Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Global Countertops Market Size, Share & Industry Trends Analysis Report By Application, By End-user, By Material, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Countertops Market size is expected to reach $187.6 billion by 2028, rising at a market growth of 6.0% CAGR during the forecast period.
A countertop is a raised surface part of a counter used to set items down or serve food. A collection of chairs or stools frequently surrounds counters to provide sitting. A countertop is a fundamental piece of furniture used in kitchens, labs, retail spaces, restrooms, and offices supported by cabinets.
Per their functionality, durability, beauty, and necessities, such as built-in appliances for the appropriate application, countertops are made from various materials. Due to their numerous uses and extensive utilities, countertops will likely generate significant revenue during the anticipated time.
The demand for contemporary worktops installed over cabinets and low-height furniture has increased due to recent technological advancements in the building sector. The construction business utilizes advanced tools, heavy machinery, mobile applications, robotics, drones, and 3D printing to supply cutting-edge and unique functionality items around the globe.
Current countertop industry trends include using rust-free concrete, tactile and leather surfaces, recycled wood, eco-friendly composite stone, and non-porous laminates as cabinet-building materials.
Also, shortly, the kitchen cabinetry industry will increase significantly due to the leading companies' use of customer-driven marketing tactics. It is feasible to meet the demand for diverse business segments effectively and efficiently with cutting-edge materials for cabinet construction. So, the demand for designer goods is driven by consumers' desire for hip designs that will make their kitchens, baths, or offices aesthetically current and highly useful.
The world's continually growing restaurant business and urbanization will generate tremendous demand for cutting-edge items. In addition, the market is expanding due to the rising demand in the cabinetry industry for high-quality manufactured stones. It is expected that seamlessly finished quartz will be used to build kitchen countertops worldwide, making it a popular material on the market.
COVID-19 Impact Analysis
The COVID-19 effect has caused misery and continued for some time in 2020 and 2021. The instant shutdown halted the primary centers for mining, fabrication, and construction, severely impeding worldwide production. The demand has shifted to basic items due to the closure of factories, construction sites, hotels, and other businesses, which has hampered the expansion of the countertops market. Furthermore, countertop production has drastically declined due to labor limitations and a lack of raw materials in several countries. In addition, trade restrictions have impacted the supply chain for countertops.
Market Growth Factors
Increasing spending on renovating and repairing buildings
With its expanding applications in the residential and commercial sectors, such as modular kitchens and beautiful shelves for toiletries in opulent bathrooms, countertops play a significant role. Due to the increased demand for engineered and natural stone in the construction of new buildings, major countertop manufacturers are concentrating on creating a variety of materials.
In addition, work platforms are in greater demand due to investments made by construction companies worldwide to renovate existing structures. The regional market would expand as a result of this factor.
Growing urbanization across the globe
The portrayal of consumers' lifestyles through home decor is thought to be successful. Both the developed and emerging regional markets are seeing growth in this. Globalization and increasing urbanization are the main causes of this. The need for these products to improve home interiors is increasing as urbanization spreads throughout regional countries like India.
The need for new styles to make their kitchens, bathrooms, or offices aesthetically current with hyper-functionality has increased, which will lead to an expansion in the countertops market.
Market Restraining Factor
Hazardous radiations produced by granite
Granite contains naturally occurring radioactive materials that can release minute amounts of gamma and beta radiation, which can hinder the use of the product. Government agencies all around the world have put in place some norms and restrictions governing the radiation levels in granite in order to assure safety.
To decrease the impact of hazardous radiations from the granite integrated into the house, the Environment Protection Agency (EPA) has set the safety threshold for radon gas levels in the household at four epicures. It has a comparable lung cancer risk as smoking half a pack of cigarettes. As a result, the expansion of the countertop market would be constrained throughout the anticipated time period by dangerous radiations from natural granite stone.
Scope of the Study
By Application
- Kitchen
- Bathroom
- Others
By End-user
- Residential
- Commercial
By Material
- Granite
- Solid Surface
- Engineered Quartz
- Laminate
- Marble
- Others
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Masco Corporation
- Cambria Company LLC
- Aristech Surfaces LLC (Trinseo PLC)
- Wilsonart LLC
- Caesarstone Ltd.
- Formica Group (Broadview Holding)
- Cosentino Global, S.L.U.
- MS International, Inc.
- Dal-Tile Corporation (Mohawk Industries, Inc.)
- Rosskopf + Partner AG (Hope Bearer Foundation)
For more information about this report visit https://www.researchandmarkets.com/r/nqbd22
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