Countertops Market Outlook 2021 Global Demand by Material, Application, Leading Companies, Regional Segmentation & Growth Opportunities
Quartz is expected to be the fastest growing material in global countertops market.
Dallas, United States – May 21, 2021 /MarketersMedia/ —
The research report on countertops industry, will help to expand operations in the existing markets. The prime goal of the market study is to give a detailed assessment of the countertops market business based on type, sector as well as geography. It also offers geological study into several regions with market growth, production, consumption, and revenue.
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Global countertops industry is highly fragmented in nature as large number of manufacturers are operating in this industry. Some prominent players are Arborite, ARISTECH SURFACES LLC, Cambria, Wilsonart LLC, Caesarstone, Formica, Cosentino S.A., and Masco Corporation. Key manufacturers have been adopting M&A and new product development strategies to strengthen their presence and distribution channels and hence gain a higher market share.
Quartz is expected to be the fastest growing material in global countertops market. In 2018, quartz material accounted for more than 10% of overall market share. Growing variety of colors, designs, and patterns of quartz countertops has boosted its popularity among consumers. Moreover, low maintenance cost as compared to granite, marble, and solid surface makes quartz countertops an ideal option for kitchen interiors. This, in turn, is expected to increase market penetration over the coming years. Consumer preferences for light color palettes is expected to be the reason behind boom towards quartz materials, over dark granite and solid surface countertops. Improved aesthetics and low cost as compared to other countertop materials is expected to increase the market concentration of quartz over the coming years.
In 2018, granite countertops dominated the overall market constituting more than 25% of the industry share. Over the past few years, granite countertops have become a popular choice of consumers especially for residential applications such as kitchen and bathroom interiors. Resist to cracking, chipping, scratching, and heat resistant properties is expected to increase its adoption over the coming years. Properly sealed granite counters are easy to install. In addition to this, resist to staining makes easy to clean up using soap and water. Furthermore, life span of granite countertops is 2 to 3 times higher as compared to laminate and quartz, owing to which the material tends to attract a larger consumer base.
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Solid surface used in making countertops are basically synthetic materials produced from composite of polyester or acrylic. Impermeability to staining and non-porous material characteristics makes solid surface countertops easy to maintain. Low cost, relatively high durability than natural stone, and combination of best performance attributes is expected to enable solid surface countertops market to gain traction over the coming years. However, these materials are soft as compared to quartz and granite and are easily prone to cracks. This attribute may hinder the forecast market demand of solid surface countertops to a certain extent.
According to the BNC Project Intelligence, more than 20,000 construction projects are active in the GCC countries, of which over 50% are present in the United Arab Emirates. Increasing construction activities followed by strengthening economic scenario in Kuwait, Qatar, Oman, Saudi Arabia, UAE, and Bahrain is expected to create a positive outlook for the countertop industry over the coming years. In terms of stone demand, GCC accounted for more than 20% share of the overall industry, which is projected to reach nearly 20 billion tons by 2022. As per the BNC Project Intelligence, in 2018, urban construction accounted for more than 70% of the overall construction activities in GCC.
Growing population coupled with rapid urbanization is expected to bolster the demand for residential and commercial construction projects in African countries. The African government and multinational companies are developing the property sector to offer affordable housing and are also encouraging the industry to towards the development of building materials. For instance, in May 2019, International Finance Corporation (IFC) a World Bank Group and Chinese multinational construction and engineering company initiated a USD 300 million investment to develop housing sector in African countries. This platform is expected to capital investment and motivate the local developers for active participation to to develop nearly 30,000 homes in the next five years.
Key segments of the global countertops market
Material Overview, 2016 – 2025 (Million Square Feet) (USD Billion)
– Granite
– Solid Surface
– Quartz
– Laminate
– Marble
– Others
Application Overview, 2016 – 2025 (Million Square Feet) (USD Billion)
– Residential
– Non-residential
Regional Overview, 2016 – 2025 (Million Square Feet) (USD Billion)
– North America
o U.S.
– Europe
o Germany
o UK
o France
– Asia-Pacific
o China
o India
o Japan
– Central & South America
o Brazil
– Middle East & Africa
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
Continued…
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About Adroit Market Research
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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