Countertop Market - Global Outlook & Forecast 2023-2028
The global countertop market is expected to grow at a CAGR of 4.56% from 2022 to 2028.
MARKET TRENDS & OPPORTUNITIES
Emerging Demand for Smart Materials
Smart materials possess both inherent and extrinsic qualities that demonstrate adaptability and ingenuity. Progress in material science has facilitated the expansion of this market, giving rise to smart materials such as photovoltaic-integrated electrochromic devices. These materials cater to intelligent applications with specific purposes that were previously challenging to achieve using conventional materials like polymers, plastics, metals, glass, and ceramics.
Rising Demand for Durable Laminate Countertops
Laminate countertops are a type of countertop made from a combination of materials, usually a plastic surface with a paper or fabric backing. The top is then covered with an adhesive and pressed onto a substrate, such as particleboard or plywood. Laminate countertops are often chosen for their affordability and durability. Over the forecast period, the increasing demand for energy-efficient products will drive laminate countertop market demand in kitchen applications. Furthermore, rising consumer expenditure on remodeling their kitchens according to contemporary designs will likely fuel industry expansion over the next years.
INSIGHTS BY MATERIAL
The global countertop market by material types includes granite, solid surface, quartz, marble, and other materials. The granite material sector asserted its dominance in the industry, commanding a significant share of over 38% in 2022. This supremacy can be attributed to the growing demand for granite as a preferred choice for countertops. The material's inherent strength, abrasion resistance, and impressive durability against weathering have positioned it not only as an exterior cladding and paving option but also as a favored selection among contemporary architects. This trend is anticipated to drive the segment's growth throughout the forecasted period, solidifying granite's status as a reliable and favored material in architectural pursuits.
Segmentation by Material Type
- Solid Surface
- Other Materials
INSIGHTS BY APPLICATION
The kitchen application segment held the largest global countertop market share in 2022. Projections indicate that this segment will remain prominent throughout the forecast period. The escalating demand for countertops in kitchen spaces is a pivotal factor driving the robust growth of the kitchen countertop market. Furthermore, an upward trend in the average proportion of living spaces dedicated to kitchens in new residential constructions is anticipated to amplify further the segment's expansion trajectory over the projected period.
Segmentation by Application
- Other Application
INSIGHTS BY END-USER
The residential end-user segment held the largest portion of the global countertop market in 2022 and is anticipated to experience consistent growth at a steady CAGR. The escalating preference for larger kitchens and multiple bathrooms in single-family dwellings within developed nations is a driving force behind the expansion of this segment. Additionally, as homeowners make greater investments in home renovations due to the appreciation of property values, the growth of this sector is being propelled.
Segmentation by End-User
The Asia Pacific region asserted dominance in the global countertop market, securing the largest portion of the overall revenue, exceeding 30% in 2022. This substantial share can be attributed to elevated living standards and ongoing initiatives to enhance residential and non-residential building structures. Furthermore, the persistent popularity of countertop replacement as a home improvement practice is set to act as a driving force propelling the countertop market forward. Additionally, heightened consumer interest in materials like porcelain slabs, engineered stone, and butcher-block countertops is expected to augment product demand. This interest stems from a desire to transition from laminates and solid surfaces to more aesthetically pleasing and naturally textured surface materials.
Segmentation by Geography
- North America
- The U.S.
- The U.K.
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
The global countertop market landscape analyzed showcases a considerable degree of fragmentation, characterized by the involvement of numerous manufacturers within this industry sector. Among these participants, notable entities in the global countertop market include Cosentino SA, Cambria, Wilsonart LLC, Caesarstone, Formica, and Masco Corporation. Notably, key players in this arena have proactively embraced strategic measures, encompassing mergers and acquisitions and introducing new products. These strategic maneuvers are orchestrated to bolster their market presence, optimize distribution networks, and capture an expanded global countertop market share.
Key Company Profiles
- Wilsonart LLC
- Aristech Surfaces
Other Prominent Vendors
- Cosentino SA
- MS International Inc.
- Rosskopf + Partner AG
- Masco Corporation
- Pokarna Ltd.
- DuPont (Corian)
- LG Hausys
- HanStone Quartz
KEY QUESTIONS ANSWERED:
1. How big is the countertop market?
2. What is the growth rate of the global countertop market?
3. What are the growing trends in the countertop market?
4. Which region holds the most significant global countertop market share?
5. What is the projected growth trend for the engineered quartz segment?
6. Who are the key players in the global countertop market?