The global countertop market value is expected to rise from US$ 1,22,395.22 million in 2023 to US$ 1,97,478.28 million by 2033. This estimated growth is expected to be driven by an average CAGR of 4.9% in the countertop market over the next decade.
An increase in residential projects is expected to propel the sales of kitchen sink countertops. Additionally, the surging trend of decorating kitchens and bathrooms in developed and emerging economies due to increasing disposable incomes contributes to the overall sales of countertops. Additionally, increasing preference for multiple bathrooms and expansive kitchens will stimulate demand for countertops.
The demand for kitchen sink countertops is rising at a robust pace to boost the aesthetic appeal of the space. Moreover, the surging development of various residential projects across the globe is expected to augment the demand for countertops. Furthermore, the advent of different state-of-the-art countertop materials like quartz is expected to be one of the leading factors propelling the demand for this market as the product is considered highly durable, non-porous, and most robust.
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Recent technological upgrades in the construction sector propel the demand for modern countertops that can fit over low-height furniture and cabinets. Deployment of the latest technologies, like advanced tools, robots, 3D printing, etc., to boost the functionality of product offerings across the globe is expected to propel market growth.
“Key players are expected to focus on the non-residential sector over the forecast period. Additionally, they are expected to turn their focus on high-growth countries like Canada, Italy, New Zealand, Australia, and ASEAN countries for the next ten years,” comments a Future Market Insights analyst.
Key Takeaways from the Countertop Market Report
- In the North American countertop market, the United States is projected to record a CAGR of 4.8%, whereas Canada is expected to account for a CAGR of 6.4% through 2033.
- In Europe, the high-growth countertop markets are Spain, Italy, and France, which are expected to register CAGRs of 5.6%, 5.5%, and 5.3%, respectively, throughout the forecast period.
- The Asia Pacific is expected to grow significantly over the upcoming years. New Zealand, Australia, ASEAN, and India are forecast to amplify at a CAGR of 6%, 5.8%, and 5.7%, respectively, through 2033.
- Based on material type, the granite segment is projected to account for a market share of 28.6% in 2023.
- Based on the end-use category, the non-residential sector is estimated to accumulate a value share of 72.3% in 2023.
Strategies Followed by Leading Players to Get Ahead in the Market Competition
Key players in the market are enhancing their product offerings and service quality to increase their customer base. Active manufacturers are launching countertop solutions with an extensive range of styles, patterns, and product lines. Additionally, they are partnering with distributors and dealers in different localities to drive countertops sales. Players are also launching into inorganic marketing strategies like collaborations, mergers and acquisitions, and joint ventures to gain the upper hand in the market competition.
The Following Developments are Shaping the Market for Countertops
- Caesarstone revealed a new eco-friendly countertop at the Kitchen and Bath Industry Show in Orlando, United States, in February 2022.
- Cambria USA introduced four distinct colors, including gold, platinum, cobalt, and bronze, to its product line for worktops in January 2022. The product features new designs and is developed to meet the demand from remodeling and home renovation activities.
- In December 2021, Cambria USA commenced operations in a new manufacturing unit in Minnesota, United States. The new unit is developed to enhance the production capacity of the new countertop.
- Wilsonart LLC partnered with the United States-based Rugby ABP, which provides surfaces and building products, in November 2022. The main aim behind this partnership is to enhance the product portfolio of countertop products, along with the supply of these products to different locations.
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Countertop Market Top Players
- Caesarstone Ltd.
- Illinois Tool Works Inc.
- Pokarna Ltd.
- E. I. duPont de Nemours and Company
- Cosentino Group
- Silestone
- AKG Group
- Vicostone
- Cambria
- Aro Granite Industries Ltd.
- Asian Granito India Ltd.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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