US Countertop Demand is Expected to Exceed $40 Billion by 2024

Incorporating a countertop is undoubtedly an ideal way to give a kitchen and bathroom a new look. Well, it has been observed that the demand for it in the US is rising by almost 2.8% per year. It is expected that countertop demand will continue till the year 2024. And its value will be $42 billion.

However, most homeowners in the US prefer to add a countertop when it comes to remodeling their kitchen and bathroom. And they prioritize choosing high-quality materials such as granite to increase the home’s value.

The countertop study reveals that single-family homes prefer a larger kitchen and multiple bathrooms. Even it has become the latest trend in the US.

countertops

Significant info found in the countertop study

 

Here are the details unveiled by the countertop study.

Engineered stone will be the fastest-growing materials despite heavy tariffs

It is expected that the engineered stone will become the fastest-growing countertop surface material by 2024. The popularity of this material has been started increasing since 2014. It comes with diverse color options and makes the countertops robust. That’s why people in the US are leaning towards it despite heavy tariffs. But the trade tension and steep tariff on quartz slab imported from India and China may prevent this faster growth. It’s because the other low-cost sources of quartz slab fail to meet the surging demand for this product in the US.

Kitchen and bathroom remodeling is still driving the countertop market

The kitchen and bathroom remodeling applications have still made the countertop market robust in the US. Actually, the fact is countertop replacement still remains one of the most popular home improvement projects in the US. And that’s the fact what is supporting this market growth. Besides, the countertop surface materials include engineered stone, porcelain slab has drawn the attention of people. They are choosing these materials instead of laminates to give their kitchen and bathroom a beautiful look. This shift away is enough to retain the demand for countertop till 2024.

Laminates may lose market share

It has been predicted that the laminates may lose market share by 2024. It’s due to the popularity of dominant countertop surface materials. These are truly aesthetically pleasing compared to the laminates.

But the usage of laminates will remain widespread. It’s an ideal choice for budget-conscious customers. Besides, it requires minimal maintenance. The laminate countertop manufacturers have expanded their offering with decorative laminates. Along with this, they are also paying attention to the other countertop material such as engineered stone.

You can read our other blogs to gather relevant info, updates, and news on remodeling.