U.S. demand for countertops is forecast to increase 4.8 percent per year to 760 million square feet in 2015, valued at $24.6 billion, according to the "Countertops" study from market research firm The Freedonia Group Inc.
The countertop industry suffered over the last few years as it contracted due to macroeconomic recessionary conditions and a drastic downturn in the housing market. The study predicts that a recovery in new housing construction will drive countertop demand, while in the larger remodeling market, lower unemployment and greater credit availability will provide incentive for consumers to reinvest in their homes, including countertop installation as part of a kitchen or bathroom remodel. In value terms, gains will be aided by the growing market penetration of high-end countertop materials, such as natural stone and engineered stone, according to the report.
The residential market dominates countertop demand despite being unfavorably impacted by a decrease in residential improvement and repair expenditures, as well as the collapse of new housing construction between 2005 and 2010. The report expects that countertop demand gains in the residential market will be helped by a rebound in housing completions from the depressed levels of 2010. The residential market is also expected to see gains through 2015 supported by the remodeling segment, as residential improvement and repair expenditures are set to increase, and kitchen and bathroom renovations are among some of the most common home improvement projects.
Laminate countertops will continue to dominate the market, in both value and area terms, but the report predicts countertops made from engineered and natural stone will see the fastest gains through 2015.
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