Countertop Market - Global Outlook & Forecast 2023-2028

Description

The global countertop market is expected to grow at a CAGR of 4.56% from 2022 to 2028.

MARKET TRENDS & OPPORTUNITIES

Emerging Demand for Smart Materials

Smart materials possess both inherent and extrinsic qualities that demonstrate adaptability and ingenuity. Progress in material science has facilitated the expansion of this market, giving rise to smart materials such as photovoltaic-integrated electrochromic devices. These materials cater to intelligent applications with specific purposes that were previously challenging to achieve using conventional materials like polymers, plastics, metals, glass, and ceramics.

Rising Demand for Durable Laminate Countertops

Laminate countertops are a type of countertop made from a combination of materials, usually a plastic surface with a paper or fabric backing. The top is then covered with an adhesive and pressed onto a substrate, such as particleboard or plywood. Laminate countertops are often chosen for their affordability and durability. Over the forecast period, the increasing demand for energy-efficient products will drive laminate countertop market demand in kitchen applications. Furthermore, rising consumer expenditure on remodeling their kitchens according to contemporary designs will likely fuel industry expansion over the next years.

SEGMENTATION INSIGHTS

INSIGHTS BY MATERIAL

The global countertop market by material types includes granite, solid surface, quartz, marble, and other materials. The granite material sector asserted its dominance in the industry, commanding a significant share of over 38% in 2022. This supremacy can be attributed to the growing demand for granite as a preferred choice for countertops. The material's inherent strength, abrasion resistance, and impressive durability against weathering have positioned it not only as an exterior cladding and paving option but also as a favored selection among contemporary architects. This trend is anticipated to drive the segment's growth throughout the forecasted period, solidifying granite's status as a reliable and favored material in architectural pursuits.

Segmentation by Material Type

Granite
Solid Surface
Quartz
Marble
Other Materials

INSIGHTS BY APPLICATION

The kitchen application segment held the largest global countertop market share in 2022. Projections indicate that this segment will remain prominent throughout the forecast period. The escalating demand for countertops in kitchen spaces is a pivotal factor driving the robust growth of the kitchen countertop market. Furthermore, an upward trend in the average proportion of living spaces dedicated to kitchens in new residential constructions is anticipated to amplify further the segment's expansion trajectory over the projected period.

Segmentation by Application

Kitchen
Bathroom
Other Application

INSIGHTS BY END-USER

The residential end-user segment held the largest portion of the global countertop market in 2022 and is anticipated to experience consistent growth at a steady CAGR. The escalating preference for larger kitchens and multiple bathrooms in single-family dwellings within developed nations is a driving force behind the expansion of this segment. Additionally, as homeowners make greater investments in home renovations due to the appreciation of property values, the growth of this sector is being propelled.

Segmentation by End-User

Residential
Commercial
Others

GEOGRAPHICAL ANALYSIS

The Asia Pacific region asserted dominance in the global countertop market, securing the largest portion of the overall revenue, exceeding 30% in 2022. This substantial share can be attributed to elevated living standards and ongoing initiatives to enhance residential and non-residential building structures. Furthermore, the persistent popularity of countertop replacement as a home improvement practice is set to act as a driving force propelling the countertop market forward. Additionally, heightened consumer interest in materials like porcelain slabs, engineered stone, and butcher-block countertops is expected to augment product demand. This interest stems from a desire to transition from laminates and solid surfaces to more aesthetically pleasing and naturally textured surface materials.

Segmentation by Geography

North America
- The U.S.
- Canada
Europe
- Germany
- The U.K.
- France
- Italy
- Spain
APAC
- China
- Japan
- India
- Australia
- South Korea
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa

COMPETITIVE LANDSCAPE

The global countertop market landscape analyzed showcases a considerable degree of fragmentation, characterized by the involvement of numerous manufacturers within this industry sector. Among these participants, notable entities in the global countertop market include Cosentino SA, Cambria, Wilsonart LLC, Caesarstone, Formica, and Masco Corporation. Notably, key players in this arena have proactively embraced strategic measures, encompassing mergers and acquisitions and introducing new products. These strategic maneuvers are orchestrated to bolster their market presence, optimize distribution networks, and capture an expanded global countertop market share.

Key Company Profiles

Wilsonart LLC
Cambria
Aristech Surfaces

Other Prominent Vendors

Caesarstone
Boardveiw
Cosentino SA
MS International Inc.
Daltile
Rosskopf + Partner AG
Masco Corporation
Pokarna Ltd.
DuPont (Corian)
Diresco
LG Hausys
HanStone Quartz
Formica

KEY QUESTIONS ANSWERED:

1. How big is the countertop market?

2. What is the growth rate of the global countertop market?

3. What are the growing trends in the countertop market?

4. Which region holds the most significant global countertop market share?

5. What is the projected growth trend for the engineered quartz segment?

6. Who are the key players in the global countertop market?

Product Code: ARZ230814

1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 MARKET DEFINITION
- 4.1.1 INCLUSIONS
- 4.1.2 EXCLUSIONS
- 4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
- 4.3.1 MARKET SEGMENTATION BY GEOGRAPHY

5 REPORT ASSUMPTIONS & CAVEATS

5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION

6 PREMIUM INSIGHTS

6.1 OVERVIEW
6.2 FUTURE OPPORTUNITIES
- 6.2.1 EMERGING DEMAND FOR SMART MATERIALS
- 6.2.2 RISING DEMAND FOR DURABLE LAMINATE COUNTERTOP
6.3 SEGMENTATION ANALYSIS
- 6.3.1 MATERIAL
- 6.3.2 APPLICATION
- 6.3.3 END-USER
6.4 GEOGRAPHICAL ANALYSIS
6.5 COMPETITIVE LANDSCAPE

7 MARKET AT A GLANCE

8 INTRODUCTION

8.1 OVERVIEW
8.2 RAPID SHIFTING TOWARD URBANIZATION
8.3 CONSUMER BEHAVIOUR INSIGHTS
8.4 PARAMETERS IMPACTING MARKET GROWTH
8.5 IMPACT OF RUSSIA-UKRAINE WAR
8.6 RECENT DEVELOPMENT

9 MARKET OPPORTUNITIES & TRENDS

9.1 EMERGING DEMAND FOR SMART MATERIALS
9.2 RISING DEMAND FOR DURABLE LAMINATE COUNTERTOP
9.3 SURGE IN HOSPITALITY INDUSTRY

10 MARKET GROWTH ENABLERS

10.1 INCREASING DISPOSABLE INCOME
10.2 RISING RESIDENTIAL CONSTRUCTION
10.3 INCREASING RESEARCH & DEVELOPMENT

11 MARKET RESTRAINTS

11.1 LACK OF SKILLED LABOR
11.2 RISING ENVIRONMENT & HEALTH CONCERNS

12 MARKET LANDSCAPE

12.1 MARKET SIZE & FORECAST
12.2 FIVE FORCES ANALYSIS
- 12.2.1 THREAT OF NEW ENTRANTS
- 12.2.2 BARGAINING POWER OF SUPPLIERS
- 12.2.3 BARGAINING POWER OF BUYERS
- 12.2.4 THREAT OF SUBSTITUTES
- 12.2.5 COMPETITIVE RIVALRY

13 MATERIAL TYPE

13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 GRANITE
- 13.3.1 MARKET SIZE & FORECAST
- 13.3.2 MARKET BY GEOGRAPHY
13.4 SOLID-SURFACE
- 13.4.1 MARKET SIZE & FORECAST
- 13.4.2 MARKET BY GEOGRAPHY
13.5 QUARTZ
- 13.5.1 MARKET SIZE & FORECAST
- 13.5.2 MARKET BY GEOGRAPHY
13.6 MARBLE
- 13.6.1 MARKET SIZE & FORECAST
- 13.6.2 MARKET BY GEOGRAPHY
13.7 OTHER MATERIALS
- 13.7.1 MARKET SIZE & FORECAST
- 13.7.2 MARKET BY GEOGRAPHY

14 APPLICATION

14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 KITCHEN
- 14.3.1 MARKET SIZE & FORECAST
- 14.3.2 MARKET BY GEOGRAPHY
14.4 BATHROOM
- 14.4.1 MARKET SIZE & FORECAST
- 14.4.2 MARKET BY GEOGRAPHY
14.5 OTHER APPLICATION
- 14.5.1 MARKET SIZE & FORECAST
- 14.5.2 MARKET BY GEOGRAPHY

15 END-USER

15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 RESIDENTIAL
- 15.3.1 MARKET SIZE & FORECAST
- 15.3.2 MARKET BY GEOGRAPHY
15.4 COMMERCIAL
- 15.4.1 MARKET SIZE & FORECAST
- 15.4.2 MARKET BY GEOGRAPHY
15.5 OTHERS
- 15.5.1 MARKET SIZE & FORECAST
- 15.5.2 MARKET BY GEOGRAPHY

16 GEOGRAPHY

16.1 MARKET SNAPSHOT & GROWTH ENGINE
16.2 GEOGRAPHIC OVERVIEW

17 APAC

17.1 MARKET SIZE & FORECAST
17.2 MATERIAL TYPE
- 17.2.1 MARKET SIZE & FORECAST
17.3 APPLICATION
- 17.3.1 MARKET SIZE & FORECAST
17.4 END-USER
- 17.4.1 MARKET SIZE & FORECAST
17.5 KEY COUNTRIES
- 17.5.1 CHINA: MARKET SIZE & FORECAST
- 17.5.2 JAPAN: MARKET SIZE & FORECAST
- 17.5.3 INDIA: MARKET SIZE & FORECAST
- 17.5.4 AUSTRALIA: MARKET SIZE & FORECAST
- 17.5.5 SOUTH KOREA: MARKET SIZE & FORECAST

18 NORTH AMERICA

18.1 MARKET SIZE & FORECAST
18.2 MATERIAL TYPE
- 18.2.1 MARKET SIZE & FORECAST
18.3 APPLICATION
- 18.3.1 MARKET SIZE & FORECAST
18.4 END-USER
- 18.4.1 MARKET SIZE & FORECAST
18.5 KEY COUNTRIES
- 18.5.1 US: MARKET SIZE & FORECAST
- 18.5.2 CANADA: MARKET SIZE & FORECAST

19 EUROPE

19.1 MARKET SIZE & FORECAST
19.2 MATERIAL TYPE
- 19.2.1 MARKET SIZE & FORECAST
19.3 APPLICATION
- 19.3.1 MARKET SIZE & FORECAST
19.4 END-USER
- 19.4.1 MARKET SIZE & FORECAST
19.5 KEY COUNTRIES
- 19.5.1 GERMANY: MARKET SIZE & FORECAST
- 19.5.2 UK: MARKET SIZE & FORECAST
- 19.5.3 FRANCE: MARKET SIZE & FORECAST
- 19.5.4 ITALY: MARKET SIZE & FORECAST
- 19.5.5 SPAIN: MARKET SIZE & FORECAST

20 LATIN AMERICA

20.1 MARKET SIZE & FORECAST
20.2 MATERIAL TYPE
- 20.2.1 MARKET SIZE & FORECAST
20.3 APPLICATION
- 20.3.1 MARKET SIZE & FORECAST
20.4 END-USER
- 20.4.1 MARKET SIZE & FORECAST
20.5 KEY COUNTRIES
- 20.5.1 BRAZIL: MARKET SIZE & FORECAST
- 20.5.2 MEXICO: MARKET SIZE & FORECAST
- 20.5.3 ARGENTINA: MARKET SIZE & FORECAST

21 MIDDLE EAST & AFRICA

21.1 MARKET SIZE & FORECAST
21.2 MATERIAL TYPE
- 21.2.1 MARKET SIZE & FORECAST
21.3 APPLICATION
- 21.3.1 MARKET SIZE & FORECAST
21.4 END-USER
- 21.4.1 MARKET SIZE & FORECAST
21.5 KEY COUNTRIES
- 21.5.1 SAUDI ARABIA: MARKET SIZE & FORECAST
- 21.5.2 UAE: MARKET SIZE & FORECAST
- 21.5.3 SOUTH AFRICA: MARKET SIZE & FORECAST

22 COMPETITIVE LANDSCAPE

22.1 COMPETITION OVERVIEW

23 KEY COMPANY PROFILES

23.1 WILSONART LLC
- 23.1.1 BUSINESS OVERVIEW
- 23.1.2 PRODUCT OFFERINGS
- 23.1.3 KEY STRATEGIES
- 23.1.4 KEY STRENGTHS
- 23.1.5 KEY OPPORTUNITIES
23.2 CAMBRIA
- 23.2.1 BUSINESS OVERVIEW
- 23.2.2 PRODUCT OFFERINGS
- 23.2.3 KEY STRATEGIES
- 23.2.4 KEY STRENGTHS
- 23.2.5 KEY OPPORTUNITIES
23.3 ARISTECH SURFACES
- 23.3.1 BUSINESS OVERVIEW
- 23.3.2 PRODUCT OFFERINGS
- 23.3.3 KEY STRATEGIES
- 23.3.4 KEY STRENGTHS
- 23.3.5 KEY OPPORTUNITIES

24 OTHER PROMINENT VENDORS

24.1 CAESARSTONE
- 24.1.1 BUSINESS OVERVIEW
- 24.1.2 PRODUCT OFFERINGS
24.2 BOARDVEIW
- 24.2.1 BUSINESS OVERVIEW
- 24.2.2 PRODUCT OFFERINGS
24.3 COSENTINO SA
- 24.3.1 BUSINESS OVERVIEW
- 24.3.2 PRODUCT OFFERINGS
24.4 M S INTERNATIONAL INC.
- 24.4.1 BUSINESS OVERVIEW
- 24.4.2 PRODUCT OFFERINGS
24.5 DALTILE
- 24.5.1 BUSINESS OVERVIEW
- 24.5.2 PRODUCT OFFERINGS
24.6 ROSSKOPF + PARTNER AG
- 24.6.1 BUSINESS OVERVIEW
- 24.6.2 PRODUCT OFFERINGS
24.7 MASCO CORPORATION
- 24.7.1 BUSINESS OVERVIEW
- 24.7.2 PRODUCT OFFERINGS
24.8 POKARNA LTD.
- 24.8.1 BUSINESS OVERVIEW
- 24.8.2 PRODUCT OFFERINGS
24.9 DUPONT (CORIAN)
- 24.9.1 BUSINESS OVERVIEW
- 24.9.2 PRODUCT OFFERINGS
24.10 DIRESCO
- 24.10.1 BUSINESS OVERVIEW
- 24.10.2 PRODUCT OFFERINGS
24.11 LG HAUSYS
- 24.11.1 BUSINESS OVERVIEW
- 24.11.2 PRODUCT OFFERINGS
24.12 HANSTONE QUARTZ
- 24.12.1 BUSINESS OVERVIEW
- 24.12.2 PRODUCT OFFERINGS
24.13 FORMICA
- 24.13.1 BUSINESS OVERVIEW
- 24.13.2 PRODUCT OFFERINGS

25 REPORT SUMMARY

25.1 KEY TAKEAWAYS
25.2 STRATEGIC RECOMMENDATIONS

26 QUANTITATIVE SUMMARY

26.1 MARKET BY GEOGRAPHY
26.2 MARKET BY MATERIAL TYPE
26.3 MARKET BY APPLICATION
26.4 MARKET BY END-USER

27 APPENDIX

27.1 ABBREVIATIONS