Continued Countertop Growth Worldwide

CLEVELAND Global demand for countertops will rise 4.2 per year, mainly due to growth in Asia and the western Pacific Rim, according to a study announced today.

200 freedoniaClick image for chartCountertop demand will continue to grow in North America, but at a slightly slower rate, according to The Freedonia Group, a Cleveland industry-research firm, in its new World Countertops study.

Demand worldwide will hit 503 million square meters in 2018, noted the study, as building construction improves and efforts continue to expand and modernize the building stock in developing areas.

Through 2018, the Asia/Pacific region will show the fastest gains in countertop sales, with growth driven primarily by trends in China, where demand will be boosted by rising standards of living and continued projects aimed at modernizing current housing and non-residential buildings.

India, the region's second fastest growing market, will see gains stemming from the current low level of countertop sales per capita, as the country's economy continues to expand, consumer incomes improve, and distribution networks expand.

North America will continue to be the second-largest regional market for countertops, although at a lesser 3.4 annual growth rate. Gains in the region will be supported by the continued recovery in U.S. building construction and, in particular, growth in single-family housing completions, which will further benefit from ongoing consumer preference for spacious kitchens and multiple bathrooms that require more countertop area.

Growth in Western Europe will benefit as rebounds in new housing construction in much of the region will boost countertop demand relative to the declines experienced between 2008 and 2013.

Category: Stone News

Updated: 2015/3/18

Source: stoneupdate.com