The Faucet Market Is Expected To Reach $51 Billion By 2026, With Increased Demand For High-End Apartments Due To Urbanization As Per The Business Research Company’s Faucet Global Market Report 2022 – GlobeNewswire
LONDON, April 20, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the faucet market, the growth of urbanization is driving the growth of the faucet market. The shift in residence of the human population from rural to urban areas is gradually increasing in search of work and a better standard of living, leading to a rise in urbanization globally. One of the most significant impacts of urbanization is an increase in demand for the housing and commercial sectors, which in turn increases the demand for faucets. For instance, according to the United Nations Department of Economic and Social Affairs, the percentage of the world’s population living in urban areas is expected to reach 68% by 2050, with 90% of this increase taking place in the African and Asian regions. Therefore, an increase in urbanization going forward will raise demand for high-end apartments, houses, and skyscrapers in developing countries, which in turn will drive the growth of premium accessories in bathrooms and kitchens, including automated or sensor faucets.
The global faucet market size is expected to grow from $32.91 billion in 2021 to $35.70 billion in 2022 at a compound annual growth rate (CAGR) of 8.47%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global faucet market share is expected to reach $51.62 billion in 2026 at a CAGR of 9.66%.
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Strategic partnerships are a key trend gaining popularity in the faucets market. Companies manufacturing faucets are undergoing partnerships to improve the products. For instance, in January 2022, Jaquar, an India-based company manufacturing faucets, bathroom fittings, showers, spas, bathtubs, and accessories, collaborated with Matteo Thun and Antonio Rodrigues, an Italy-based company offering designs for sanitary fittings, faucets, bathtubs, and accessories. The partnership aims to launch a collection called Laguna, based on aesthetic durability and timeless simplicity. This collection offers faucets in eight color options that can be both single-tone and dual-tone shades, which will allow for flexibility and variety in use and lead to exciting new possibilities in interior design. The elegant Laguna collection range also offers a wide range of selections for sanitary ware, wellness products, and shower enclosures.
Major players in the faucet market are American Standard Brands, Colston Bath, Delta Faucet Company (Masco Corporation), Gerber Plumbing Fixtures, Jaquar, Kohler Co., Fortune Brands Home & Security, Villeroy & Boch Aktiengesellschaft, Paini UK Ltd, Sloan Valve Company, Pfister, Danze Inc., Aqua Source Faucet, Eczacibasi Holding AS, and Elkay Manufacturing Co.
The global faucet market segments are categorized in TBRC’s report by product type into electronic, manual; by material into metal, plastics; by technology into cartridge, compression, ceramic disc, ball; by application into bathroom, kitchen, others; by end-user into residential, commercial.
North America was the largest region in the faucet market in 2021. Asia Pacific is expected to be the fastest-growing region in the global faucet market during the forecast period. The regions covered in the global faucets market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Faucet Global Market Report 2022 – Market Size, …….