Dallas/ Texas, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The global countertop market is growing rapidly due to an increase in demand for countertops for use in offices, restrooms, retail establishments, laboratories, and kitchens. Additionally, the market will be driven by the simple accessibility of different types of prefabricated countertops, including built-in appliances for relevant uses.
The global countertop market was valued at USD 89.10 billion in 2021 and is anticipated to increase at a CAGR of 2.2% to reach USD 104.39 billion over the forecast period 2028.
Following are the top brands operating globally:
- Caesarstone
- Pokarna Ltd
- DuPont.
- Cosentino S.A.
- COSENTINO
- S.A.
- AKG Group
- Cambria
- Aro Granite Industries Ltd.
- Asian Granito India Limited
- STRASSER Steine GmbH
- Wilsonart LLC.
- ARISTECH SURFACES LLC
Due to its excellent ability to handle liquids like water, wine, oil, and chemicals, it is highly well-liked in business settings like hotels, restaurants, and laboratories. Additionally, the demand for such worktops from the residential sector is extremely significant due to the rising urbanization in nations like Japan, India, and China. They can also be made from granites, though. The radiation they release, however, has a negative impact on human health. The market's growth for countertops may be hampered as a result in the future. The primary driver fueling the countertop market's expansion is the increase in highly advanced technology.
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Key segmentation of countertops market
Segmentation by type
- Laminates
- Engineered Stone
- Natural stone
- Other materials
Segmentation by application
- Residential
- Commercial
Regional Analysis
- North America (United States, Canada and Mexico)
- Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
- Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
- South America (Brazil, Argentina, Colombia, and Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
Also the growth of the countertops market is anticipated to contribute the increased disposable income, rising residential construction rates and preferences for home improvements, and the availability of bank financing. The market for countertops is, however, constrained by high labor and raw material costs, and market expansion will be hampered by designer and engineer discrepancies.
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Low-interest rates, rising disposable income, and rising employment rates, particularly in developed nations, are projected to increase demand for residential construction projects. Sales of countertop materials are anticipated to increase steadily during the evaluation period due to increased private spending on residential buildings and home remodeling. Additionally, the market is expanding strongly as a result of the global residential building industry's consistent growth and rising private spending on home improvements. Countertops are typically added in newly built homes and during kitchen renovations.
The natural stone segment dominates the countertop market. As a result of increased natural stone imports from both industrialized and developing nations including China, India, Egypt, and Thailand. Historically, natural stones have been employed in domestic applications like kitchen cabinetry. Additionally, both public and commercial companies produce these stones.
Table of Content
1. Introduction
1. Market Definition and Scope
2. Units, Currency, Conversions, and Years Considered
3. Key Stakeholders
4. Key Questions Answered
2. Research Methodology
1. Data Capture Sources
2. Market Size Estimation
3. Market Forecast
4. Data Triangulation
5. Assumptions and Limitations
3. Market Outlook
1. Market Dynamics
2. Drivers
3. Restraints
4. Opportunities
5. Challenges
6. Porter’s Five Forces Analysis
7. PEST Analysis
4. Competitive Landscape
1. Company Ranking
2. Market Share Analysis
3. Strategic Initiatives
4. Mergers & Acquisitions
5. New Product Launch
6. Others
5. Appendix
1. Primary Research Approach
2. Primary Interview Participants
3. Primary Interview Summary
4. Questionnaire
5. Related Reports
6. Published
7. Upcoming
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The Countertop Market is dominated by the Asia Pacific region. Due to their fast urbanization and commercialization, developing nations like India, China, and Japan are anticipated to provide the largest market share. The demand for engineered quartz countertops in both commercial and residential settings is highest in China. The growth of local cabinetry construction would be fueled by this.
In order to increase the number of multifamily homes in its portfolio, Grover Corlew, a real estate business with its headquarters in the United States, said in January 2022 that it would create a new brand called Mayla Residences. Likewise, the company received funding from PNC Bank in the amount of US$ 78.3 million, and construction on the first home would start in February 2022. Each house will have amenities like built-in microwaves, marble worktops, glass cooktops, spa-inspired bathrooms, backlit vanity mirrors, and many more.
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