Countertop Market Size, Share, Demand and Trends by 2022-2026
The global countertop market is slated to reach a valuation of US$ 709.7 Bn in the year 2026 and exhibit a moderate CAGR during the period of forecast.
Also, with a renewed impetus that is being witnessed
in the construction industry, the global countertop market is also benefitting
due to this trend as most of the new countertops are installed in the kitchens
of new homes and in the renovation of the old homes as well.
Also, with the interest rates historically low in the
key market of United States, and with the banks being generous in extending the
line of credit to the consumers, there is a rising amount of money being spend
on the construction and renovation of homes, thereby directly benefitting the
global countertop market.
The global countertop market is exhibiting a
steady growth throughout the world due to a rise in the disposable incomes and
a rise in the employment levels, especially in the key markets of North America
and APEJ.
In addition, the consumers are increasingly preferring
granite stone as their choice of countertop, due to the fact that the prices of
granite are dropping.
This is especially true for the markets in the United
States, where there is a huge availability of granite stone in the mass markets
due to a plethora of supply because of the rising low cost imports of granite
during the last decade. This factor, coupled with the fact that consumers are
preferring granite due to its high aesthetic appeal, is making the granite
stone most popular choice for the countertops.
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Are Home Refurbishment Activities
Propelling the Countertop Market Growth?
The surging money lending activities from banks and
increasing mortgage refinances across the globe are leading to the easy
availability of more credits for the refurbishment of existing homes. The
rising installation of prefabricated countertops during kitchen renovations and
new home construction is estimated to accelerate the market.
According to the Australian Bureau of Statistics,
in September 2021, the construction of 35,521 new private sector houses and
56,617 new dwelling units were initiated in the country. The total value of
construction work done in the same month was US$ 30,556.7 million. This trend
is set to continue in the other parts of the world throughout the forthcoming
years, thereby driving the demand for modern kitchen countertops.
4 Forecast Highlights on Global Countertop
Market
- As
per the forecast of Future Market Insights, the solid surfaces material
type segment is slated to touch a value of nearly US$ 34,750 Mn in the
year 2026. This represents a moderate CAGR growth during the assessment
period of 2022-2026. The solid surfaces material type segment was
estimated to account for nearly one-fourth of the revenue share of the
material type category by the year 2022 and is expected to lose in market
share by the year 2026 end.
- As
per the assessment of Future Market Insights, the non-residential segment
will reach a valuation of nearly US$ 101,060 Mn in the year 2026. This
represents a robust CAGR growth during the period of assessment. The
non-residential segment was estimated to account for more than two-thirds
of the revenue share of the end use industries category in the year 2022
and is expected to gain market share by the end of the year 2026.
- As
per the estimates of Future Market Insights, the new construction segment
is slated to reach a valuation of nearly US$ 94,850 Mn in 2026. The new
construction segment is expected to gain market share by the end of the
year 2026. The largest share is contributed by the APEJ region in the new
construction segment.
- Future
Market Insights forecasts the US countertop market to grow from US$
16,928.6 Mn in 2022 to US$ 25,707.9 Mn in 2026. This represents a compound
annual growth rate (CAGR) of 4.8% from 2022 to 2026.
Competition Landscape
The report has also profiled leading players in the
global market for countertops, which will remain active through 2026. These
include companies such as Cambria, E. I. du Pont de Nemours and Company,
Caesarstone Ltd., Asian Granito India Ltd., Pokarna Ltd, AKG Group, Illinois
Tool Works Inc., Aro Granite Industries Ltd., Cosentino Group, Vicostone and
Silestone.
Countertop Market by Category
By Material Type:
- Granite
- Solid
Surfaces
- Laminates
- Engineered
Quartz
- Marble
- Others
By End Use Industries:
- Residential
- Non-Residential
By Construction Activity:
- New
Construction
- Renovation
By Region:
- North
America
- Latin
America
- Europe
- Japan
- APEJ
- MEA
Browse
Full Report: https://www.futuremarketinsights.com/reports/countertop-market
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