CLEVELAND, OH -- U.S. demand for countertops is forecast to advance 4.8 percent per year to 760 million square feet in 2015, valued at $24.6 billion, according to Countertops, a new study from The Freedonia Group, Inc., a Cleveland-based industry market research firm.  The study reports that the countertop industry was hit hard over the last few years as it actually contracted in light of macroeconomic recessionary conditions and a drastic downturn in the housing market.  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.

Other study findings include that the residential market dominates countertop demand despite being unfavorably impacted by a decrease in residential improvement and repair expenditures and the collapse of new housing construction between 2005 and 2010.  Gains in demand for countertops in the residential market will be promoted by a rebound in housing completions from the depressed levels of 2010. 

The study predicts that through 2015, the large remodeling segment will also support gains in the residential market, as residential improvement and repair expenditures are set to increase, and kitchen and bathroom renovations are among the most common home improvement projects.

 © 2011 by The Freedonia Group, Inc.

 Countertops (published 09/2011, 374 pages) is available for $5100 from The Freedonia Group, Inc. For further details, please contact Corinne Gangloff (440) 684-9600, or [email protected].

Source: The Freedonia Group, Inc.