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kitchen-countertop-market-exhibit-a-remarkable-cagr-of-3-9-and-is-expected-to-reach-80-4-billion-by-2032
Kitchen Countertop Market Size was valued at $52.7 billion in 2020, and is projected to reach $80.4 billion by 2032, growing at a CAGR of 3.9% from 2023 to 2032
WILMINGTON, DELAWARE, UNITED STATES, March 18, 2024 /EINPresswire.com/ — The global kitchen countertop market growth is attributed to several factors, including increased demand from the building and construction industry, an increase in spending on home remodeling, and rapid urbanization across the world has increased the demand to build infrastructure such as residential and commercial.
Kitchen Countertop Market by Material (Granite, Engineered Quartz, Marble, Quartzite, and Others), Style (Traditional, Contemporary, Modern, and Others), and Application (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2023–2032.” According to the report, the global kitchen countertop industry generated $52.7 billion in 2020 and is anticipated to generate $80.4 billion by 2032, witnessing a CAGR of 3.9% from 2023 to 2032.
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Kitchen countertops are made from a wide range of materials, such as natural stone (such as marble, and granite), wood, laminate, engineered stone, stainless steel, or concrete. The choice of the material is often influenced by durability, aesthetics, maintenance requirements, and expenses. Countertops are typically constructed from a range of materials, such as natural stone (e.g., granite, marble, etc.), engineered stone, timber, laminate or stainless steel, and concrete. The selection of material for a countertop is often influenced by aesthetic considerations, durability, upkeep needs, and financial constraints.
Prime Determinants of Growth:
The global kitchen countertop market growth is attributed to several factors, including increased demand from the building and construction industry, an increase in spending on home remodeling, and rapid urbanization across the world has increased the demand to build infrastructure such as residential and commercial. However high upfront costs are restraining the growth of the market. On the contrary, rapid urbanization and a surge in residential and non-residential construction are expected to offer lucrative opportunities for the growth of the market.
Analysis of the impact of inflation on the market:
The kitchen countertops market is experiencing slow-paced growth due to various global events such as the economic downturn, and the COVID-19 pandemic. Formerly, the COVID-19 pandemic forced countries across the world to halt all industrial and trade activities, which severely impacted market growth.
Furthermore, the market was mainly impacted by the worldwide economic downturn which is a big restraining factor for the entire industrial and construction sectors. The current inflation is a result of the Ukraine-Russia conflict, as well as the quantitative easing that was performed in various countries across the world to tackle the economic downturn during the coronavirus outbreak. Furthermore, raw material and energy costs have become highly volatile, and many nations are experiencing high rates of inflation, such as countries in Europe, Latin America, North America, and others. However, India and China are performing relatively well which is positively impacting the market growth.
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The granite segment to maintain its leadership status throughout the forecast period-
Based on material, the granite segment held the highest market share in 2020, accounting for more than one-third of the global kitchen countertop market revenue, and is expected to maintain its leadership status during the forecast period. Granite is one of the popular choices for kitchen countertops, owing to its various features such as heat resistance and abrasion, strength, and durability, aesthetic look, cost-effectiveness, and long lifespan. It is a type of natural stone that comes in a variety of colors and patterns. In addition, the increase in the adoption of granite for the construction of kitchen countertops and others majorly drives the growth of the kitchen countertop market. However, the engineered (quartz) segment is projected to manifest the highest CAGR of 4.6% from 2023 to 2032. The rise in residential construction activity is expected to boost the growth of the market. Moreover, some major players such as Silestone, Cambria, and Caesarstone offer quartz with different colors and options.
The traditional segment to rule the roost by 2032-
Based on style, the traditional segment held the highest market share in 2020, accounting for more than one-third of the global kitchen countertop market, and is projected to rule the roost by 2032. The same segment would also display the fastest CAGR of 4.3% from 2023 to 2032. The traditional kitchen style embodies a classic and enduring design concept inspired by historical and antique aesthetics. Traditional kitchen countertops have been in steady demand and growth due to their enduring appeal and timeless design elements. Many homeowners and designers appreciate the classic, elegant look that traditional countertops in a kitchen space. The use of natural stone materials such as granite and marble, with its rich veins and neutral color palette, continues to be a popular choice, providing durability and a sense of luxury. In addition, traditional countertops often incorporate decorative edges and complementary backing materials such as subway tiles, which enhance the overall aesthetic and contribute to the growth of the market.
The residential segment to maintain its lead position during the forecast period-
Based on application, the residential segment accounted for the largest share in 2020, contributing to more than three-fifths of the global kitchen countertop market, and is projected to maintain its lead position during the forecast timeframe. The Asia-Pacific residential construction is expected to grow at a significant rate during the forecast period as public and private entities attempt to satisfy the demand for housing created due to rapid urbanization. Companies such as Aro Granite Industries Ltd., Asian Granito India Ltd., Caesarstone Ltd., Cambria Co., Cosentino SA, Florim Ceramiche S.p.A., LG Hausys, Ltd., and Vicostone), offer a wide range of Kitchen countertop for residential applications. Such factors are anticipated to drive the demand for kitchen countertops during the forecast period. On the other hand, the commercial segment is expected to portray the fastest CAGR of 4.1% from 2023 to 2032. A rapid rise in commercial buildings can be witnessed globally, which is attributed to the rapid rise in urbanization. Moreover, the rise in the global population has also positively affected non-residential building construction. Various governments in countries such as India, China, and Brazil, have introduced various policies to support the growth of the residential and commercial segments. The installation of kitchen countertops in buildings has helped builders enhance the overall appearance of buildings, which is a key factor driving the market growth.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2020, accounting for more than two-fifths of the global kitchen countertop market revenue, and is likely to dominate the market during the forecast period. The same region is expected to witness the fastest CAGR of 4.5% during the forecast timeframe. Strong economic growth, rapid urbanization, and the presence of a large population base significantly contribute toward the growth of the kitchen countertops market in Asia-Pacific. In addition, an increase in remodeling and repairing work in developing countries such as China, India, Vietnam, and Indonesia fuel the demand for kitchen countertops. Furthermore, an upsurge in demand for kitchen countertops from the residential and commercial sectors is expected to fuel market growth. For instance, China is estimated to have 221 cities with more than 1 million inhabitants by 2025. Moreover, according to the Organization for Economic Cooperation and Development (OECD), the middle-class population is expected to reach 1 billion by 2030, due to which the demand for kitchen countertops will increase at a higher pace in the near future, thereby propelling the growth of the market.
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Leading Market Players: –
Aro Granite Industries Ltd., Asian Granito India Ltd., Caesarstone Ltd., Cambria Co., Cosentino SA, Florim Ceramiche S.p.A., LG Hausys Ltd., Vicostone, LaminamSpA, Sapienstone
The report provides a detailed analysis of these key players in the global kitchen countertop market. These players have adopted different strategies to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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