Growth will be propelled by a rebound in new building construction, increased spending on remodeling projects, and a shift in the product mix from laminates to higher priced alternative materials.
Going forward, volume gains will be driven by rising residential remodeling activity, advances in commercial building construction, and healthy growth in single-family housing completions.
Through 2022, value gains will be boosted by a shift in product mix from laminates to higher priced alternative materials such as natural and engineered stone.
Key Findings in the US CountertopsStudy:
Engineered Stone to be Fastest Growing Surface Material
Following a surge in demand during the 2012-2017 period, engineered stone countertops are projected to be the fastest growing through 2022, continuing a trend of rapid market penetration over the past decade. Suppliers will benefit from larger engineered stone distribution networks and greater visibility of this surface as its presence in big box home supply centers increases further promoting awareness among consumers.
Laminates Continue to Lose Market Share
Despite being the dominant surface material in both the residential and commercial markets, laminates are expected to continue their decline in market share as other more aesthetically pleasing materials become more popular. However, laminates will remain widespread, particularly among budget-conscious consumers, due to their favorable characteristics at low price points. Additionally, laminate countertop manufacturers have tried to combat the market penetration of other surface materials by expanding and diversifying their offerings of specialty and decorative laminates.
Residential Remodeling Activity Continues to Drive the Countertops Market
In 2022, residential remodeling applications will remain the largest outlet for countertops in the US. Advances will be bolstered in part by the ongoing replacement of laminates with natural and engineered stone and niche materials such as stainless steel, concrete, wood, and recycled materials. Additionally, rising home improvement projects involving the expansion of kitchens and master bathrooms, as well as the addition and expansion of other countertop-intensive rooms, will fuel demand.