While growth will be slower than pre-coronavirus predictions, experts at The Freedonia Group forecast demand for engineered stone countertops will have positive annual growth through 2024. Demand for engineered stone countertops will be supported by continued GDP, according to a recent forecast by the Cleveland-based research organization.
According to The Freedonia Group, countertops remain the most popular remodeling project in the U.S., making households that are not delaying remodeling due to COVID-19 more likely to prioritize purchase of countertops over other remodeling projects.
Demand in the U.S. is projected to increase 6.4% annually through 2024 to 20.9 million square meters. The Freedonia Group projects the U.S. trade deficit to expand over the next four years as domestic production is not sufficient to meet local demand. Recent entrants into the U.S. quartz surface market, including Dal-Tile, Guidoni Group, E-Stone USA, and USA Quartz, will likely boost domestic production in the near-term future. The possible reopening of one of Caesarstone's production lines in the U.S., which was closed in May 2019, could also boost local production, according to The Freedonia Group.