stone, porcelain slab, and butcher-block countertops, as homeowners look to trade up to more natural-looking and aesthetically pleasing surface materials that will add more value to their home.

Relatedly, laminates – the leading countertop material in the US for decades – is expected to continue to lose market share through 2024. While use of laminates will remain widespread due to their low price points and minimal maintenance requirements, many laminate countertop manufacturers have taken efforts to be more competitive, such as:

expanding and diversifying their offerings of specialty and decorative laminates
moving into other countertop materials (e.g., engineered stone)

Looking for More?

Countertops is now available from The Freedonia Group. The study analyzes the US market for countertops by surface material, area of installation, market, application, and region. Demand is measured at the fabricator level (the point at which the material is formed into a countertop) for all surface materials, including edging and backsplashes. The study also provides a comprehensive corporate analysis of the leading industry players, including market share by material.

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.

Press Contact:
Corinne Gangloff
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SOURCE The Freedonia Group