PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 1190473
PUBLISHER: Mordor Intelligence Pvt Ltd | PRODUCT CODE: 1190473
The countertops market is expected to register a strong rate during the forecast period.
The countertops market is showing an upward trend all over the world. A positive fact of this evolution is that more and more consumers are preferring granite countertops due to the high level of quality and relatively lower cost. Furthermore, consumers are choosing granite due to its high aesthetic appeal.
The granite material type segment accounted for more than one-fourth of the revenue share of the material type category in 2018. Over the past few years, granite countertops have become a popular choice of consumers especially for residential applications, such as kitchen and bathroom interiors. The granite products are resistant to cracking are scratch-free and heat resistant, which is expected to increase their adoption further in the forecast period. Furthermore, the life span of granite countertops is two to three times higher as compared to laminate and quartz, owing to which the material is attracting a larger consumer base.
The Asia-Pacific region was one of the largest markets for Countertops in 2018. The Asia Pacific region is anticipated to witness further growth in the sale of Countertops in the forecast period primarily in developing economies such as India and China.
In China, which is the fastest-growing market for Countertop products in Asia, the demand for countertop products is expected to witness growth attributed by factors such as rising living standards of consumers and continued projects aimed at modernizing housing and non-residential building units. India is the region's second-fastest-growing market, and the country is likely to witness an increase in sales of countertop products owing to factors like economic growth, an increase in the rising disposable income of people, expansion of distribution networks and growth in the construction sector.
The market studied is highly fragmented in nature as a large number of manufacturers are operating in this industry. Some prominent players are Arborite, Cambria, Wilsonart LLC, Caesarstone, Formica, Cosentino SA, and Masco Corporation. The key manufacturers have been adopting mergers and acquisitions and new product development strategies to strengthen their presence and distribution channels and, hence, gain a higher market share.