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New Report Just Published US Countertops Market

Demand for countertops is forecast to increase 2.4 percent annually to 760 million square feet in 2013. Demand growth will accelerate from the pace of the 2003-2008 period, as a rebound in housing construction from the depressed 2008 level will promote demand gains. While the residential remodeling segment will post below-average advances in demand through 2013, the large stock of homes requiring countertop replacement, as well as the desire of consumers to renovate their kitchens and bathrooms by adding countertop space and installing value-added materials, will support demand. In value terms, demand for countertops is expected to advance 4.7 percent per year to $19.7 billion in 2013. Value gains will be promoted by the growing market penetration of high value countertop materials, primarily natural and engineered stone. Consumers view countertops made from these materials as aesthetically pleasing products that add to the value of a home. Value gains will also be spurred by rising volume gains, as consumers install larger-sized countertops in their homes.

Engineered, natural stone countertops to lead gains

Countertops made from engineered and natural stone will experience the strongest gains through 2013. Consumers view these materials as durable, aesthetically pleasing surfaces that are highly resistant to scratches and extreme temperatures. Demand for engineered stone will benefit from its resistance to biological contaminants and its resemblance to natural stone, while remaining impervious to moisture. Demand for natural stone will be aided by consumer interest in the style and luxury that granite and other stones offer. More homeowners will be willing to pay for these more expensive materials to achieve a desired look in their homes. Laminate countertops will continue to account for the largest share of countertop sales. Growth will be constrained, however, by the rise of engineered and natural stone, as some consumers find laminates to be a low-end surfacing choice.

Institutional segment to offer best nonresidential market prospects

The nonresidential market is forecast to contract through 2013, as decreases in nonresidential construction spending will limit overall countertops demand. Best prospects for growth in the nonresidential countertop market will be the institutional segment, as medical and educational facilities install countertops in patient rooms, classrooms and food service areas. Demand for countertops in nonbuilding construction applications is forecast to rise, spurred by rebounding shipments of recreational boats and vehicles, which often have countertops.

Kitchen countertops to advance at most rapid pace

Among the different applications, kitchen countertops demand will advance at the most rapid pace through 2013, reflecting heightened consumer interest in making the kitchen the centerpiece of the home for cooking and preparing meals and entertaining family and friends. Homeowners will continue to renovate and expand their kitchens, which will in turn promote countertop gains. Demand for bathroom and other countertops will advance at a less rapid pace, reflecting the smaller amount of square footage in the home devoted to bathrooms, laundry rooms and home theaters.

Study coverage

Countertops, a new industry study, presents historical demand data (1998, 2003 and 2008) plus forecasts for 2013 and 2018 by surface material, product, market and region. The study also considers market environment factors, evaluates company market share and profiles US industry competitors.

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