Countertop Market Size worth USD 110.54 Billion, Globally, by 2027 at a CAGR of 2.8%
The global countertop market size is projected to grow worth USD 110.54 billion by 2027 from USD 89.18 billion in 2019, at CAGR of 2.8% during forecast period. Rising Usage of Advanced Tools to Accelerate Growth, says Fortune Business Insights.
/EIN News/ -- Pune, India, Feb. 07, 2023 (GLOBE NEWSWIRE) --
The global countertop market is expected to gain impetus from the increasing usage of 3D printing, drones, robots, heavy equipment, and mobile applications in the construction industry. These innovative tools would aid manufacturers in providing unique products to their customers. Fortune Business Insights™ provided this information in a new report, titled, “Countertop Market Size, Share & Industry Analysis, By Material Type (Natural Stone, Engineered Stone, Concrete, Solid Surfaces, Plastic Laminate, Ceramic, Wood), By End-User (Residential, Commercial) and Regional Forecast, 2020-2027.” The report further states that the countertop market size was USD 89.18 billion in 2019 and is projected to reach USD 110.54 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period.
List of Key Players Covered in the Countertop Market Report:
- Vicostone (Hanoi, Vietnam)
- Aro Granite Industries Ltd. (New Delhi, India)
- POKARNA LIMITED (Secunderabad, India)
- Caesarstone. (North Carolina, United States)
- DuPont de Nemours, Inc. (Delaware, United States)
- Masco Corporation (Michigan, United States)
- STRASSER Steine GmbH (St. Martin i.M., Austria )
- Wilsonart LLC. (Texas, United States)
- ARISTECH SURFACES LLC (Kentucky, United States)
- Cambria (Le Sueur, Minnesota)
- Cosentino S.A. (Almería, Spain)
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This Report Answers the Following Questions:
- What are the market drivers, challenges, and opportunities?
- How would prominent companies surge sales of countertops in the near future?
- Which region is expected to dominate in the forthcoming years?
- What are the historical, present, and upcoming sizes of the market?
Drivers & Restraints-
Rising Demand for Quartz Countertops to Boost Growth
Countertops made of quartz are experiencing high demand across the globe. Quartz is a durable, non-porous, and strong man-made stone. It is very popular in the commercial spaces, namely, restaurants, hotels, and laboratories as it is capable of handling liquids, such as wine, oil, water, and chemicals very well. Besides, the rapid urbanization in countries such as Japan, India, and China is causing high demand for such worktops from the residential sector. However, granites are also used for making them. But, they have harmful effects on the human health as they release radiations. It may hamper the countertops market growth in the coming years.
The countertop market is experiencing a few noteworthy trends, including a rise in popularity for quartz and solid surface countertops, an increase in the renovation and remodeling industry, and a heightened demand for eco-friendly and sustainable materials. Key players in the market include Caesarstone, DuPont. By having an in-depth understanding of the market landscape, companies in the industry can make informed decisions and maintain a competitive edge.
Segment-
Ceramic Segment to Grow Steadily Backed by Their Increasing Usage
In terms of material, the market is segregated into wood, ceramic, plastic laminate, solid surfaces, concrete, engineered stone, and natural stone. Out of these, the ceramic segment held 11.4% countertop market share in 2019. This growth is attributable to the rising usage of ceramic countertops in washrooms, restaurants, and kitchens. Besides, the enhancement in the manufacturing process since the past few years has surged the demand for such products.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/countertop-market-101539
Regional Analysis-
Asia Pacific to Dominate Owing to Rising Demand in India & China
Asia Pacific procured USD 29.67 billion in terms of revenue in 2019 and is anticipated to lead the market in the coming years. This is likely to occur because of the major contribution of Japan, India, and China. These countries are showcasing persistent commercialization and urbanization. China is considered to dominate on account of the high demand for engineered quartz work platforms for residential and commercial applications. The Federation of Indian Granite & Stone Industry (FIGSI) mentioned that India stands in the 4th position in terms of natural stone trade. It possesses 15% of natural stone reserve. However, the recent outbreak of the Covid-19 pandemic may obstruct the production process in the developing countries.
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Competitive Landscape-
Key Players Focus on Strategic Collaborations to Intensify Competition
The companies present in the market are persistently striving to increase sales of countertops. As the consumer preferences are changing as per the evolution in technology, they are trying to introduce new products to cater to the growing demand. Some of them are also following the strategy of partnership with industry giants to gain a competitive edge. Below are two of the latest industry developments:
March 2019: Masco Corporation declared that it successfully completed the review of its Windows and Cabinetry businesses. The company is hence, planning to start the sale of UK Window Group, Milgard Windows, and Masco Cabinetry in the upcoming nine months.
January 2017: Pokarna Engineered Stone Ltd. joined hands with IKEA, India to deliver products to its exclusive installation partner and quartz surfaces supplier. Pokarna will be able to deliver engineered quartz countertops and surfaces to IKEA’s customers.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- COVID-19 Outbreak: Countertop Industry Impact
- Global Countertop Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Material Type (Value)
- Natural Stone
- Engineered Stone
- Concrete
- Solid Surfaces
- Plastic Laminate
- Ceramic
- Wood
- Market Sizing Estimations and Forecasts – By End-User (Value)
- Residential
- Commercial
- Research Laboratories
- Retails
- Hotels/Restaurants
- Others (Airports, Banks, etc.)
- Market Analysis, Insights and Forecast – By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Countertop Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Material Type (Value)
- Natural Stone
- Engineered Stone
- Concrete
- Solid Surfaces
- Plastic Laminate
- Ceramic
- Wood
- Market Sizing Estimations and Forecasts – By End-User (Value)
- Residential
- Commercial
- Research Laboratories
- Retails
- Hotels/Restaurants
- Others (Airports, Banks, etc.)
- Market Analysis, Insights and Forecast – By Country (Value)
- U.S.
- Canada
- Europe Countertop Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Material Type (Value)
- Natural Stone
- Engineered Stone
- Concrete
- Solid Surfaces
- Plastic Laminate
- Ceramic
- Wood
- Market Sizing Estimations and Forecasts – By End-User (Value)
- Residential
- Commercial
- Research Laboratories
- Retails
- Hotels/Restaurants
- Others (Airports, Banks, etc.)
- Market Analysis, Insights and Forecast – By Country (Value)
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
TOC Continued...
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