Countertop Market

Countertop Market Outlook for 2023 to 2033

The global countertop market is estimated to gain a revenue of USD 1,22,395.22 million in 2023. Chemical and material domain experts opine that the countertop market is expected to grow at a CAGR of 4.9% through 2033, reaching a valuation of USD 1,97,478.28 million by 2033.

Attributes	Details
Countertop Market Size, 2022	USD 1,16,583.57 million
Countertop Market Size, 2023	USD 1,22,395.22 million
Countertop Market Size, 2033	USD 1,97,478.28 million
Value CAGR (2023 to 2033)	4.9%

Trends Impacting the Market Dynamics of Countertops

• Surging demand for decorative shelves for toiletries in modular kitchens and luxury bathrooms in commercial and residential sectors is spurring sales of hard-surface countertops. The increasing emphasis of well-known manufacturers on the use of new types of materials to meet the demand for natural stones in distinct building construction is propelling growth in the countertop industry.
• Rising mortgage refinances and increasing money-lending activities from banks are resulting in the easy availability of more credits for the restoration of existing homes. Increasing installation of prefabricated countertops during new home construction and kitchen renovations is projected to increase revenues in the countertop industry.
• Awareness about health concerns associated with the exposure of people to engineered stone is rising. Contact with the hazardous material has reportedly caused severe lung diseases among workers.

Historical Growth of the Countertop Market Vs. Forecast Outlook

Attributes	Details
Countertop Market Size (2022)	USD 1,16,583.57 million

The global countertop market is projected to scale from USD 1,16,583.57 million in 2022 to USD 1,97,478.28 million by 2033, registering a CAGR of 4.9% over the forecast period. Key players made many developments for the expansion of the countertop industry during the historical period. For instance, in February 2022, representatives of The Residences, a 515-foot tower, commented that the reservations surpassed expectations in the first 90 days of sales launch. The luxury condominium project, valued at USD 400 million, was announced to feature European-style cabinetry, a gourmet kitchen with quartz countertops, four-bedroom units, stainless steel appliances, and floor-to-ceiling windows.

Key factors yielding growth in the countertop market are as follows:

• Increasing number of developments of distinct features by well-established real estate agencies to gain new customers and create more kitchen countertop sales is expected to enhance the market outlook.
• The growing popularity of quartz, owing to its resistance to hazardous chemicals in laboratories, is expected to increase investments in the product over the forecast period.
• Surging utilization of seamlessly finished quartz in the development of kitchen sink countertops in contemporary high-rise buildings is expected to bolster sales of countertops.

Category-wise Insights

Increasing Preference for Granite as a Countertop Material for Domestic Use

Leading Material Type	Granite
Market Share (2023)	28.6%

Based on the recent market research conducted by FMI’s analysts, the leading material over the forecast period is expected to be granite, accounting for a share of 28.6% in 2023. The inclination toward granite is rising on account of its superior quality at competitive pricing. Granite is a novel countertop material that has a multitude of properties like scratch, crack, and heat resistance. It is also significantly durable in relation to laminate and quartz countertops by offering about 3X more lifespan. These aforementioned factors are projected to boost the utilization of granite countertops in household applications like kitchen and bathroom designs.

Non-residential Sector to Massively Contribute to Overall Market Expansion

Leading End Use	Non-residential
Market Share (2023)	72.3%

The non-residential sector is forecast to occupy around 3/4th of the global market. As per the latest market projections by FMI analysts, the non-residential applications are expected to account for a market share of 72.3% in 2023. Mentioned below are the leading factors that are yielding market growth:

• An increasing number of laboratories across the globe are catalyzing sales of countertops for different types of tasks like preparing samples, conducting experiments, and cleaning equipment. The growing popularity of granite, stainless steel, and epoxy resin to provide a durable and stain-and-chemical-resistant platform in laboratories is improving the sales of countertops.
• The surging density of offices is impelling investment in countertops, which are used for a multitude of tasks like preparation of food and beverages, catering to clients, and working on laptops. Increasing demand for solid surface, laminate, and quartz for durable and easy-to-clean office countertops is propelling sales in the non-residential sector.

Country-wise Insights

Country/Region	CAGR (2023 to 2033)
United Kingdom	4.4%
Canada	6.4%
India	5.7%
New Zealand	6%
ASEAN	5.8%

Upsurge in Demand for Unique Modern Kitchen Countertops to Augment Sales in the United Kingdom

The United Kingdom countertop market is anticipated to record a CAGR of 4.4% through 2033. Mentioned below are the leading factors that are driving the growth in the United Kingdom:

• Rising density of well-known modern kitchen countertop manufacturers in the United Kingdom is spurring investments in countertops.
• Surging number of small as well as medium-sized cabinetry manufacturers are aiming to mark their presence in the United Kingdom for an improved market position.
• Increasing research and development activities by leading market players to introduce new, cutting-edge products to satiate the emerging demand from the residential sector effectively.

Demand for Prefabricated Countertops in Canada Driving Establishment of Laboratories

Canada's countertop market is projected to register a CAGR of 6.4% through 2033. Mentioned below are the key factors that are yielding growth in the Canadian market:

• Robust adoption of modern prefabricated countertops by several organizations in Canada is strengthening the sales of countertops in Canada.
• The broadening presence of an established healthcare industry in the country is resulting in the rising demand for chemical-resistant countertops like epoxy resin, high-pressure laminate, stainless steel, and phenolic resin, increasing sales of countertops in Canada.

Amplified Growth in Real Estate Sector to Boost Sales of Countertops in India

The countertop market in India, as per the recent market study by FMI’s analysts, is projected to register a CAGR of 5.7% through 2033. The following factors are propelling the growth of the market forward:

• Surging demand for residential and commercial hard surface countertops is catalyzing product sales in India.
• The increasing count of laboratories, restaurants, and hotels in the country, backed by a robustly expanding Indian population, is expanding opportunities for countertop business.
• Continuous evolution of the real estate sector in India is projected to develop significant prospects for key players. As per the latest estimations by the India Brand Equity Foundation (IBEF), the real estate industry in India is predicted to escalate to USD 1 trillion in 2030 from USD 200 billion in 2021.

New Zealand to Observe Significant Growth Opportunities in Countertop Business

The latest market statistics exhibit that the market in New Zealand is predicted to expand at a CAGR of 6% through 2033. The following factors are instigating the growth of the countertop market in the country:

• Surging demand for natural stones in New Zealand is augmenting the demand growth of countertops in the country.
• Spurring investments in the commercial space is anticipated to propel sales of countertops in New Zealand.
• The increasing number of companies that are providing ideal surfaces for kitchen countertops is enhancing the countertop business outlook in the country as the demand for stains, scratches, and heat-resistant countertops in different color varieties is rising.

Surging Local Manufacturing Capacity for Countertops in ASEAN Countries Propelling Product Sales

The ASEAN countertop market is projected to record a CAGR of 5.8% through 2033. Mentioned below are the leading factors that are propelling market growth in the country:

• Sales for solid surface expand mainly owing to the demand from ASEAN countries, spearheaded by considerable local manufacturing capacity in these countries. Demand for solid surface countertops is rising on account of average income levels in these countries, which is inducing first-time homebuyers to choose solid surfaces owing to their affordability compared to other countertop materials.
• Surging demand for countertops due to new constructions in the ASEAN countries is elevating the growth outlook of countertops.

Competitive Landscape in the Countertop Market

Industry participants are targeting improvement of their service quality by extending their existing portfolios and attempting to gain new customers. Leading companies in the market are uniting with real estate firms to offer in-house hard surface countertops to set up in innovative buildings. Market competitors are competing for a larger share by coming into mergers and acquisitions, joint ventures, and collaborations.

New Developments in the Countertop Market

• Grover Corlew, a real estate firm based in the United States, in January 2022, officially announced the plan to create a new brand known as Mayla Residences. The motive behind this development is to widen the portfolio of multifamily residences. Construction for the same had been planned for February 2022, for which the company bagged total funds of USD 78.2 million from PNC Bank. Each residence is expected to be outfitted with glass cooktops, quartz countertops, built-in microwaves, back-lit vanity mirrors, spa-inspired bathrooms, and other features.
• In September 2023, Erin and Ben Napier officially entered the countertop business, adding shippable, alterable hardwood countertops to their catalog at Laurel Mercantile and Scotsman Co.

Key Players Operating in the Countertop Market

• Caesarstone Ltd.
• Illinois Tool Works Inc.
• Pokarna Ltd.
• E. I. duPont de Nemours and Company
• Cosentino Group
• Silestone
• AKG Group
• Vicostone
• Cambria
• Aro Granite Industries Ltd.
• Asian Granito India Ltd.

Scope of Countertop Market Report

Attribute	Details
Forecast Period	2018 to 2022
Historical Data Available for	2023 to 2033
Market Analysis	Units for Volume and USD million for Value
Key Regions Covered	North America; Latin America; Europe; Asia Pacific; and the Middle East and Africa
Key Countries Covered	The United States, Canada, Brazil, Mexico, Germany, the United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others.
Key Market Segments Covered	Material Type, End Use Industries, Construction Activity, and Region
Key Companies Profiled	Caesarstone Ltd.; Illinois Tool Works Inc.; Pokarna Ltd.; E. I. duPont de Nemours and Company; Cosentino Group; Silestone; AKG Group; Vicostone; Cambria; Aro Granite Industries Ltd.; Asian Granito India Ltd.

Market Segmentation

By Material Type:

• Granite
• Solid Surfaces
• Laminates
• Engineered Quartz
• Marble
• Others

By End-use Industries:

• Residential
• Non-residential

By Construction Activity:

• New Construction
• Renovation

By Region:

• North America
• Latin America
• Europe
• Japan
• Asia Pacific Except Japan
• Middle East and Africa

Frequently Asked Questions

How Big is the Countertop Market?

The countertop market is worth USD1,22,395.22 million in 2023.

What is the Growth Potential of the Countertop Market?

The market is predicted to expand at a CAGR of 4.9% through 2033.

What is the Future Outlook of the Countertop Market?

The market is anticipated to account for USD 1,97,478.28 million by 2033.

Which Region Offers High Growth Prospects for Countertop?

Canada is predicted to provide lucrative growth opportunities in the global market.

Which Material Type is Heavily Used in Countertops?

Granite is a significantly requested material for countertops.