CLEVELAND – Demand for kitchen and bath cabinetry will increase 6.6 % annually to $16 billion by 2018, primarily due to the rebound in the U.S. housing market, says a new study. But another key factor is a consumer desire for more storage space, say trade groups.
The largest areas in homes requiring expanded cabinets are kitchens and bathrooms, with builders looking for innovative ways to include more storage space, such as increasing cabinet space in kitchen islands or his and her vanities in bathrooms.
Not only will new constructions spur the growth in cabinetry, but the increased demand for kitchen and bathroom remodeling will also play a huge role in the increase.
“Cabinets,” a new study from Cleveland-based market research firm The Freedonia Group, Inc., reports kitchen cabinets, which accounted for 81% of demand in 2013, are expected to see the fastest growth of all cabinet types, rising 6.8% annually to $13.1 billion. Gains will be spurred by design trends that call for homes to have larger kitchens with such features as islands and breakfast bars. These kitchens are often equipped with more and larger cabinets to provide ample storage space.
Bathroom cabinets will account for $1.9 billion in sales by 2018, according to the report. Advances will be spurred by design trends that call for multiple bathrooms.
Demand for other cabinets, such as garage, home office, and home theater cabinets, will be supported by interest in them as attractive storage alternatives to open shelving and free-standing furnishings, the report says.
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