CLEVELAND, May 5, 2020 /PRNewswire/ -- According to analysts at The Freedonia Group, as the COVID-19 pandemic spreads worldwide, it is expected to have a major impact on global countertop demand in 2020, resulting in a slower rate of growth through 2024.
The fast-growing engineered stone countertop market will be significantly affected by the pandemic, particularly in the US.
Brazil's sizable share of the Central and South American countertop market reflects the comparatively large size of its consumer and construction sectors. In addition to having a large population, the country has a higher per capita income level than many other countries in the region, although a significant share of its population lives in poverty. Indeed, the country's large favela population somewhat restrains countertop demand.
Learn more about the short and long term trends for countertops in the new Global Countertops. The report also provides perspective with analysis of virus trends, patient activity and supply chain issues.
Demand for countertops in Brazil is forecast to rise 3.4% annually to 18.9 million square meters in 2024.
Countertop demand in the residential market will improve from the 2014-2019 period, supported by a rebound in new residential demand, as:
Going forward, investment in business and institutional sectors as Brazil's economy improves will support moderate advances in nonresidential demand.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group