Abstract
Value demand to rise 10.1% annually through 2012
Value demand for countertops in China is expected to advance 10.1 percent per
year to 44 billion yuan in 2012. Gains will be fueled by an ongoing shift in
the overall product mix toward more expensive countertop materials,
particularly solid surface and engineered stone. However, the competitive
environment is expected to restrict price gains in all countertop material
segments. Solid surface countertops account for four-fifths of total
countertop sales value, benefiting from high volume demand and average price
per square meter far above traditional tile or natural stone types.
In volume terms, demand for residential kitchen and bathroom countertops in
China is forecast to increase 4.6 percent annually to more than 82 million
square meters in 2012. Continuing growth in new housing completions, rising
improvement and repair expenditures, an expanding average kitchen floor space
in new residential structures, and a greater penetration of countertops in
bathrooms will spur further sales gains. Rising personal income levels across
the country will also support demand.
Solid surface countertops to grow sharply
Solid surface countertops have seen remarkable sales growth since their
introduction to the Chinese marketplace in the early 2000s, and now account
for 48 percent of the overall residential countertop market. Demand for solid
surface countertops is expected to exceed 47 million square meters in 2012,
equivalent to 57 percent of the total countertop market. Gains will be spurred
by the material' s durability, renewability, attractive appearance and minimal
maintenance requirements, as well as its expanding availability. The small
engineered stone segment will post the fastest growth, reaching 2.1 million
square meters in 2012. Demand will be supported by continued consumer interest
in engineered stone for both its outstanding aesthetics and performance.
Kitchen countertops to remain dominant
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.
Remodeling demand to be stronger than new countertop demand through 2012
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. The aging of the existing housing stock, together with
increasing personal income levels, will help to spur remodeling construction
outlays, and hence associated demand for countertops.
The Central-East will remain the largest regional market for residential
countertops in China, accounting for nearly half of total demand in 2012.
Advances will be supported by its more advanced building construction markets,
triggered by higher disposable income levels and a large population base in
the region.
Study coverage
Residential Kitchen & Bathroom Countertops in China, a new 231-page Freedonia
industry study presents historical demand data plus forecasts (2012, 2017) by
surface material, product, market and Chinese region. The study also examines
market environment forces, details market share and profiles 28 industry
competitors.
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