Table of Contents
US demand to rise 4.1% annually through 2019
Demand for countertops in the US is forecast to increase 4.1 percent per year to 800 million square feet in 2019, valued at $29 billion. Growth will be propelled by a rebound in new building construction as well as repair and improvement of existing structures. Through 2019, the residential market will provide the most growth for countertop demand, projected to account for 80 percent of additional demand. Gains in housing completions will spur demand in the new housing segment, while interest in home improvement will support replacement and remodeling demand. The ongoing consumer preference for spacious kitchens and multiple bathrooms that require more countertop area will further promote growth for countertops in the residential remodeling market.
Going forward, gains in residential countertop demand will accelerate from those posted during the 2004-2014 period. This period was marked by a downturn and subsequent slow recovery in new housing construction. Sluggish home sales, relatively high unemployment rates, and tougher financing standards imposed by banks over much of this period also restricted remodeling activity, particularly kitchen and bath remodels that typically entail the replacement of countertops and vanities.
In the smaller nonresidential market, approximately 70 percent of demand is from the institutional, office and commercial buildings, as these structures tend to be countertop intensive with kitchens and multiple bathrooms that feature relatively large countertop spaces. As such, a rebound in office and commercial and institutional construction segments will boost demand for countertops in the nonresidential market through 2019.
Get Industry Insights. Simply.
Talk to Veronica
+1 718 514 2762
The global crane market is expected to grow at a CAGR of over 6% till 2022. The market accounted to USD 32.45 billion in 2016. Innovations in manufacturing and smart design have resulted in adaptable, ...
“Growing need for personal mobility in wake of rising urbanization and fall in car ownership are expected to fuel the demand for mobility on demand” The mobility on demand market is projected to grow ...
Rising demand of integrated security and safety system for enhancing public safety is expected to drive the growth of the smart transportation market The smart transportation market size is expected to ...