Published:
US Countertop Demand to Reach 509 Million Square Feet in 2009
Demand for residential kitchen and bath
countertops is forecast to increase 1.7 percent annually to 509 million
square feet in 2009. Advances will be driven by modest growth in kitchen
and bath remodeling expenditures, which are forecast to continue to outpace
other housing improvement expenditures. Additionally, there is an ongoing
trend toward larger kitchens and more bathrooms, with less square footage
allotted to formal living rooms and dining rooms. Although the new
multiple unit and manufactured housing markets are forecast to rebound
through 2009, countertop sales will be limited by declines in new single
unit housing completions, a much larger market for new countertops. These
and other trends are presented in "Residential Kitchen & Bath Countertops,"
a new study from The Freedonia Group, Inc., a Cleveland-based industrial
market research firm.
Countertops made from engineered stone (i.e., quartz surfacing) and natural
stone will experience the strongest gains, in both value and volume terms,
through 2009. Demand for natural stone will be aided by consumer interest
in the luxury and style that most stones offer. Demand for engineered
stone will benefit from its ability to combine the minimal porosity of
solid surface with the heat and scratch resistance of quartz. Laminate
countertops will continue to account for the largest share of countertop
sales, with nearly 30 percent in value terms and approximately 55 percent
in volume terms by 2009.
Advances in countertop demand will be stimulated by growth in the
remodeling segment, which accounted for 70 percent of sales in volume terms
in 2004. Kitchen and bathroom improvements are among the more popular home
remodeling projects, and countertops are a key aspect of many of these
projects. Although new single unit housing completions, the largest market
for new countertops, are forecast to decline through 2009, residential
kitchen and bath renovation expenditures are projected to remain positive
over the same period. In value terms, sales of kitchen countertops will
continue to outpace those of bath countertops through 2009, a reflection of
ongoing interest in larger kitchens, as well as the shift in focus from
viewing the kitchen as a work area to a social space.
Distributed by Market Wire
Copyright © 2009, MarketWire
Copyright © 2009, NewsBlaze,
Daily NewsTags: ,RealEstate and Construction:Construction, Retail:FurnitureandFurnishings, ,OH,CLEVELAND, OH
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