U.S. Natural-Stone Countertop Demand Growing
CLEVELAND – The latest study by The Freedonia Group on U.S. countertop demand shows some good times ahead for natural stone.
By 2017, the annual installations of natural-stone tops will hit 130 million ft², according to Freedonia’s new Countertops report. Demand for natural-stone countertops will also grow annually until 2017 by 7.6% – the highest rate among standard materials.
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Engineered stone, or quartz surfaces, will account for 77 million ft² in countertops annually by 2017, with an annual growth rate of 7.4%, according to the study.
The report notes that overall countertop demand will increase 5.1% per year to an annual total of 750 million ft² in 2017. Laminates will continue to be the number-one choice, but the material’s market share is declining; the demand of 330 million ft² in 2017 will be 6.5% less than the amount sold in the United States in 2007.
The Freedonia study also notes that, in 2017, 131 million ft² of countertop demand will be for non-residential uses, with 70% of the total going to the institutional, office and commercial segments. The annual growth rate in non-residential at 5.8% will actually tick higher than the overall market average.
Freedonia’s study notes that a drop in the average price for granite (partially due to an increase in low-cost imports) is extending the availability of this material to a larger portion of the mass market. High-end homeowners and business owners seeking something other than mass-market countertops will look at engineered stone, natural stone (other than granite), high-end tile, stainless steel and other metals, concrete, and recycled materials.
The 382-page Countertops is available for $5300 from Freedonia; for more information, go here.
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