iCrowd Newswire – Jul 14, 2020
The Global Faucet Market is estimated to grow at a CAGR of 7.45% during the forecast period 2020-2026. As per the detailed market study, the global faucet industry is anticipated to reach $61.4 billion by the end of the year 2026.
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Faucet is made up from the following components: water inlets, mixing chamber, aerator, cartridge, lift rod, handle(s) and spout. The market is witnessing an increasing trend of electronic and digital faucets for the commercial and domestic sector due to introduction of innovative technologies in this sector. It is used as a smart accessory in bathrooms with increasing focus on continuous product innovation by manufacturers.
The global faucet industry is driven by various growth factors such as increase in disposable income, increase in trend of home remodelling which boost the demand of smart and trendy bathroom accessories. The advancement in faucets in the form of sensor-based bathroom faucets considering water conservation and superior hygiene standards support the market growth.
Growth of the real estate industry that leads to growth in the construction of commercial and residential buildings also plays a major role in high popularity of faucets installations. Additionally, exposure of consumers to international brands and change in consumer preferences and lifestyle also drives the market growth over the future period. However, fragmented market structure due to presence of various small- and large-scale market players hinders the market growth. On the other hand, growth in urban population and increase in investment in the industrial sector are anticipated to offer lucrative opportunities for the market players operating in the global faucet industry.
Segmentation Overview of the Global Faucet Market
The global faucet market is categorized on the basis of various market segments on the basis of application, material, product type and end-user. These major market segments are further categorized into various sub-segments to study the market in detail. The segmentation study of the global marketplace has been done considering various market determinants and geographical dynamics.
The Application Segment of the Global Faucet Market is Sub-Segmented into:
The Product Type Segment of the Global Faucet Market is Sub-Segmented into:
The Material Type Segment of the Global Faucet Market is Sub-Segmented into:
- Plastic (PTMT)
The End User Segment of the Global Faucet Market is Sub-Segmented into:
Competitive Insights of the Global Faucet Market
Rohl LLC, Danze, Inc., Spectrum Brands, TOTO Ltd., Roca Sanitario S.A, Fortune Brands Home & Security, Inc., Paini (UK) Ltd., MASCO corporation, Sloan Valve Company and LIXIL Group Corporation are some major players included in the research study of the global faucet market. The market players are adopting various competitive strategies to withhold the market position in the global marketplace.
Geographical Overview of the Global Faucet Market
The Asia-Pacific faucet market dominated the global marketplace with more than 50% of the market share in the year 2020. Also, the region is estimated to grow at a CAGR of 8.1% during the forecast period. the regional growth and dominance is attributed to factors such as rise in government support for building homes and growth in residential and commercial construction in this region.
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Keywords: Faucet Market