Pune, Sept. 10, 2024 (GLOBE NEWSWIRE) -- Countertop Market Size & Growth Analysis:
“According to SNS Insider Research, The Countertop Market size was valued at USD 131.2 Billion in 2023 and is projected to reach USD 233.2 Billion by 2032, growing at a CAGR of 6.6% over the forecast period 2024-2032.”
Quartz Revolutionizing the Countertop Market with its Durability and Versatile Applications
The Countertop Market growth is driven by the rise in the use of advanced materials, such as quartz. The majority of countertops constructed today, both for commercial and residential purposes, are made of quartz due to it being non-porous and extremely durable and resistant to stains, scratches, and many other impacts. According to the International Interior Design Association, it is a material’s strength and minimal maintenance requirements that fasten its rampant use in construction and renovation of buildings. Moreover, its seamless finish and reliable performance make it a popular choice for countertops, especially in laboratories with huge demand for the material withstanding chemicals. The trend of urbanization across the globe and the growth of the restaurant industry is associated with high demand for engineered stones of high quality, such as quartz, which also fuels the increase in the Countertop Market size. In addition, as material science is progressing, new uses for quartz and other engineered stones are emerging driving the overall market growth.
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Major Players Analysis Listed in this Report are:
- Arborite
- Cambria
- ARISTECH SURFACES LLC
- Wilsonart LLC
- Caesarstone
- Formica
- Cosentino SA
- M S International Inc.
- Daltile
- Masco Corp
- Other Players
Countertop Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 131.2 Billion |
| Market Size by 2032 | US$ 233.2 Billion |
| CAGR | CAGR of 6.6% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Key Growth Drivers | • The increasing preference for materials like quartz and granite is driven by their durability, low maintenance, and stylish appearance, with quartz being favored for its non-porous properties suitable for various settings. |
Segmentation Analysis: Granite Leads Countertop Market, Kitchens and Residential Spaces Drive Demand in 2023
By Material: In 2023, Granite held the largest share in the Countertop Market, accounting for 29.15% of the total market share. Top factors attributed to granite’s dominance included its exceptional levels of durability, as well as high strength, and good resistance to abrasion. Elsewhere, the material’s long lifespan, cost-effectiveness, and large choice of colors and textures, made it one of the most widely sought after materials for kitchen countertops. Furthermore, granite can hold out against substantial wear and tear, with heavy use in some of the busiest spaces dictating its use.
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By Application: The market was dominated by kitchen countertops in 2023, with a share exceeding 64.18%. The expansion of countertop applications in kitchens across the globe can be attributed to the soaring demand contributing to the induction of even tastefully equipped spaces in newly developed units. At the same time, people are opting to spend more in the kitchen for functional as well as design purposes. This trend was witnessed in 2023 and expected to continue through the forecast period.
By End User: The residential segment dominated the market in 2023, holding a share of 73.50%. The growing acceptance of modern, more expansive kitchens and multiple bathrooms in single-family homes in developed, as well as developing nations, were among the key reasons providing considerable revenue share for this segment. Meanwhile, the industry experienced increased investments in remodeling of residences while paying significant attention to the strength and magnificence of countertops.
Countertop Market Key Segmentation:
By Material
- Granite
- Solid Surface
- Engineered Quartz
- Laminate
- Marble
- Others
By Application
- Kitchen
- Bathroom
- Others
By End User
- Residential
- Commercial
Regional Analysis: Asia-Pacific Leads Countertop Market in 2023, While North America Poised for Rapid Growth Amid Rising Renovation Trends
Asia-Pacific held the largest share of the Countertop Market in 2023, accounting for 37.10%. The rising disposable incomes and an improved standard of living are the main drivers in this region. Growing population in countries such as China and India trickles down to migration of population into urban areas, spurring the demand for both residential and commercial construction. An increasing construction activity across the region has however, created a growing demand for countertops, particularly in the kitchen segment and bathrooms. Furthermore, many homeowners in this region are choosing to replace countertops as part of home renovations.
North America is expected to grow considerably over the forecasting period. The market’s growth mainly depends on the numerous home modifying activities and the predominance of the demand for quartz and granite countertops in the kitchens and bathrooms. Home renovation is a major trend experienced in the U.S. with a considerable elevation in the new and existing business organizations. The variation in countertop-remodeling trends of the urban areas prefer the utilization of premium-quality material, as it permits them to add meaning in the property value.
Recent Developments
In August 2022: Wilsonart LLC, a world-class innovator of engineered surfaces, was named a winner of Kitchen & Bath Business (KBB) magazine's 2022 Readers' Choice Awards. The company has been voted as the top kitchen countertop brand in the Readers' Choice Awards for the second consecutive year.
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Key Takeaways
- The report includes recent developments, market size data, and segment-wise analysis. It presents a clear overview of market share, size, growth projections, revenue trends, and key factors driving the expansion of the countertop market.
- The report highlights the growing importance of advanced materials like engineered quartz and their impact on market growth. It discusses technological innovations in countertop manufacturing, offering valuable insights for companies seeking a competitive edge.
- The report provides a detailed assessment of regional trends, including the dominance of the Asia-Pacific region and the fast-growing market in North America, helping businesses to identify regional opportunities for expansion.
- Companies can utilize the report to make informed decisions, plan product launches, and adopt growth strategies based on key trends, competitive landscape, and consumer preferences in the countertop market.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Countertop Market Segmentation, By Material
8. Countertop Market Segmentation, By Application
9. Countertop Market Segmentation, By End User
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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