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According to the latest report by IMARC Group, titled "Faucet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global faucet market size reached US$ 24.9 Billion in 2021. 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 7.99% during 2022-2027.
Market Summary:
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