Global demand for countertops is projected to increase 3.3 percent annually to 341 million square meters in 2013, according to a new study from industry research firm The Freedonia Group, Inc., and the remodeling market stands to benefit from the majority of the increase.
Countertop demand will get a boost from countries such as Brazil, China and India, which continue to build large volumes of modern housing units each year to accommodate the needs of their growing populations. However, gains are also expected to be spurred by homeowners upgrading from free-standing furniture to conventional countertops in many parts of the world.
The remodeling market accounts for the larger share of global countertop sales, according to the study. Remodeling dominates because the size of the overall housing stock is much larger than the number of new homes built each year, making the potential remodel market base larger.
The industry trends are presented in The Freedonia Group Inc.'s "World Residential Countertops" study.
The Cleveland-based research firm's report also finds:
- In 2008, laminate countertops accounted for more than one-quarter of global sales. Nearly 40 percent of laminate countertops were sold in North America, where laminate countertops lead demand because they are low-cost options due to a competitive local market, but are still offered in a variety of colors and textures to appeal to homeowners.
- Solid surface and natural stone countertops each comprised one-fifth of global demand. Nearly 70 percent of solid surface countertops were sold in the Asia/Pacific region where they are low-cost options because of limited color offerings and a competitive local production base.
- Engineered stone – which is primarily used in the more developed countries due to its high cost – is expected to achieve the most rapid gains through 2013, albeit from a very small base.
- The Asia/Pacific region, the largest market, accounted for 43 percent of global countertop sales in 2008. Advances in this market will be primarily driven by China, which accounted for nearly half of the region’s countertop sales in 2008.
- India is expected to post somewhat stronger gains through the forecast period as it also develops additional, modern housing to accommodate its population’s needs and the continuing migration from rural areas to cities.
- North America was the second largest regional market in 2008, accounting for 19 percent of global sales.
The 354-page World Residential Countertops
study is available for $5,800 from The Freedonia Group, Inc., 767 Beta Drive, Cleveland, OH 44143-2326. For additional details, contact Corinne Gangloff by phone 440.684.9600, fax 440.646.0484 or e-mail firstname.lastname@example.org
. Information may also be obtained through www.freedoniagroup.com