Report Summary
US demand to rise 4.7% annually through 2015
US demand for countertops in area terms is forecast to advance 4.7 percent per year to 750 million square feet in 2015, a rebound from the 2005-2010 period. During those years demand for countertops contracted in light of macroeconomic recessionary conditions and a downturn in the housing market. Going forward, continued improvement in the housing market, lower unemployment and greater credit availability will provide incentive for consumers to reinvest in their homes, where kitchen and bathroom remodels are common and countertop installation is a primary activity. A rebound in new housing construction will also promote greater countertop demand. This increase in countertop area demand will also provide gains in value terms, and keep growing market penetration of high value countertop materials, such as natural stone and engineered stone.
Remodeling segment to support residential market
The residential market continues to dominate countertop demand despite being unfavorably impacted by a decrease in real residential improvement and repair expenditures and the collapse of new housing construction between 2005 and 2010. Through 2015, the large remodeling segment will support gains in the residential market, as residential improvement and repair expenditures are set to increase, and kitchen and bathroom renovation projects are among the most common home improvement projects. Homeowners frequently replace older or worn countertops and vanity tops with more attractive and larger surfaces during renovation. Gains in demand for countertops in the residential market will further be promoted by the rebound in housing completions from the depressed levels of 2010. Not only will an increase in housing completions boost area demand for countertops, but homebuilders looking to make their homes more marketable will add such amenities as higher value countertop materials, such as natural stone, engineered stone and solid surface countertops.
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Increases in nonresidential construction and transportation equipment production will provide opportunities in the smaller nonresidential and nonbuilding . Best prospects in the nonresidential countertop market will be in the office and commercial segment, as these buildings install countertops in lunchrooms and other foodservice areas, and bathrooms. Countertop demand in nonbuilding applications is forecast to rise, spurred by rebounding production of recreational boats and vehicles, as well as civilian aircraft, which often have countertops.
Engineered, natural stone to register strongest gains
Laminate countertops will continue to lead the market, both in value and area terms, but countertops made from engineered and natural stone will experience the strongest gains through 2015. Consumers view these materials as durable, aesthetically pleasing surfaces that are highly resistant to scratches and extreme temperatures. Engineered stone will benefit from its resistance to biological contaminants and its resemblance to natural stone, while remaining impervious to moisture. Historically, natural stone materials were only used in luxury homes. However, a drop in the average price for granite (partially due to an increase in low cost imports) has widened the availability of this material to a larger portion of the population.
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