Countertop Market Size, Share & Industry Analysis, By Material Type (Natural Stone, Engineered Stone, Concrete, Solid Surfaces, Plastic Laminate, Ceramic, Wood), By End-User (Residential, Commercial) and Regional Forecast, 2020-2027
Countertop Market Size, Share & Industry Analysis, By Material Type (Natural Stone, Engineered Stone, Concrete, Solid Surfaces, Plastic Laminate, Ceramic, Wood), By End-User (Residential, Commercial) and Regional Forecast, 2020-2027
The Global “Countertop Industry Share “is expected to grow steadily in the coming years. The report illustrated latest insights into market drivers, restraints, risks and opportunities in the global market. The Countertop Market report shows the credible direction of the market in the coming years along with its estimates. A precise study aims to understand the market price. By analyzing the competitive landscape, the authors of the report have made excellent efforts to help the readers understand the key business strategies that large companies employ to maintain market stability.
The global countertop market size stood at USD 89.18 billion in 2019 and is projected to reach USD 110.54 billion by 2027, exhibiting a CAGR of 2.8% during the forecast period
The report focuses on the Countertop Market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behavior analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing the .
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Highlights of the Report:
While making the Countertop Market Analysis report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.
Latest Industry developments:
- March 2019: Masco Corporation declared that it successfully completed the review of its Windows and Cabinetry businesses. The company is hence, planning to start the sale of UK Window Group, Milgard Windows, and Masco Cabinetry in the upcoming nine months.
- January 2017: Pokarna Engineered Stone Ltd. joined hands with IKEA, India to deliver products to its exclusive installation partner and quartz surfaces supplier. Pokarna will be able to deliver engineered quartz countertops and surfaces to IKEA’s customers.
List of Key Companies Operating in Countertop Market Include:
- Vicostone (Hanoi, Vietnam)
- Aro Granite Industries Ltd. (New Delhi, India)
- POKARNA LIMITED (Secunderabad, India)
- (North Carolina, United States)
- DuPont de Nemours, Inc. (Delaware, United States)
- Masco Corporation (Michigan, United States)
- STRASSER Steine GmbH (St. Martin i.M., Austria )
- Wilsonart LLC. (Texas, United States)
- ARISTECH SURFACES LLC (Kentucky, United States)
- Cambria (Le Sueur, Minnesota)
- Cosentino S.A. (Almería, Spain)
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Rising Demand for Quartz Countertops to Boost Growth
Countertops made of quartz are experiencing high demand across the globe. Quartz is a durable, non-porous, and strong man-made stone. It is very popular in the commercial spaces, namely, restaurants, hotels, and laboratories as it is capable of handling liquids, such as wine, oil, water, and chemicals very well. Besides, the rapid urbanization in countries such as Japan, India, and China is causing high demand for such worktops from the residential sector. However, granites are also used for making them. But, they have harmful effects on the human health as they release radiation. It may hamper the countertops market growth in the coming years.
Ceramic Segment to Grow Steadily Backed by Their Increasing Usage
In terms of material, the market is segregated into wood, ceramic, plastic laminate, solid surfaces, concrete, engineered stone, and natural stone. Out of these, the ceramic segment held 11.4% market share in 2019. This growth is attributable to the rising usage of ceramic countertops in washrooms, restaurants, and kitchens. Besides, the enhancement in the manufacturing process since the past few years has surged the demand for such products.
Regional Analysis-
Asia Pacific to Dominate Owing to Rising Demand in India and China
Asia Pacific procured USD 29.67 billion in terms of revenue in 2019 and is anticipated to lead the market in the coming years. This is likely to occur because of the major contribution of Japan, India, and China. These countries are showcasing persistent commercialization and urbanization. China is considered to dominate on account of the high demand for engineered quartz work platforms for residential and commercial applications. The Federation of Indian Granite and Stone Industry (FIGSI) mentioned that India stands in the 4thposition in terms of natural stone trade. It possesses 15% of natural stone reserve. However, the recent outbreak of the Covid-19 pandemic may obstruct the production process in the developing countries.
Market Segment Analysis –
- Market Sizing Estimations and Forecasts By Material Type (Value)
- Natural Stone
- Engineered Stone
- Concrete
- Solid Surfaces
- Plastic Laminate
- Ceramic
- Wood
- Market Sizing Estimations and Forecasts By End-User (Value)
- Residential
- Commercial
- Research Laboratories
- Retails
- Hotels/Restaurants
- Others (Airports, Banks, etc.)
- Market Analysis, Insights and Forecast By Country (Value)
- U.S.
- Canada
Impact of COVID-19 Pandemic on Countertop Market
According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development.
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Countertop Market to See High Growth in Upcoming Year by 2028
