Demand for countertops in the United States is expected to rise 3.8% annually through 2024, according to a new report from The Freedonia Group. The research organization reports demand in value terms is forecasted to reach 932 million square feet and the countertop market valuation will reach $42 billion by 2024.
The countertop market will be benefited by an increase in kitchen and bathroom remodeling, during which consumers tend to be most willing to splurge on high-end materials such as granite, and an increase in residential housing completions and commercial building construction. Strength in residential kitchen and bath remodeling will be supported by the popularity of countertop replacement home-improvement projects, according to The Freedonia Group. Market value gains will be bolstered by rising consumer interest in engineered stone, porcelain slab, and butcher-block countertops as homeowners look to trade up to more natural-looking, aesthetically pleasing surface materials.
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