A new study from The Freedonia Group, a Cleveland-based industry market research firm, forecasts US demand for countertops to increase 5.1% per year to 750 million square feet in 2017, a turnaround from the declines of 2007-2012. The report states that demand will be spurred by a recovery in US building construction and a relaxation in credit requirements.
The residential market typically accounts for nearly four-fifths of total countertop demand, and with down times for the residential construction market, countertop demand actually declined over the 2007-2012 period. But coming off this low 2012 base, countertop demand is poised for a significant rebound. Through 2017, demand for countertops in the smaller nonresidential market is anticipated to advance 5.8% annually to 131 million square feet. Approximately 70% of demand in the nonresidential market is from the institutional, office, and commercial segments.
Laminates accounted for 60% of countertop surface area demand a decade ago, and it will maintain its leading position. But laminate’s share will continue to slide as it faces rising competition from a wider variety of surfaces such as granite, engineered stone, natural stone other than granite, high-end tile, stainless steel and other metals, concrete, and recycled materials.
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