CHICAGO, Sept. 13, 2023 /PRNewswire/ -- According to Arizton's latest research report, the countertop market will grow at a CAGR of 4.56% during 2022-2028.
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Browse In-Depth TOC on the Countertop Market
44 – Tables
66 – Charts
215 – Pages
The growing use of countertops in various applications, including modular kitchens and stylish bathroom shelves for luxury settings, highlights their increasing importance in both residential and commercial sectors. Leading countertop manufacturers are responding to the rising demand for engineered and natural stone materials in new construction projects by expanding their product offerings. Globally, construction companies are investing in renovating aging buildings, driving up the demand for natural stone countertops.
Given the promising revenue potential in the countertop market, many vendors are looking to enter the market, which is expected to become highly competitive. Chinese manufacturers are likely to expand their presence in Europe and North America, potentially leading to price wars among vendors. Research and development investments are expected to result in high-quality products with safe chemical formulations, offering improvements in terms of ease of use, portability, design, chemical composition, and effectiveness. Socioeconomic conditions will play a crucial role in determining the success or failure of these products. Currently, companies are directing their resources towards untapped emerging markets.
Countertop Market Report Scope
Report Scope | Details |
Market Size (2028) | USD 163.37 Billion |
Market Size (2022) | USD 125 Billion |
CAGR (2022-2028) | 4.56 % |
Base Year | 2022 |
Forecast Year | 2023-2028 |
Market Segmentation | Material Type, Application, End-User, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics |
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Granite Material Market Revenue Set to Surge in Popularity in the Coming Years, Quartz Material Poised for Rapid Growth
The escalating demand for granite countertops can be attributed to its inherent robustness, abrasion resistance, and exceptional durability against weathering. Granite has long been employed as an exterior cladding and paving material, and it is anticipated to continue being a preferred option for contemporary architects. This trend is poised to expedite the growth of this segment throughout the projected period. Meanwhile, the engineered quartz segment is projected to sustain a steady Compound Annual Growth Rate (CAGR) in the upcoming years. Natural stone sourced from quarries is transformed into stunning granite countertops through a process of slicing, polishing, and careful fabrication. These countertops are renowned for their timeless beauty, enhancing the overall look of premium kitchens and often serving as a central feature. With a wide range of granite shades to choose from, they effortlessly complement kitchen elements like cabinetry, flooring, and walls, creating a harmonious design aesthetic.
The market for quartz countertops is thriving, as it's a perfect blend of natural elements and modern manufacturing methods. This combination results in surfaces that frequently outshine even granite and marble in terms of aesthetics, all while offering superior durability. These countertops are primarily crafted from quartz, a naturally occurring mineral. However, unlike pure natural stone options like marble, granite, or soapstone, quartz countertops are engineered products. They incorporate natural quartz but enhance their composition with resins, colors, and other elements to boost both strength and visual appeal, driving significant growth in the market.
Competitive Overview
In the global countertop market, fierce competition among numerous vendors is a defining characteristic. These vendors are engaged in a race to prominence, driven by rapid technological advancements that have raised consumer expectations for continuous innovation and product improvements. In response to this dynamic landscape, market participants are undertaking strategic efforts to reshape and strengthen their distinct value propositions, to secure a solid position within the market. Vendors of the countertop market have significantly focused on technological innovation and development. Apart from that, many vendors offer wooden countertops with complete customization. Vendors who offer services, such as customization, finance, and others are expected to gain a competitive advantage in the market.
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Key Company Profiles
- Wilsonart LLC
- Cambria
- Aristech Surfaces
- Caesarstone
- Boardveiw
- Cosentino SA
- MS International Inc.
- Daltile
- Rosskopf + Partner AG
- Masco Corporation
- Pokarna Ltd.
- DuPont (Corian)
- Diresco
- LG Hausys
- HanStone Quartz
- Formica
Market Segmentation
Material Type
- Granite
- Solid Surface
- Quartz
- Marble
- Other Materials
Application
- Kitchen
- Bathroom
- Other Application
End-User
- Residential
- Commercial
- Others
Geography
- North America
- The US
- Canada
- Europe
- Germany
- The UK
- France
- Italy
- Spain
- APAC
- China
- Japan
- India
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- Saudi Arabia
- The UAE
- South Africa
Key Questions Answered in the Report:
- How big is the countertop market?
- What is the growth rate of the global countertop market?
- What are the growing trends in the countertop market?
- Which region holds the most significant global countertop market share?
- What is the projected growth trend for the engineered quartz segment?
- Who are the key players in the global countertop market?
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