Jan 28 2010
Reportlinker.com announces that a new market research report is available in its catalogue: World Countertops Market http://www.reportlinker.com/p0172980/World-Countertops-Market.html
Global demand to rise 3.3% per annum through 2013
Worldwide demand for countertops is projected to increase 3.3 percent annually to 341 million square meters in 2013. Advances will be aided by the recovery of new housing construction in the US and much of Western Europe from low 2008 bases. Additionally, countries such as Brazil, China and India have been building large volumes of modern housing units each year to accommodate the needs of their growing populations. The types of materials used in countertops vary on a local and regional basis, generally depending on factors such as the relative wealth of local consumers and their style preferences, as well as the availability of local materials. In 2008, laminates accounted for more than one quarter of global countertop sales, followed by solid surface and natural stone, each with roughly one-fifth of demand. Engineered stone is expected to achieve the most rapid gains, albeit from a very small base.
Growth in China, India to fuel gains in Asia/Pacific region
The Asia/Pacific region, the largest market, accounted for 43 percent of global countertop sales in 2008. Advances in this region are primarily driven by China, which itself accounted for nearly half of the region's countertop sales in 2008. Gains stem from the country's ongoing shift toward urbanization and the development of a more modern housing stock. The expanding size of the Chinese housing stock, the ongoing privatization of home ownership, better living standards and rising income levels will boost remodeling sales. India is expected to post somewhat stronger gains through the forecast period as it develops additional and more modern housing to accommodate its population's needs. However, gains, particularly in many of the least developed countries of the world, will be limited by the small size of homes, and the high cost of countertops relative to alternatives such as pedestal sinks and free-standing tables. North America was the second largest market in 2008, accounting for 19 percent of global sales. Advances in this market are expected to be aided by the recovery of the US new housing market from a depressed 2008 base. Continuing consumer preferences for spacious kitchens and multiple bathrooms will also boost countertop sales. Canada's countertop market is much smaller than that of the US, but is similar in terms of housing styles and preferences of countertop materials. Similar to the US, growth in Western Europe will benefit from the projected recovery in new housing units built over the forecast period, from a low 2008 base. Countertop demand in Western Europe will be aided by the relative affluence of these countries, allowing residents to build more spacious homes that accommodate larger countertops and to remodel the countertops more often.
Remodeling, new home markets to exhibit similar growth
In 2008, the remodeling market accounted for the largest share of countertop sales, benefiting from the much larger size of the global housing stock and the ongoing trend of upgrading from freestanding kitchen furniture to conventional countertops and cabinetry. Although it is smaller, the new construction market is expected to post similar gains over the forecast period. Advances will be aided by the increasing average size of new homes in much of the world, coupled with a rising inclination toward the installation of at least basic kitchen countertops in new housing units.
Study coverage
This new industry study presents historical demand data (1998, 2003 and 2008) plus forecasts for 2013 and 2018 by material, type and market in six regions and 18 countries. The study also considers key market environment factors, evaluates company market share and profiles 35 global industry players.
Source: http://www.reportlinker.com/