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.
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.
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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 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.
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.
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.
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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.
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.
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