Dublin, Oct. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Countertop Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global countertop market is on a significant growth trajectory and is projected to reach $163.37 billion by 2028, up from $125 billion in 2022. This growth is expected to occur at a steady CAGR of 4.56% from 2022 to 2028. Several key market trends and opportunities are contributing to this growth:
Emerging Demand for Smart Materials: Smart materials, including photovoltaic-integrated electrochromic devices, are gaining prominence in countertop applications due to their adaptability and innovative features.
Rising Demand for Durable Laminate Countertops: Laminate countertops, known for their affordability and durability, are witnessing increased demand, particularly in kitchen applications. Energy-efficient products and contemporary kitchen designs are driving the growth of the laminate countertop market.
Insights by Material:
The global countertop market includes various material types, with granite, solid surface, quartz, marble, and other materials being key segments. Granite countertops dominate the market, contributing to over 38% of the market share in 2022. The inherent strength, abrasion resistance, and durability of granite make it a preferred choice for countertops.
Insights by Application:
Kitchen countertops represent the largest market segment, accounting for a substantial share. The demand for countertops in kitchen spaces is driven by the need for functional and aesthetically pleasing designs. The trend of dedicating more living space to kitchens in new residential constructions further fuels this segment's growth.
Insights by End-User:
The residential sector is the dominant end-user segment, holding the largest portion of the global countertop market in 2022. This segment is expected to experience consistent growth, driven by the increasing preference for larger kitchens and multiple bathrooms in single-family dwellings.
Geographical Analysis:
The Asia Pacific region leads the global countertop market, with over 30% of the total revenue in 2022. Factors such as improving living standards, building initiatives, and the popularity of countertop replacement in home improvement projects contribute to the region's growth.
Competitive Landscape:
Key players in the global countertop market include Wilsonart LLC, Cambria, Aristech Surfaces, Caesarstone, Boardveiw, Cosentino SA, MS International Inc., Daltile, Rosskopf + Partner AG, Masco Corporation, Pokarna Ltd., DuPont (Corian), Diresco, LG Hausys, HanStone Quartz, and Formica. These companies actively engage in strategic activities such as mergers, acquisitions, and product launches to expand their market presence.
This robust growth in the global countertop market presents numerous opportunities for both established companies and new entrants. The market is characterized by innovation, sustainability, and a focus on meeting evolving consumer preferences.
Key Questions Answered:
- What is the current size of the countertop market?
- What is the projected growth rate of the market?
- What are the emerging trends influencing the countertop market?
- Which geographical region holds the largest market share?
- What is the expected growth trend for engineered quartz countertops?
Market Dynamics
Opportunities & Trends
- Emerging demand for smart materials.
- Rising demand for durable laminate countertops.
- Surge in the hospitality industry.
Growth Enablers
- Increasing disposable income.
- Rising residential construction.
- Increasing research & development.
Restraints
- Lack of skilled labor.
- Rising environmental and health concerns.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 215 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $125 Billion |
| Forecasted Market Value (USD) by 2028 | $163.37 Billion |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/13z4fr
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