According to a new report published by Allied Market Research, titled, “Faucet Market by Application, Product Type, Material, and End User: Opportunity Analysis and Industry Forecast, 2021–2027,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The faucets market size was valued at $37.8 billion in 2019 and is estimated to reach $59.2 billion by 2027, registering a CAGR of 7.8% from 2021 to 2027. Faucets are devices that deliver water in a plumbing system. These faucets are majorly used in the kitchen, bathroom, and other areas where water is required at regular intervals.
According to the United Nations, a large part of the world is currently undergoing urbanization. Nearly 54.8% of the world’s population presently lives in urban areas. Growth in urbanization has resulted in increased awareness for more advanced sanitary fittings such as faucets. Increase in number of nuclear families, especially in developing countries coupled with rise in urbanization creates a huge demand for faucets. Thus, rapid urbanization has led to increased need for basic sanitation, which is expected to create more demand for faucets during the forecast period.
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In addition, manufacturers are developing various faucets with unique designs to cater to the premium segment of customers by offering automatic, or manual types of faucets. Also, rise in hygiene among consumers has contributed toward the growth of electronic enabled growth of faucet market.
Increase in household units across the globe, rise in urbanization, and development of smart/electronic faucet market trends are the major factors driving the faucet market growth. Moreover, consumer preference has shifted toward smart home technologies including smart faucets, bathrooms, and electronic appliances, which is further expected to boost the market growth.
Based on product type, the manual segment generated the highest revenue in 2019 and is expected to remain dominant throughout the forecast period. However, the electronic segment is expected to grow at a CAGR of 10.6% from 2021 to 2027.
Based on region, Asia-Pacific accounted for 55.11% faucet market share in the global market in 2018 and is expected to remain dominant during the forecast period. Asia-Pacific is expected to witness growth with the highest CAGR of 8.6% throughout the forecast period, owing to rise in demand from developing countries, and strong growth in the real estate sector.
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Lockdowns imposed due to the outbreak of COVID-19 pandemic has resulted in temporary ban on import & export and transportation activities, which has disrupted supply chain. This, in turn, led to decline in growth of the faucets market in the second, third, and fourth quarter of 2020. However, the market is expected to recover by the first and second quarter of 2021 as the demand for infrastructure and home consumer appliances industry increases.
Key Market Players Profiled In The Report:
○ Danze Inc.
○ Fortune Brands Home And Security Inc.
○ Lixil Group Corporation
○ Masco Corporation
○ Paini (Uk) Ltd
○ Roca Sanitario
○ Franke Group
○ Sloan Valve Company
○ Spectrum Brands
○ Toto Ltd.
Key findings of the study
- The faucet market size was at $35.8 billion in 2019 and is estimated to reach $59.2 billion by 2027, growing at a CAGR of 7.8% throughout the forecast period.
- Based on material, the plastic (PTMT) segment is expected to witness rapid growth, registering a CAGR of 10.2% during the forecast period.
- Based on end user, the residential segment held the highest share in the faucet market in 2019.
- In 2019, U.S. was the most prominent market in North America and is expected to grow at a significant CAGR throughout the forecast period. Asia-Pacific dominated the market in 2019, accounting for 55.4% of the faucets market share.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to offer business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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