Countertops Market Size
|Market Size (2023)||USD 142.83 Billion|
|Market Size (2028)||USD 175.64 Billion|
|CAGR (2023 - 2028)||4.22 %|
|Fastest Growing Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Countertops Market Analysis
The Countertops Market size is estimated at USD 142.83 billion in 2023, and is expected to reach USD 175.64 billion by 2028, growing at a CAGR of 4.22% during the forecast period (2023-2028).
Countertops are elevated platforms with flat surfaces commonly found in kitchens, baths, labs, and others. A countertop can be made of various materials, each having its own set of useful, durable, and aesthetic properties.
The growth of the countertop market slowed tremendously during the COVID-19 pandemic. Due to the lockdown restrictions, industrial and building sites and hotel demand switching to basic goods, the growth of the countertops industry was hampered. Because of labor restrictions and a lack of raw materials in many nations, the manufacturing of countertops decreased dramatically. Moreover, due to trade constraints by various governments of nations, the supply chain for countertops was affected.
After the COVID-19 epidemic, the market is witnessing strong growth as there is a steady rise in the residential construction sector worldwide and increased private spending on home enhancements. Countertops are usually installed in new homes and during the renovations of kitchens. In addition, there is an increase in mortgage refinances and lending from the banks, hence, more credit available for the refurbishment of existing homes, which is further boosting the demand for countertop products.
Furthermore, the growth of the market is driven by factors, such as rising disposable income, the increasing number of food serving outlets, rising preference for spacious kitchens and multiple bathrooms, and an increasing number of residential hotels worldwide.
The market value of the market studied is set to rise in the forecast period due to an increasing preference for higher-priced kitchen counter-top materials rather than laminates. The ongoing strong advances in developing markets, such as China, India, and Brazil, are further propelling the demand for countertops.
Countertops Market Trends
This section covers the major market trends shaping the Countertops Market according to our research experts:
Granite is the Most Popular Choice for Countertops
The countertops market is showing an upward trend all over the world. A positive fact of this evolution is that more and more consumers prefer granite countertops due to their high quality and relatively lower cost. Furthermore, consumers are choosing granite due to its high aesthetic appeal.
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, scratch-free, and heat resistant, which is expected to increase their adoption further in the forecast period. Further, 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.
Because of the surge in interest in large kitchens and regular kitchen remodeling, the kitchen is often the first site in growing countertop markets where consumers choose to install worktops since competition from pedestal sinks has a grip on bathrooms. Most kitchen cabinet manufacturers create durable and attractive products to suit client expectations. Granite is a popular material for platform kitchen cabinetry because of its low cost and wide range of colours and textures.
To understand key trends, Download Sample Report
Asia-Pacific Region to be the Fastest Growing Market
The Asia-Pacific region was one of the largest markets for Countertops 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 to factors such as the 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.
To understand geography trends, Download Sample Report
Countertops Industry Overview
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.
Countertops Market Leaders
ARISTECH SURFACES LLC
*Disclaimer: Major Players sorted in no particular order
Countertops Market News
- In August 2022: Wilsonart LLC, a world-class innovator of engineered surfaces, was named a winner of Kitchen & Bath Business (KBB) magazine's 2022 Readers' Choice Awards. The company has been voted as the top kitchen countertop brand in the Readers' Choice Awards for the second consecutive year.
- In February 2022: Caesarstone Ltd. unveiled eight new, nature-inspired surfaces at the Kitchen & Bath Industry Show (KBIS) in Orlando February 8-10, including the Pebbles Collection, which features five designs that celebrate the never-ending transformation of wind and water over stone. The surface manufacturer also unveiled three additional innovative colours and showcased its entire portfolio in Booth W629, designed by renowned interior designer Brian Brown of Brian Brown Studio and produced by WBE Exhibits with all stone fabricated by JDS Surfaces.
- In January 2022: Cambria, America's leading family-owned quartz countertops company, introduced four new colours to its extensive selection. The following new designs: Inverness Cobalt, Inverness Platinum, Inverness Gold, and Inverness Bronze are the 4th round of new colors released into Cambria's Design Palette.
Countertops Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Material
5.1.2 Solid Surface
5.1.5 Quartz Surfaces
5.1.6 Other Materials
5.2 By End User
5.3 By Type
5.3.3 Other Types
5.4 By Geography
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Competion Overview
6.2 Company Profiles
6.2.1 Caesarstone Ltd.
6.2.2 Pokarna Ltd.
6.2.3 DuPont de Nemours, Inc.
6.2.4 Cosentino S.A
6.2.5 AKG Group
6.2.7 Aro Granite Industries Ltd.
6.2.8 Asian Granito India Limited
6.2.9 STRASSER Steine GmbH
6.2.10 Wilsonart LLC
6.2.11 ARISTECH SURFACES LLC
6.2.14 ROSSKOPF + PARTNER AG
6.2.15 Masco Corporation*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Countertops Market Research FAQs
How big is the Countertops Market?
The Countertops Market size is expected to reach USD 142.83 billion in 2023 and grow at a CAGR of 4.22% to reach USD 175.64 billion by 2028.
What is the current Countertops Market size?
In 2023, the Countertops Market size is expected to reach USD 142.83 billion.
Who are the key players in Countertops Market?
Arborite, Cambria, ARISTECH SURFACES LLC, Wilsonart LLC and Formica are the major companies operating in the Countertops Market.
Which is the fastest growing region in Countertops Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2027).
Which region has the biggest share in Countertops Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Countertops Market.
Countertop Industry Report
Statistics for the 2023 Countertop market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Countertop analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.