Developing Countries to Stimulate the Adoption of Kitchen Countertop by Increasing the FDIs towards Development of Residential and Commercial Infrastructure

(EstateNewsWire.com, February 22, 2019 ) Constant rise in the infrastructural investments in these developing countries such as Mexico, Croatia, Hungary, Poland, Bangladesh, Indonesia, Vietnam, Philippines, Saudi Arabia, Qatar, Africa, and Brazil among others is facilitating the countries to grow and advance in terms of modernized infrastructure. The trends prevailing in the developed countries in accordance to procurement of advanced building material, improved interior décor materials, and the renovation practices are influencing the above mentioned developing countries to adopt the newer technologies and materials, which is catalyzing the demand for kitchen countertop in the current scenario.

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Increasing commercialization in developed countries and few developing countries is another influential factor which is expected to drive the market for kitchen countertop in the commercial sectors of the above mentioned developing countries. With the slow and gradual rise in disposable income among the mass of different developing countries, the attraction towards attractive, cost efficient, durable, and advanced material for residential décor is increasing. This factor is posing a prominent future for kitchen countertop manufacturers to gain revenue in the coming years. Another factor foreseen to facilitate the market for kitchen top to propel in developing countries is the reduction in prices of different types of kitchen countertop by the manufacturers. Fall in prices of the countertops materials is helping the end users to procure modern building materials for their kitchen with the investments scored. The percentage of population using advanced kitchen countertop market in the developing countries in the current scenario is less, however, owing to the increasing investments and fall in prices of the materials, the market is anticipated to fuel in the coming years.

Asia Pacific is one the fastest growing regions across the globe in terms of infrastructural growth. The government of the emerging economies of Asian countries are committed to focus on attracting FDI with an aim to enhance infrastructural development in the respective countries. For instance, according to Hong Kong Government, the residential projects heavily dominate the country’s construction sector, and the same is rising at a CAGR of 1.4% year on year. The dominating characteristic of residential sector in Hong Kong is much attributed to the country’s governmental initiatives to catalyze the residential projects undertaken by various private organizations as well as public companies. This factor is boosting the residential sector in the country. The rising residential sector is directly proportional to the increasing demand for modern and aesthetically enhanced materials for interior beautification. This factor is facilitating in gaining traction in Asia Pacific kitchen countertop market. Similarly, the government of countries in the Middle East region are heavily investing on their infrastructure development, which includes expansion of housing sector and commercial constructions such as hotels, restaurants & hospitals. With the development of infrastructure, the installation of kitchen countertop is anticipated to grow in the coming years

Some of the major manufacturers operating in kitchen countertop market include Quarella, Cosentino S.A., Caeserstone Ltd., Laminam SpA, Pokarna Limited, Vicostone, Cambria Co., Aro Granite Industries Ltd., Asian Granito India Ltd., LG Hausys, Ltd., Neolith, Sapienstone, Florim Stone, Tile & Stone Works, and Strasser Stein among others.

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Sameer Joshi

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