Engineered Stone: 9.3% Global Annual Growth Through 2027
CLEVELAND — Engineered stone is expected to grow at a strong pace through 2027 and surpass both laminate and granite to become the second most popular countertop product in the world, according to a recent industry study.
Global Countertops from the Freedonia Group estimates that demand for engineered stone will grow 9.3% per year to 128 million m² in 2027. The study also notes that eeEngineered stone increased its share of the global countertop market over the past decade from 7% of sales in 2012 to 14% in 2022.
In 2022, North America accounted for the largest share — 35% — of global engineered stone countertop demand. The Asia/Pacific region was the second largest regional outlet for engineered stone countertops, accounting for 26% of global sales.
The Freedonia study attributes that growth will continue due to a growing array of colors in line with current design trends, along with broader distribution networks. It also cites the increased availability of alternative production equipment instead of standard Breton S.p.A. lines, and an abundant supply of low-cost quartz slabs from the Africa/Mideast region and other locations in the Asia/Pacific region, such as India.
Porcelain slab will be the fastest growing countertop product – albeit from a small base – in the world, with demand rising at a rate of 27% annually through 2027, according to the Freedonia study. This robust growth will be fueled by rising consumer awareness of porcelain slab’s favorable performance properties.
The study also pegs global demand for all countertops to increase an average of 4.3% per year to 711 million square meters in 2027, valued at $54.6 billion. Market advances will be supported by rising installations of countertops in both residential and nonresidential applications, well as an increase in residential remodeling.
However, further gains will be restrained by weak new housing outlooks in the United States, China, Japan, South Korea, and Europe. Additionally, a deceleration in global market value through 2027 is expected due to unusually high 2022 price levels, brought on by inflation.
Average prices for countertops (at the material manufacturer level) are expected to remain flat through 2027 at $77 per square meter from an unusually high 2022 base, which saw most countertop materials experiencing major price increases due to increased raw material cost, supply chain issues, and other inflationary pressures.
Global Countertops is available for $6,500 for single users, $8,000 for a department-wide license, and $9.500 for a global corporate-wide use.
For more information, contact The Fredonia Group at https://www.freedoniagroup.com.
