In terms of value, the acrylic solid surface market in the U.S. is expected to cross US$ 4.2 Bn by 2030, expanding at a CAGR of ~6% during the forecast period. The increase in the demand for acrylic solid surface countertops is a major factor driving the acrylic solid surface market in the U.S. Lower cost of acrylic solid surface than its substitutes is also estimated to fuel the acrylic solid surface market in the U.S. during the forecast period.
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Major Drivers of U.S. Acrylic Solid Surface Market
The acrylic solid surface market in the U.S. is primarily driven by increase in usage of acrylic solid surface for countertops. Rise in investments in renovation and remodeling building construction is estimated to boost the demand for countertops, thereby augmenting the demand for acrylic solid surface in the U.S. The demand for acrylic solid surface for countertops is highly dependent on the expansion of the construction sector, investments by state governments in infrastructure development, and growth in demand for housing across the U.S. The significant expansion of the building & construction sector is boosting the demand for acrylic solid surface for countertops in the U.S. Countertops play an important role in residential and commercial sectors, considering their rising usage in modular kitchens and decorative shelves for toiletries in luxury bathrooms. Key manufacturers of countertops are focusing on the production of varied types of materials due to rise in demand for engineered stone and solid surfaces in new building construction. Construction firms in the U.S. are investing in renovation of existing buildings, thereby boosting the demand for work platforms.
California Holds Prominent Share of U.S. Acrylic Solid Surface Market
Residential construction activities are gaining momentum in California as a valuable housing investment option. This is projected to boost the acrylic solid surface market in California. However, the construction sector in the state is likely to be sluggish during 2020, owing to the spread of COVID-19 and subdued investment sentiment in terms of home buying. Increase in prices of raw materials, rise in cost of labor, and dearth of availability of labor are expected to adversely affect the residential infrastructure segment. This, in turn, is anticipated to hinder the demand for acrylic solid surface. New residential construction permits in Texas declined by 8% in 2019 compared to that in 2018. However, some specific sectors in the construction industry such as office, warehouse, retail, residential, and modular construction experienced growth in 2019. However, demand for countertops is estimated to increase in the near future. This is projected to propel the demand for acrylic solid surface during the forecast period.
Key Players in U.S. Acrylic Solid Surface Market in 2019
The acrylic solid surface market in the U.S. is consolidated. A few large-sized manufacturers dominate the acrylic solid surface market in the country. Companies operating in the acrylic solid surface market in the U.S. are investing in product variation for acrylic solid surface. Major players operating in the acrylic solid surface market in the U.S. include LG Hausys, ARISTECH SURFACES LLC, DuPont de Nemours, Inc., LOTTE CHEMICAL CALIFORNIA INC., Formica Corporation, Wilsonart LLC, Hyundai L&C USA, Meganite, and LivingStone.
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