Every industry has ways of tracking, forecasting, and predicting the future. Keeping an eye on customer purchases, reviews, and trends means companies can gauge quantities or components to buy, how to train staff, and what might be coming down the line. In the countertop industry, the future shows tremendous growth all around, even with a bumpy few years behind us. Thankfully, organizations like SPEEDlabel® can facilitate labels for any size shop or materials needed.
Fortune Business Insights shows the global market growing from $89 to $110 billion dollars between 2019 and 2027. This is, in part, thanks to the development of “technological implementations in the construction industry [that] have given a boost to the demand for modern worktops that can be fitted over cabinets and low-height furniture.”
Their studies show that “the current countertop market trends include cabinetry construction materials such as rust-free concrete, tactile and leather surfaces, reclaimed wood, eco-friendly composite stone, and non-porous laminates” are growing alongside that ever-popular fan-favorite quartz.
Fortune explains that “with the help of advanced cabinetry construction materials, it is possible to cater to the demand for various business segments effectively and efficiently. Customers’ demands for trendy designs to make their kitchen, bathrooms, or workrooms aesthetically modern with hyper-functionality is thus propelling the overall demand for designer products.”
Mordor Intelligence agrees with this positive outlook. They report that between 2022 and 2027, “the countertops market is expected to register a strong rate during the forecast period. The growth of the market is driven by factors such as rising disposable income, the increasing number of food serving outlets, rising preference for spacious kitchens and multiple bathrooms, and an increasing number of hotel rooms worldwide.”
And, according to their research, “there is a steady rise in the residential construction sector worldwide and increased private spending on home enhancements…Countertops are usually installed in new homes and during the renovations of kitchens. In addition, there is an increase in mortgage refinances and lending from the banks and, hence, making more credit available for the refurbishment of existing homes, which is further boosting the demand for countertop products.”
Unlike previous years, they say, home builders and DIY’ers are choosing to stay away from cheaper-priced laminates and choosing higher quality materials instead. Overall granite, quartz, and marble account for more than half of countertops made and sold.
The Hard Surface Report says that in March 2022, the total customs value of U.S. imports was more than $436 million. This includes granite, marble, quartz slabs, travertine, slate, porcelain, and other products. This shows that “U.S. hard-surface imports snapped back into the positive in March, with the…customs value topping the previous month by 18.1% and the previous year by 9.9%.”
The impacts of COVID-19 and supply chain issues can’t be overlooked but—somewhat surprisingly—they’re not all negative. Mordor Intelligence reports that as many Americans spent the long lockdown at home, “the majority of them started to redecorate their homes, which helped the market record more revenues.”
As expected, this redecoration is often centered on the two highest traffic areas of the home: kitchens and bathrooms. They explain that “Countries, such as the United States and Canada, are witnessing increased construction activity and growth in housing completions, which will further fuel the demand for countertop products as there is a growing consumer preference for spacious kitchens and multiple bathrooms that require more countertop area.”
Mordor shows that kitchens “accounted for nearly two-thirds of the demand for countertops products…due to the rising interest in large kitchens and remodeling kitchens on a regular basis.” Growth is seen in both single-family housing as well as the luxury market and multi-family builds. This meshes with other studies showing “a growing trend of customization and personalization in the market for Kitchen, bath spaces…Construction activities across the world, improvements in the standard of living, and rising incomes of the population are factors driving the market.”
SPEEDlabel provides countertop companies with an easy, integrated way to track the manufacturing process from start to finish. Their customizable labels include dimensions, edge geometry, and sign-off spots for individual workstations which reduces waste and miscuts and can even allow shops to go paperless with the click of a button.
No one can predict the future but studying trends and the latest news is a great way for businesses to stay ahead of the curve. Adding boosts like SPEEDlabel into the process means fewer man-hours are lost to errors, forgotten pieces, and illegible or smudged labels. Request a demo today to get started.