The demand for countertops in North America is witnessing strong growth, majorly due to the increasing importance of utility spaces in the construction industry. Unlike in developing countries, countertops are already widely used in kitchens and bathrooms in developed markets, such as North America.
Countries, such as the United States and Canada, are witnessing increased construction activity and growth in housing completions, which will further fuel the demand for countertop products as there is a growing consumer preference for spacious kitchens and multiple bathrooms that require more countertop area.
Increased spending on improvement and repair of existing structures. and shift in the product mix from laminates to higher-priced alternative materials are also fueling the market growth. Some of the preferred countertop materials are solid surface, granite, and quartz, and the demand for these is increasing as the home remodeling and new home construction ramps up. Laminates are also a popular countertop category particularly for the budget-conscious consumers, due to their favorable performance at reasonable prices.
Key Market Trends
Kitchens to Remain the Largest Market for Countertops in North American Countries
The kitchen segment accounted for nearly two-thirds of the demand for countertops products in the region supported by the large residential market. In developed countries, like the United States, Canada, and Mexico, the demand for kitchen countertop markets is witnessing a strong growth due to the rising interest in large kitchens and remodeling kitchens on a regular basis.
The preferred mediums for kitchen countertops are granite stone, porcelain slab, and butcher-block countertops as homeowners are looking up for more natural-looking and aesthetically pleasing surface materials that will add more value to their home and kitchen. Laminates are one of the leading countertop materials preferred by Americans in their kitchens due to their low price points and minimal maintenance requirements.
United States Emerging as a Prime Market for Countertops Due to Increased Construction Activities
The recovery of the US building and construction sectors, including the single-family housing sectors, has increased the consumer preferences for multiple bathrooms and modular kitchen spaces. This, in turn, is expected to propel the consumption of countertops in the United States in the forecast period.
The US housing construction is gaining momentum and there is increasing residential activity in the country which is fueling the demand for luxury kitchen and bathrooms. This is further expected to spur market demand. This increasing number of housing units which include both multi-family and single-family housing completions will further fuel the demand for countertop products in the forecast period.
The market studied is fragmented with the presence of players, such as Masco Corporation, Cambria Quartz, Caesarstone, and Precision CounterTops. Countertop manufacturers are becoming more competitive by expanding and diversifying their product offerings and expanding their businesses by providing other countertop materials.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Insights on Environmental and Regulatory Factors for the Industry
4.2 Insights on Consumer Buying Preferences for Countertop Products
4.3 Insights on Applications of Countertops
4.4 Insights on Technological Innovations in the Industry
5 MARKET DYNAMICS
5.1 Market Overview
5.2 Market Drivers
5.3 Market Restraints
5.5 Industry Value Chain Analysis
5.6 Porter's Five Forces Analysis
6 MARKET SEGMENTATION
6.1 By Material
6.1.2 Solid Surface
6.1.5 Quartz Surfaces
6.1.6 Other Materials
6.2 By End User
6.3 By Type
6.3.3 Other Types
6.4 By Country
6.4.1 United States
7 COMPETITIVE LANDSCAPE
7.1 Market Competition Overview
7.2 Company Profiles
7.2.1 Mascow Corporation
7.2.4 Precision Countertops
7.2.6 StonePark USA
7.2.8 LG Hausys Viatera
8 ANALYST VIEW AND FUTURE OF THE MARKET
10 ABOUT US
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.