According to the latest report by IMARC Group, titled "Faucet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global faucet market size reached US$ 22.08 Billion in 2020. Faucets are plumbing fixtures that are used for controlling the flow of fluids. They are commonly installed in kitchens, washrooms and other areas that require a steady supply of water at regular intervals. These devices consist of a spout, handle, cartridge, mixing chamber, aerator and an inlet source. Widely available in a vast array of colors, styles, metals and finishes, they can be customized as per the requirements of the end users. These fixtures are usually manufactured using steel, brass, die-cast zinc and chrome-plated plastic that can be available in pull-down, pull-out, hands-free, bar, pot and side spray variants.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Faucet Market Trends:
The global market is majorly driven by the rapid expansion of the residential sector. With rapid urbanization and the inflating disposable income levels of the masses, there has been a considerable rise in the demand for good-quality and aesthetically appealing faucets across the globe. This is also supported by the increasing demand for renovating and refurbishing activities in the residential and commercial segments. Moreover, the shifting lifestyle preferences of the masses have also led to considerable growth in the hospitality sector. This is contributing to the widespread requirement for luxurious and ergonomicallydesigned bathrooms, which is acting as a major growth-inducing factor. The market is further driven by the introduction of touch-free, digital and hybrid smart faucets in the market that are integrated with sensors and temperature gauges to enhance the experience of the users. Some of the other factors contributing to the market growth include easy product availability through online retail channels and the aggressive promotional activitiesby numerousvendors. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 9.3% during 2021-2026.
- On the basis of the type, the market has been divided into one hand mixer, two hand mixer and others.
- Based on the application, the market has been classified into bathroom, kitchen and others.
- On the basis of the technology, the market has been categorized into cartridge, compression, ceramic disc and ball.
- Based on the materials, the market has been bifurcated into metal and plastics.
- On the basis of the distribution channel, the market has been segmented into online and offline.
- Based on the end user, the market has been divided into residential, commercial and industrial.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players includeAmerican Standard Brands (Lixil Group), Colston Bath, Delta Faucet Company (Masco Corporation), Franke Holding AG (Artemis Holding AG), Gerber Plumbing Fixtures LLC (Globe Union Group Inc.), Grohe America Inc., Jaquar, Kohler Co., Moen Incorporated (Fortune Brands Home & Security Inc.), Toto Ltd. and Villeroy& Boch Aktiengesellschaft.
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