Dallas,Texas, May 16, 2019 (GLOBE NEWSWIRE) — Global countertops industry accounted for more than USD 100 billion in 2018. Growing importance of clean, strong, aesthetically pleasant, durable, and long lasting kitchen platform surfaces for food preparation is expected to increase the market concentration of countertops by 2025. Additionally, increasing per capita spending on household in developed economies such as Japan, U.S., and Europe is expected to boost the countertops market demand over the coming years.
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The market research report on countertops market assesses the market demand and trending scenario for the period ranging from 2015 to 2025. The report highlights the historic trends from 2015 to 2017 and market forecast from 2019 to 2025. The report studies the current status and future prospects of the market at global level. The global countertops market is segmented on the basis of material, application and geography.
The report examines various aspects of the countertops industry by assessing the market using Porter’s Five Forces analysis, key industry trends, value chain, and SWOT analysis. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local manufacturers.
The “Global Countertops Market Trends 2018, by Material (Granite, Solid Surface, Quartz, Laminate, Marble, Others), by Application (Residential and Non-residential and Region (North America, Europe, APAC, & Central and South America) and Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Construction of residential properties coupled with renovation of existing ones is likely to be the key market driver of countertops. For instance, U.S. construction spending in January 2019 surged more than 1% as compared to December 2018. In addition, GCC construction contracts in infrastructure, energy sector, and buildings accounted for more than USD 150 million in 2016 which further rose to over USD 170 million in 2017. Growing population followed by increasing tourism has attracted GCC countries mainly UAE and Qatar to boost investment in construction projects. This in turn is considered to boost the requirements for interior furniture products including countertops, over the forecast period.
The global countertops market is segmented by key material types such as granite, solid surface, laminate, engineered quartz, marble, and others. Resistant to heat and wear, good durability and shelf life and toughness are the main attributes that have increased the importance of granite in construction industry. This trend is expected to continue further over the next few years. Demand for laminate surfaces in the construction of interior spaces is considered to favor the market growth. World production of laminate for flooring application in 2018 was more than 1000 million square meters. This trend also favored laminate usage as a countertop material. The laminate material segment accounted for more than 15% of the overall countertops market size in 2018. The use of sturdy particleboard core as a precursor coupled with the material cost associated with laminates is expected to increase the market concentration of laminated countertops from 2019 and beyond.
On the geography level, Asia Pacific captured the largest countertops market share in 2018. Increasing disposable income followed by government initiatives in the residential construction sector is expected to increase the future consumption of countertops in this region. These trends are likely to be witnessed prominently in China, India, and Japan among other countries in APAC. Announcement of de-licensed material handling equipment and 100% foreign direct investment (FDI) policies is expected to dignify the infrastructure opportunities in India. In addition, substantial investments by the Indian government in smart cities is expected to strengthen the urban landscape of the country. These economic developments are considered to propel the market demand by 2025. Over 20% of the Asia Pacific countertops industry was captured by granite material in 2018. Global imports of granite and marble crossed USD 13 billion in 2017 with more than 90% of the imports concentrated in Asia, Europe, and US.
Global countertops industry is highly fragmented in nature as large number of domestic manufacturers are present in China, India, and Brazil. Some prominent countertop market players include Arborite, ARISTECH SURFACES LLC, Cambria, Wilsonart LLC, Caesarstone, Formica, Cosentino S.A., and Masco Corporation. Manufacturers are adopting M&A and new product development strategies to strengthen their distribution channels and gain market share in high regional demand markets.
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Major points from Table of Contents:
Chapter 1. Research Methodology
Chapter 2. Executive Summary
Chapter 3. Market Outlook
Chapter 4. Global Countertops Market Overview, By Material
Chapter 5. Global Countertops Market Overview, By Application
Chapter 6. Global Countertops Market Overview, By Region
Chapter 7. Company Profiles
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