Countertops Market Size, Share & Trends Analysis Report By Material (Engineered Quartz, Granite), By End-user (Residential, Commercial), By Application (Bathroom, Kitchen), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global countertops market size was valued at USD 131.50 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2030. The increasing preference for multiple bathrooms and spacious kitchens, the rising number of food-serving outlets, and an increasing number of hotel rooms around the world are the major driving factors of the market. In addition, countertops are a fundamental utility in labs, kitchens, retail, workrooms, and bathrooms. Various materials are used to build work platforms according to their practicality, durability, aesthetics, and necessities, such as the necessity for built-in appliances for a particular application.

Countertops are likely to generate significant revenue in the anticipated time frame since they are multipurpose platforms with extensive utilities. The world economy was majorly impacted by the COVID-19 pandemic that spread across the globe. Lockdowns had ordered in many nations around the world to stop the chain and spread of the coronavirus. Moreover, during the pandemic home improvement project increased, especially in developed economies. Moreover, demand for bathroom and kitchen remodeling in the U.S. is at a record high, as COVID-19 vaccination rates rise and hybrid, permanent work-from-home lifestyles are encouraging consumers to refurbish their home layouts.

As a result, the market witnessed significant growth during the pandemic. In addition, the industry is expanding strongly due to an increase in private spending on home improvements and a consistent rise in the residential building industry across the globe. In brand-new homes and during kitchen renovations, countertops are typically added. For instance, in December 2022, according to the U.S. Department of Housing and Urban Development, and the U.S. Census Bureau, privately-owned housing completions in November 2022, were at an annual rate of 10% above October 2022, which were at an annual rate of 6%.

Moreover, there is a surge in bank lending and mortgage refinancing, which makes more credit available for renovating existing homes and hence fuels demand for countertop items. For instance, in March 2022, according to a survey by Discover, approximately 79% of property holders would rather renovate their current home than move to a different one. This is expected to increase the home improvement market. In addition, nearly 58% of millennial and Gen Z homeowners are presently working on home improvements or plan to do so within a couple of months. This is expected to accelerate the industry growth over the forecast period.

With the growing preference for more expensive materials over laminates, the market value of the industry under study is expected to increase during the forecast period. Moreover, cabinetry building materials including rust-free concrete, recycled wood, tactile and leather surfaces, eco-friendly composite stone, and non-porous laminates are among the current countertop industry trends. In addition, the continued rapid development in emerging economies like China, India, and Brazil is further boosting product demand.

Furthermore, the leading players are adopting customer-driven marketing techniques, which may play a crucial role in driving industry growth over the forecast period. For instance, Caesarstone released new types of concrete materials in its Metropolitan Countertop Collection, such as Cloudburst Concrete 4011 and Airy Concrete 4044, which have softer edges and airy visual patterns and are ideally suited for platforms in kitchens, bathrooms, and offices.

Material Insights

In terms of revenue, the granite material segment dominated the industry in 2022 and accounted for the maximum share of more than 28.65%. The increasing demand for granite for countertops is due to its inherent strength, abrasion resistance, and excellent weathering durability, granite has long been used as an exterior cladding and paving material. It is expected to remain one of the best material options available to modern architects. This is expected to accelerate segment growth over the forecast period. The engineered quartz segment is projected to register a steady CAGR from 2023 to 2030.

The increasing popularity of quartz among consumers for their kitchen and bathroom cabinets is expected to propel the segment's growth. The increasing demand for eco-friendly materials for countertops is accelerating the demand for engineered quartz. Furthermore, the National Institute for Occupational Safety and Health (NIOSH) undertook a study to comprehend how crystalline silica stone (also known as quartz stone) is used and to develop preventative strategies to limit its use as it can lead to respiratory conditions.

End-user Insights

The residential segment contributed to the largest share of more than 72.95% of the overall revenue in 2022 and is expected to grow at a steady CAGR from 2023 to 2030. The increasing trend of preferring larger kitchens and multiple bathrooms in single-family houses across developed nations is propelling the segment's growth. Furthermore, rising investments by homeowners in home remodeling as home values increase are driving the segment growth. The commercial segment is expected to grow at the fastest CAGR from 2023 to 2030.

The growing number of hotels, restaurants, bars, and cafés around the world is accelerating the product demand in the commercial segment. Furthermore, the increasing demand for high-end design kitchens and bathrooms, even in budget-level hotels, from travelers is putting pressure on luxury and mid-range hotel owners, who are improving finishes, countertops, and furniture, adding features, and rethinking the guest experience. This will propel the segment growth over the forecast period.

Application Insights

In terms of revenue, the kitchen application segment dominated the industry in 2022 and accounted for the largest share of more than 63.65%. The segment is estimated to remain dominant throughout the forecast period. The rising demand for countertops in the kitchen is accelerating the growth of this application segment. Moreover, a rise in the average share of housing space dedicated to kitchens in new residential constructions is expected to accelerate the segment growth over the forecast period.

The bathroom application segment, on the other hand, is estimated to grow at the fastest CAGR over the forecast period. The rising bathroom activities in the residential sector, as well as customer willingness to trade up to more expensive materials, such as engineered stone and granite to improve home standards, is accelerating the segment growth. Moreover, the increasing hotel construction and remodeling of hotel rooms including bathrooms are also propelling the segment growth over the forecast period.

Regional Insights

Asia Pacific dominated the industry in 2022 and accounted for the largest share of more than 36.40% of the overall revenue. This high share can be attributed to improved living standards and ongoing projects to upgrade residential and non-residential building units. In addition, the continued popularity of countertop replacement as a home improvement activity will drive the market. Furthermore, the product demand will be boosted by the growing consumer interest in porcelain slab, engineered stone, and butcher-block countertops as customers attempt to upgrade from laminates and solid surfaces to more visually pleasing and natural-looking surfaces materials.

中东和非洲地区预计将智慧ness the second-fastest growth rate from 2023 to 2030. This growth can be attributed to the growing hospitality industry and the rising number of hotel rooms. Moreover, the regional growth is being accelerated by the augmented product demand in establishments like coffee shops, bars, restaurants; and other commercial applications. The market in other regions, such as Europe and North America, is also estimated to have significant growth during the forecast period.

关键Companies & Market Share Insights

The industry is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trend of countertops. Players are diversifying their service offering to maintain their industry share.For instance,

• In January 2022, Caesarstone announced that the company launched eight new, environmentally friendly surfaces at the Kitchen & Bath Industry Show (KBIS) in Orlando on February 8-10. Among them is the Pebbles Collection, which includes five designs that honor the perpetual transformation of wind and water over stone

• In January 2021, Caesarstone U.S. announced the strategic acquisition of Omicron Granite and Tile as a step toward achieving its North American Growth Acceleration Plan. With 17 additional locations to manage and showcase its market-leading surfaces, this acquisition may expand Caesarstone's distribution network

Some of the key players operating in the global countertops market include:

• Arborite

• Cambria

• ARISTECH SURFACES LLC

• Wilsonart LLC

• Caesarstone

• Formica

• Cosentino SA

• M S International Inc.

• Daltile

• ROSSKOPF + PARTNER AG

• Masco Corp.

CountertopsMarketReport Scope

Report Attribute	Details
Market size value in 2023	USD 139.59 billion
Revenue forecast in 2030	USD 217.79 billion
Growth rate	CAGR of 6.5% from 2023 to 2030
Base year for estimation	2023
Historical data	2017 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD million/billion and CAGR from 2023 to 2030
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	材料、应用、终端用户、地区
Regional scope	North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
Country scope	U.S.; Canada; U.K.; Germany; France; China; Japan; India; Brazil; South Africa
Key companies profiled	Arborite; Cambria; ARISTECH SURFACES LLC; Wilsonart LLC; Caesarstone; Formica; Cosentino SA; M S International Inc.; Daltile; ROSSKOPF + PARTNER AG; Masco Corp.
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope
Pricing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

GlobalCountertops MarketSegmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global countertops market report on the basis of material, application, end-user, and region:

• Material Outlook (Revenue, USD Million, 2017 - 2030)

  • Granite

  • Solid Surface

  • Engineered Quartz

  • Laminate

  • Marble

  • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Kitchen

  • Bathroom

  • Others

• End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Residential

  • Commercial

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa