Quartz Kitchen Countertops Market Future Forecast Assessed on the Basis of How the Key Players Decided to Invest
The global quartz kitchen countertops market size is projected to grow at an exceptional pace in the foreseeable future owing to the proliferation of urban agglomerations around the world, states Fortune Business Insights™ in its report, titled “Quartz Kitchen Countertops Market Size, Share & Industry Analysis, By Type (Press Molding, Casting Molding), By Application (Residential, Commercial) and Regional Forecast, 2023-2030”. Estimates released by the UN Department of Economic and Social Affairs (UNDESA) show that 55% of the global population lives in urban areas at present. However, by 2050, the UNDESA predicts that nearly 68% of the world’s population will reside in urban areas, with the addition of more than 2 billion people in modern cities. Urban sprawls are characterized by the rapid expansion of residential and commercial spaces as the demand for commercial activities and housing escalates in these areas. Quartz kitchen countertops are likely to experience a spike in adoption among urban households owing to their durability, robustness, and aesthetically-pleasing designs and colors. Thus, urbanization will be a key growth driver for this market in the forthcoming years.
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Highlights of the Report:
Valuable insights into the regional developments impacting the market;
Actionable research into the various market segments;
Granular analysis of the major market drivers, trends, restraints, and opportunities; and
Microscopic assessment of the key market players and their top strategies.
Staggering Decline in Construction Activities Worldwide amid COVID-19 to Hinder Growth
The quartz kitchen countertops market growth is likely to be disrupted owing to the sharp decline in construction activities triggered by the coronavirus pandemic. According to the London-based Royal Institution of Chartered Surveyors (RICS), in the second quarter of 2020, 25% of construction projects were halted, while on-site productivity is expected to dip by 12% for the rest of the year. The worst-hit region, as per RICS’ Global Construction Activity Index, is the Middle East & Africa, where activities contracted by -40. In India, according to the Ministry of Statistics and Program Implementation, the domestic construction sector shrunk by a shocking 50.3% due to the lockdown and social distancing measures imposed to contain the spread of the coronavirus. Thus, with construction activities coming to a virtual standstill, the demand for quartz kitchen countertops and other such premium items will inevitably decline amid the COVID-19 pandemic.
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Speedy Urbanization to Propel the Market in Asia Pacific
Among regions, Asia Pacific is slated to command the quartz kitchen countertops market share in the coming years on account of the speedy growth of urban areas in the region, especially in India, China, Vietnam, and Bangladesh. Along with this, rising disposable incomes and a booming demand for housing will further accelerate the regional market growth.
The North America market is anticipated to display promising growth owing to the high adoption rate of advanced stone technologies and increasing demand for premium, aesthetically-pleasing home enhancements. In Europe, the main growth drivers for the market will be the rising uptake of eco-friendly construction materials by the commercial and residential sectors in the region.
Key Players to Concentrate Investments on Production Expansion Activities
Leading companies in this market are focusing their resources on expanding their production capabilities to capture the steadily rising demand for quartz kitchen countertops in urban areas around the globe. Besides this, key players are also rebranding their flagship offerings boost their presence and operations in the market.
January 2019: Lotte Advanced Materials acquired Belenco, a prominent engineered stone specialist in Turkey, to increase its production capacity of its Radianz quartz countertop brand. The takeover substantially elevates Lotte’s capacity to produce and deliver high-quality quartz surfaces at the international level.
January 2018: DuPont™ announced that its flagship Zodiaq® brand will now be part of the Corian® Design family of branded products, services, and solutions. The quartz brand will be owned by DuPont and will be further enhanced with novel textures, designs, and aesthetics.
List of Key Players Covered in the Quartz Kitchen Countertops Market Report:
Lotte Advanced Materials
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