Pune, India, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The global countertop market size is expected to grow from USD 127.20 billion in 2023 to USD 167.66 billion by 2030, exhibiting a CAGR of 4.0% over the forecast period 2023-2030. The expansion is being driven by the rising formulation of customer-driven marketing strategies by key market players. Fortune Business Insights™ provides this information in its research report, titled “Countertop Market Size, Share & COVID-19 Impact Analysis, By Material Type (Natural Stone, Engineered Stone, Concrete, Solid Surfaces, Plastic Laminate, Ceramic, and Wood), By Construction Activity (New Construction and Renovation), By Application (Kitchen, Bathroom, and Others), By End User (Residential and Commercial), and Regional Forecast, 2023-2030”. According to report, the market was valued at USD 123.10 billion in 2022.
Industry Developments:
January 2023 – Caesarstone announced the launch of its multi-material surfaces portfolio. As part of the move, the company’s natural stone and porcelain will become part of the quartz and outdoor quartz portfolio.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.0% |
| 2030 Value Projection | 167.66 Billion |
| Base Year | 2022 |
| Countertop Market Size in 2022 | 123.10 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
| Segments covered | By Material Type, Construction Activity, Application, End User, and Region |
Market Drivers and Restraints:
Industry Value to Surge on Account of Growing Investments in Remodeling and Refurbishing Construction Infrastructure
The countertop market growth is being propelled by rising investments in the refurbishing of existing buildings and the increasing demand for natural stone. This is mainly driven by the growing demand for concrete, engineered stone, natural stone, nonporous laminates, and concrete.
However, the high cost associated with the purchase of natural stone and harmful radiations may hinder industry growth to a considerable extent.
COVID-19 Impact:
Closure of Residential and Commercial Construction Activities Impacted Industry Growth amid COVID-19 Pandemic
The coronavirus pandemic had a negative impact on market growth considering the halt on construction activities from commercial and residential sectors. Additional factors which affected industry expansion included the halted transportation of building materials, raw material disruption, and lack of human labor.
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Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Countertop Market Segmentation Analysis:
Natural Stone Segment to Register Appreciable Surge Impelled by Rise in Imports
On the basis of material type, the market is fragmented into natural stone, engineered stone, concrete, solid surfaces, plastic laminate, ceramic, and wood. The natural stone segment is anticipated to dominate the market. The surge can be credited to the growing imports of natural stones by developing and developed economies.
New Construction Segment to Depict Notable Growth Driven by Rising Investment in Building Structures
On the basis of construction activity, the market is subdivided into renovation and new construction. The new construction segment held a dominating share in the market and is touted to exhibit the highest CAGR of 4.3% over the forecast period. The escalation is on account of the surging government expenditure on the construction of new commercial and residential buildings.
Kitchen Segment to Dominate Driven by Rising Product Adoption in Commercial and Residential Applications
By application, the market is categorized into bathroom, kitchen, and others. The kitchen segment dominates the market and is poised to register substantial growth throughout the study period. The expansion is on account of an upsurge in kitchen remodeling activities and the growing adoption of natural stone and granite in countertop.
Residential Segment to Grow at Considerable CAGR Driven by Growing Demand for Modular Kitchens
By end user, the market is subdivided into commercial and residential. The residential segment is poised to register lucrative expansion over the projected period. The surge is impelled by the increasing demand for modular kitchens and the growing focus of manufacturers on the development of aesthetic and robust products.
Regional Insights:
Asia Pacific to Emerge as Leading Region Owing to Rising Residential Worktop Demand
The Asia Pacific countertop market share is anticipated to register considerable growth over the projected period. The rise is on account of the growing commercialization and urbanization in emerging economies such as Japan, India, and China.
The North America market is poised to expand at a substantial pace throughout the estimated period. The surge is driven by the increasing demand for natural stone, solid surfaces, and engineered stone.
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Competitive Landscape:
Leading Companies Ink Partnership Deals to Strengthen Industry Foothold
Key industry players are focused on formulating and adopting an array of strategic initiatives for establishing a strong footing in the market. These include merger agreements, partnerships, and collaborations. An increase in research and development activities and the launch of new countertop products are some of the additional factors favoring industry expansion.
A List of Key Manufacturers Operating in the Global Market:
- ARISTECH SURFACES LLC (U.S.)
- Caesarstone (U.S.)
- DuPont de Nemours, Inc. (U.S.)
- Formica Group (U.S.)
- Masco Corporation (U.S.)
- Panolam Industries International Inc (U.S.)
- Silestone (U.S.)
- STRASSER Steine GmbH (Austria)
- Vicostone (Vietnam)
- Wilsonart LLC. (U.S.)
Countertop Market Segmentation:
By Material Type
- Natural Stone
- Engineered Stone
- Concrete
- Solid Surfaces
- Plastic Laminate
- Ceramic
- Wood
By Construction Activity
- New Construction
- Renovation
By Application
- Kitchen
- Bathroom
- Others (General Workroom)
By End User
- Residential
- Commercial
- Research Laboratories
- Retail
- Hotels/Restaurant
- Others (Educational Environments)
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Table of Content:
1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
3.3. Impact of COVID-19
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Global Countertop Market Key Players Market Share/Ranking, 2022
5. Global Countertop Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2019-2030
5.1. Key Findings
5.2. By Material Type (USD)
5.2.1. Natural Stone
5.2.2. Engineered Stone
5.2.3. Concrete
5.2.4. Solid Surfaces
5.2.5. Plastic Laminate
5.2.6. Ceramic
5.2.7. Wood
5.3. By Construction Activity (USD)
5.3.1. New Construction
5.3.2. Renovation
5.4. By Application (USD)
5.4.1. Kitchen
5.4.2. Bathroom
5.4.3. Others (General Workrooms, etc.)
5.5. By End User (USD)
5.5.1. Residential
5.5.2. Commercial
5.5.2.1. Research Laboratories
5.5.2.2. Retail
5.5.2.3. Hotels/Restaurant
5.5.2.4. Others (Educational Environments, etc.)
5.6. By Region (USD)
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Middle East & Africa
5.6.5. Latin America
Continued….
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