CLEVELAND, May 24, 2022 /PRNewswire/ -- In 2021, engineered stone surpassed laminate to become the most used countertop material in the US, marking the first time in decades that laminate was not the most popular countertop material, finds a new Freedonia Group analysis.
Going forward, engineered stone will continue to expand its market share to account for 36% of countertop demand in area terms, which growth stemming from trends of the last decade. 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 prices for engineered stone decreased as 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 laminates.
Through 2026, demand for countertops in the US is forecast to rise 4.4% per year to 1.1 billion square feet valued at $56.8 billion, boosted by:
- increasing residential kitchen and bathroom remodeling, as well as consumer willingness to trade up to more expensive materials such as granite and engineered stone to improve home values
- trends favoring larger kitchens and multiple bathrooms
- increasing interest in outdoor kitchens, islands, and wet bars
- elevated housing construction and rising commercial building construction
Now available from The Freedonia Group, Countertops presents historical data for 2011, 2016, and 2021 and forecasts for 2026 and 2031 in square feet and US dollars by surface material, market, and area of installation (i.e., room). Also provided are data on installation costs and pricing. Additionally, corporate analysis including market share is included.
The surface materials broken out are:
- engineered stone
- natural stone
- solid surface and other cast polymers
- other small volume materials, including porcelain slab/sintered stone; stainless steel; wood/butcher block; concrete; recycled materials; and other materials such as bamboo, cork, and glass
Countertop products by area of installation include:
- kitchen countertops
- bathroom countertops
- other countertops, such as those used to top store display cabinets; home office, laundry room, mudroom, and hobby/craft room cabinets; wet bars; and garage work benches
The major market segments analyzed are:
- residential buildings, including single-family housing, multifamily housing, and manufactured housing
- commercial buildings, which are segmented into office and retail buildings; lodging; institutional buildings; industrial buildings; other commercial buildings, including airport and bus terminals, civic centers, post offices, prisons, and recreational buildings
- vehicles, including recreational vehicles (RVs), boats, personal aircraft, trains, and other vehicles, such as limousines
Markets are also broken out by new and remodeling applications.
About the Freedonia Group - The Freedonia Group, a division of MarketResearch.com, is the premier international industrial research company, providing our clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. With over 100 studies published annually, we support over 90% of the industrial Fortune 500 companies. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.
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SOURCE The Freedonia Group