Press release
Faucet market to Touch US$ 42.7 Billion by 2028, at a CAGR of 7.85%
Faucet Market
What are the growth prospects of the faucet industry?
The global faucet market size reached US$ 26.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.85% during 2023-2028.
What is faucet?
A faucet represents a plumbing fixture used for regulating the flow of a gas or liquid from a reservoir. It is usually manufactured using steel, die-cast zinc, brass, and chrome-plated plastic and consists of a cartridge, spout, mixing chamber, handle, aerator, and an inlet source. Commonly used faucets include pull-out, hands-free, bar, pull-down, pot, and side spray. Single and dual control cartridge spouts are also used for residential purposes. Single control variants contain a metal or plastic core that functions vertically. The dual control ones operate via a metal ball with spring-loaded rubber seals fitted into the body. As a result, faucets find widespread applications across the residential, commercial, and industrial sectors.
Impact of COVID-19:
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.
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What are the major market drivers in the faucet market?
The rising urbanization levels and the expanding residential industry are among the primary factors driving the faucet market. Besides this, the escalating demand for luxurious and ergonomically designed spouts that are convenient to use and are also aesthetically appealing, owing to the changing lifestyles of individuals and improving standards of living, is further augmenting the market growth.
Moreover, the development of touch-free, digital, and hybrid smart faucets equipped with efficiency sensors and temperature gauges is also catalyzing the global market. In line with this, the increasing promotional activities by the manufacturers and the proliferation of online retail channels that provide users with various products to choose from are acting as significant growth-inducing factors. Furthermore, rising consumer spending power and rising demand for spouts in the industrial and hospitality sectors around the world are expected to propel the faucet market over the forecasted period.
Faucet Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being American 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.
The report has segmented the market on the basis of region, type, component, process and application.
Breakup by Type:
One Hand Mixer
Two Hand Mixer
Others
Breakup by Application:
Bathroom
Kitchen
Others
Breakup by Technology:
Cartridge
Compression
Ceramic Disc
Ball
Breakup by Materials:
Metal
Plastics
Breakup by Distribution Channel:
Online
Offline
Breakup by End User:
Residential
Commercial
Industrial
Breakup by Region:
North America: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
If you want latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
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