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Countertops Market Report 2024 - Countertops Market Growth, Demand, And Forecast
Countertops Market
According to The Business Research Company's, The countertops market size has grown steadily in recent years. It will grow from $93.94 billion in 2023 to $97.53 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to material innovation, aesthetic trends, real estate market trends, kitchen renovations.
The countertops market size is expected to see steady growth in the next few years. It will grow to $110.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%. The growth in the forecast period can be attributed to sustainable materials demand, customization preferences, urbanization and modern living, health and hygiene concerns, premium and luxury trends, residential and commercial construction.. Major trends in the forecast period include innovation in edge profiles, application of recycled and upcycled materials, integration of digital printing technology, preference for low-maintenance materials, expansion of online sales channels.
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Market Drivers and Trends:
An increasing number of residential constructions is expected to propel the growth of the countertops market going forward. Residential construction refers to a procedure involving the enlargement, remodeling, or creation of a new residence or other structures intended for residential use. Countertops are employed in residential construction as space for cleaning, prepping, cutting, and mixing foods, resting hot pots and pans, plating food, and storing small kitchen appliances. For instance, in August 2022, according to the U.S. Department of Housing and Urban Development, a US-based government department responsible for administering federal housing and developmental laws, and the U.S. Census Bureau, a US-based government department responsible for producing data related to American people, and economy, privately owned housing completions increased by 3.5 % from 1,376,000 in 2021 to 1,424,000 in 2022, and privately owned housing units authorized by building permits increased by 1.1 % from 1,655,000 in 2021 to 1,674,000 in 2022. Therefore, the increasing number of residential constructions will drive the countertop market.
Product innovation is the key trend gaining popularity in the countertops market. Major companies operating in the countertops market are developing a new range of countertops with modern applications and properties. For instance, in February 2021, SapienStone, an Italy-based porcelain kitchen countertops manufacturer, launched ACTIVE SURFACES countertops. ACTIVE SURFACES are exceptional countertops for kitchens that are antibacterial, antiviral, anti-pollution, anti-odor, and self-cleaning. These characteristics offer essential assistance in the kitchen, a location in the house where sanitation is particularly crucial, and safeguard human health. ACTIVE SURFACES utilize the photocatalytic titanium dioxide's capabilities enhanced with silver to turn regular ceramic slabs into an eco-active material that continuously fights germs, viruses, pollution, odors, and other undesirable elements. These countertops' antibacterial and antiviral qualities are their most essential qualities.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Strasser Steine GmbH; Wilsonart International Holdings LLC; Aro Granite Industries Limited; Masco Corporation; Grupo Cosentino S.A.; Century Plyboards & Industries Limited; Greenply Industries Limited; Georgia-Pacific LLC; Weyerhaeuser Corporation; Eksons Corporation Berhad; Jaya Tiasa Holdings Berhad; WTK Holdings Berhad; Linyi Junli Wood Products Co Ltd.; Atlantis Marble and Granite Inc.; Bergen Marble and Granite Inc.; Cambria Company LLC; Lotte Advanced Materials Corp.; E.I. du Pont de Nemours and Company; Pokarna Limited; Granite America Inc.; Arborite Canada Inc.; Aristech Surfaces LLC; Formica Corporation; Asian Granito India Limited; Vicostone Quartz Surfaces; Dal-Tile Corporation; ROSSKOPF + PARTNER AG; Caesarstone Ltd.; Silestone Quartz Surfaces; Precision Countertops Inc.; Silverstone Technology Co Ltd.; StonePark USA LLC; Okite Quartz Surfaces; LG Hausys Viatera; M S International Inc.; Hanwha L&C Corporation; Compac The Surface Company
Countertops Market 2024 Key Insights:
• The countertops market size will grow to $110.16 billion in 2028 at a compound annual growth rate (CAGR) of 3.1%.
• Rise In Construction Industry To Drive Market Growth
• Product Innovations Transforming The Countertops Market
• North America was the largest region in the global countertops market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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