Growth Market for Countertops: China
Demand for residential kitchen and bathroom countertops in China is forecast to increase 4.6 percent annually to more than 82 million m² /882.6 million ft² in 2012, according to a new report from The Freedonia Group Inc., a Cleveland-based industry research firm.
New housing completions, rising improvement and repair expenditures, larger kitchen-floorspace in new residential structures and a greater penetration of countertops in bathrooms will spur further sales gains, according to the Residential Kitchen & Bathroom Countertops in China report. Rising personal income levels across the country will also support demand.
The small engineered-stone segment will post the fastest growth, reaching 2.1 million m² /22.6 million ft² in 2012, with a 29.30 percent growth rate from 2007-2012. Natural stone will grow by a relatively poky rate of 0.3 percent by 2012, but will cover 19.1 million m² /205.5 million ft².
Both are dwarfed, though, by solid surface, which is estimated to have 47.1 million m² /506.9 million ft² installed by 2012.
Kitchen countertops will remain dominant over bathroom applications. Advances will be supported by the increasing average size of kitchens and further penetration of countertops in rural housing. However, demand for bathroom countertops is expected to grow faster than that for kitchen countertops, largely due to an increase in the penetration rate of countertops in bathrooms in China from its current low level.
New demand will account for 70 percent of residential countertop demand in China in 2012, resulting from increases in new housing completions, and growth in the average size of kitchens and bathrooms in new structures. However, remodeling demand for countertops will see stronger growth than new demand through 2012.