US Residential Countertops Market Report to 2026: Demand Gains will be Primarily Derived from Kitchen & Bath Renovations
Dublin, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The "US Residential Countertops Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.
Demand for countertops in the US residential building market is forecast to rise 4.8% per year to 941 million square feet in 2026, valued at $52.1 billion, with growth boosted by:
the large stock of older homes nationally that require kitchen and bathroom remodelling, either to meet the current homeowner's needs or to add value to the home for its eventual sale
trends favouring larger kitchens and multiple bathrooms
increasing interest in outdoor kitchens, islands, and wet bars
However, new housing construction and home remodelling began to normalize in 2022 following exceedingly high levels in 2021. This trend will continue through the forecast period, limiting even greater demand gains.
Companies Mentioned
Caesarstone
Patrick Industries
Polycor
Trinseo
Wilsonart
Demand Gains Will Be Primarily Derived from Kitchen & Bath Renovations
Remodelling activity drives residential countertop demand. As countertops are a key design component in many homes, they are often updated when homeowners renovate kitchens and bathrooms, particularly when they are selling or buying a home.
Value gains will be driven by homeowners increasingly opting for engineered stone and porcelain slab countertops during remodelling projects, as these in-demand materials can improve a home's value.
Engineered Stone's Leading Market Position Continues to Expand
Engineered stone is expected to continue to see market share gains, as the material becomes more widely available and favoured for its durability and aesthetics. This trend began in the previous decade, when the rapid increase in low-cost slabs from foreign markets - particularly China, India, Turkey, and Vietnam - made engineered stone countertops more affordable for middle-class homeowners.
As less expensive types of engineered stone proliferated and color availability expanded, consumers became much more willing to purchase higher cost countertops and grew to strongly prefer the aesthetics and quality of engineered stone over competitive materials, particularly laminates.
From Low Base, Porcelain Slab Countertop Demand to Grow Rapidly
Similar to the rapid advances seen for engineered stone over the past decade, porcelain slab demand has risen robustly since 2016 and is expected to be the fastest growing countertop material in the US (albeit from a relatively low base). Porcelain slab's popularity is rising quickly as consumers seek alternatives to engineered stone and granite.
These consumers want to differentiate their homes but still install countertops with a natural appearance and favorable performance properties. In addition, porcelain slab has become more widely available as the number of suppliers offering this material increased in recent years.
Key Topics Covered:
1. Executive Summary
2. About This Report
3. Overview
4. Consumer Insights
Homeownership & Home Rental
Historical Trends
Homeownership vs. Rental Rates: Age Groups
Homeownership vs. Rental Rates: Annual Household Incomes
Relocation Trends
Recent Buyers of Countertops
Intended Space or the Countertop
Reason for Buying a Countertop
Location of Purchase of Countertops
Consumer Attitudes About Countertops
Preferred Features of Countertops
5. Surface Materials
Demand by Surface Material
Engineered Stone Countertops
Natural Stone Countertops
Product Scope & Demand Forecasts
Granite
Marble & Other Natural Stone
Laminate Countertops
Solid Surface & Other Cast Polymer Countertops
Tile Countertops
Porcelain Slab/Sintered Stone
Other Surface Materials
6. Key Suppliers & Industry Structure
Industry Composition
Key Suppliers
Mergers & Acquisitions
Marketing
7. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/t1iwv2-residential?w=12
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